<SEC-DOCUMENT>0000919574-19-002309.txt : 20190312
<SEC-HEADER>0000919574-19-002309.hdr.sgml : 20190312
<ACCEPTANCE-DATETIME>20190312172025
ACCESSION NUMBER:		0000919574-19-002309
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		134
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190312
DATE AS OF CHANGE:		20190312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TORM plc
		CENTRAL INDEX KEY:			0001655891
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38294
		FILM NUMBER:		19675981

	BUSINESS ADDRESS:	
		STREET 1:		BIRCHIN COURT
		STREET 2:		20 BIRCHIN LANE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3V 9DU
		BUSINESS PHONE:		44 203 286 6222

	MAIL ADDRESS:	
		STREET 1:		BIRCHIN COURT
		STREET 2:		20 BIRCHIN LANE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3V 9DU

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TORM Ltd
		DATE OF NAME CHANGE:	20151125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Anchor Admiral Ltd
		DATE OF NAME CHANGE:	20151016
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>d8116366_20-f.htm
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Washington, D.C. 20549</font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM 20-F</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(Mark One)</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z06c82513282e4c65a6b8bd98f878d112">

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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[&#160; ]</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OR</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[X]</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the fiscal year ended<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> December
                  31, 2018</font></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OR</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[&#160; ]</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the transition period from _________________ to _________________</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OR</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[ ]</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.98%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 94.02%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of event requiring this shell company report:</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Commission file number: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">001-38294</font></font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zbf00f268cb3c4a1ba5e90e373fe2bab0">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM plc</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Exact name of Registrant as specified in its charter)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Translation of Registrant's name into English)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">England and Wales</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Jurisdiction of incorporation or organization)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Address of principal executive offices)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jacob Meldgaard, Executive Director and Principal Executive Officer, Tuborg Havnevej 18, DK-2900 Hellerup, Denmark,</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">+45 39 17 92 00</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Name, Telephone, E-mail and/or Facsimile, and address of Company Contact Person)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities registered or to be registered pursuant to section 12(b) of the Act.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1add057f375241d0b69ae5c265a6c25d">

        <tr>
          <td style="width: 40.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title of each class</font></div>
          </td>
          <td style="width: 20.34%; vertical-align: top;">&#160;</td>
          <td style="width: 39.32%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name of each exchange on which registered</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.33%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Class A common shares, par value $0.01 per share</font></div>
          </td>
          <td style="width: 20.34%; vertical-align: top;">&#160;</td>
          <td style="width: 39.32%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nasdaq Stock Market LLC</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities registered or to be registered pursuant to section 12(g) of the Act.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z38e25db0ba9b492fae50a6e921629cea">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NONE</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Title of class)</font></div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z0964c89d2a4e403a833565c35d68704d">

        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NONE</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Title of class)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by
        the annual report: As of December 31, 2018 there were 74,218,846 of the Registrant's Class A common shares outstanding.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z7807525afee14686aed0848d6197f785">

        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yes</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to
        Section 13 or 15(d) of the Securities Exchange Act of 1934.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z28bf748f2dd84ae4873e86b3d811cfef">

        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yes</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Note &#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
        Exchange Act of 1934 from their obligations under those Sections.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
        Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z4a7fd88ed7dd45e7a7d5e24d24dea154">

        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yes</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
        Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1be372e704a348d9976b0be7782b2a34">

        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yes</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging
        growth Company.&#160; See the definitions of "large accelerated filer," "accelerated filer" and "emerging growth company" in Rule 12b-2 of the Exchange Act.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z18f61cf4c3b44dc6b3075563594c8b72">

        <tr>
          <td style="width: 15.37%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 26.96%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Large accelerated filer <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></font></div>
          </td>
          <td style="width: 13.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 28.82%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accelerated filer&#160; <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></font></div>
          </td>
          <td style="width: 1.92%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 13.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.37%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 26.96%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 13.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 28.82%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 1.92%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 13.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.37%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 26.96%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-accelerated filer&#160;&#160; <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></font></div>
          </td>
          <td style="width: 13.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 28.82%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company <font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></font></div>
          </td>
          <td style="width: 1.92%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 13.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.37%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 26.96%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Do not check if a smaller reporting company)</font></div>
          </td>
          <td style="width: 13.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 28.82%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 1.92%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 13.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
        has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act.&#160; &#160;&#160; <font style="font-size: 10pt; font-family: 'Segoe UI Symbol',
          sans-serif;">&#9744;</font></font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8224; The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its
        Accounting Standards Codification after April 5, 2012.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z22cc9d88034441e8b54a0a9121facb57">

        <tr>
          <td style="width: 12.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;[&#160; ]</font></div>
          </td>
          <td style="width: 7.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 79.48%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">U.S. GAAP</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.76%; vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[X]</font></div>
          </td>
          <td style="width: 7.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 79.48%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">International Financial Reporting Standards as issued by the international Accounting Standards Board</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 7.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 79.48%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;[&#160; ]</font></div>
          </td>
          <td style="width: 7.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 79.48%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has
        elected to follow:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z213b9367c6ed45408655a732e50cc8c2">

        <tr>
          <td style="width: 20.01%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Item 17</font></div>
          </td>
          <td style="width: 20.01%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
          <td style="width: 19.01%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 21.03%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Item 18</font></div>
          </td>
          <td style="width: 19.94%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z3fe72ac6859f4f279265878c74b93cae">

        <tr>
          <td style="width: 19.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yes</font></div>
          </td>
          <td style="width: 20.6%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
          </td>
          <td style="width: 20.6%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17.6%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No</font></div>
          </td>
          <td style="width: 21.6%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="text-align: center; margin-right: 5.75pt; margin-left: 5.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TABLE OF CONTENTS</font></div>
    <div><br>
    </div>
    <div style="text-align: right; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Page</u></font></font></div>
    <br>
    <table cellspacing="0" cellpadding="3" border="0" id="zedb6096f78af421a8991be37c1dc22d4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#160;</div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PART I</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 1.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 2.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OFFER STATISTICS AND EXPECTED TIMETABLE</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 3.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">KEY INFORMATION</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 4.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">INFORMATION ON THE COMPANY</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 4A.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">UNRESOLVED STAFF COMMENTS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">54</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 5.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">54</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 6.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 7.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 8.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">FINANCIAL INFORMATION</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">82</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 9.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">THE OFFER AND LISTING</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">83</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 10.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ADDITIONAL INFORMATION</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">83</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 11.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 12.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PART II</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 13.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 14.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 15.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CONTROLS AND PROCEDURES</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">RESERVED</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16A.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">AUDIT COMMITTEE FINANCIAL EXPERT.</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16B.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CODE OF ETHICS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16C.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16D.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16E.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16F.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16G.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CORPORATE GOVERNANCE</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 16H.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">MINE SAFETY DISCLOSURE</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">102</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">PART III</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 17.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">FINANCIAL STATEMENTS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 18.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">FINANCIAL STATEMENTS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ITEM 19.</font></div>
          </td>
          <td style="width: 80%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">EXHIBITS</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">i</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for
        forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and
        underlying assumptions and other statements, which are statements other than statements of historical facts. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are issuing this
        cautionary statement in connection therewith. Our disclosure and analysis in this annual report pertaining to our operations, cash flows and financial position, including, in particular, the likelihood of our success in developing and expanding our
        business, include forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates,"
        "projects," "forecasts," "potential," "continue," "possible," "likely," "may," "should" and similar expressions are forward-looking statements.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All statements in this annual report that are not statements of either historical or current facts
        are forward-looking statements. These forward-looking statements are based on current expectations, estimates, assumptions and projections about the business and our future financial results and readers should not place undue reliance on them.
        Forward-looking statements include, but are not limited to, such matters as:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">our future operating or financial results;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd33687ec376846d39ed54c58f37da681">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">global and regional economic and political conditions, including piracy;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6dfa8f9994034bb6a362fee3635eb2cf">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">our pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb24986a8056348838fd2eb962c39e9a2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">statements about shipping market trends, including charter rates and factors affecting supply and demand;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z31a2bed2284d40149f5184a830cd7dbe">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general
                    corporate activities;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze592223356b4455386a4a02e3f8e426e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">our ability to enter into time charters after our current charters expire and our ability to earn income in the spot market;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0cba8a11908f4ec2accd7644fc2c7b13">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the price of our Class A common shares; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels' useful lives.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Many of these statements are based on our assumptions about factors that are beyond our ability to
        control or predict and are subject to risks and uncertainties that are described more fully in Item 3. "Key Information&#8212;D. Risk Factors." Any of these factors or a combination of these factors could materially affect our future results of
        operations and the ultimate accuracy of the forward-looking statements. Factors that might cause future results to differ include, but are not limited to, the following:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">our future operating or financial results;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">changes in governmental rules and regulations or actions taken by regulatory authorities;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">fluctuations in interest rates and foreign exchange rates;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74b7ff3612f14c5794419b618eda2030">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">general domestic and international political conditions or events, including &#8220;trade wars&#8221;;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83fecc38adcb489ca6c6cc12a35cabc3">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers' abilities to perform
                    under existing time charters;</font></div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za17c1cb604d94243a35962d6a400acd0">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">potential liability from future litigation and potential costs due to environmental damage and vessel collisions;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za6930e8ff6964ebbb08fc4a5d061e29e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the length and number of off-hire periods and dependence on third-party managers; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za2d7160108d74f2b87a15d0328c8810b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">other factors discussed in Item 3. "Key Information&#8212;D. Risk Factors" in this annual report.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">You should not place undue reliance on forward-looking statements contained in this annual report
        because they are statements about events that are not certain to occur as described or at all. All forward-looking statements in this annual report are qualified in their entirety by the cautionary statements contained in this annual report. These
        forward-looking statements are made only as of the date of this report. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the
        forward-looking statements.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except to the extent required by applicable law or regulation, we undertake no obligation to release
        publicly any revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events.</font></div>
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    </div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXPLANATORY NOTE AND PRESENTATION OF OUR FINANCIAL AND OPERATING DATA</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Throughout this annual report on Form 20-F, we incorporate information responsive to the items hereof
        by reference to our annual report for the year ended December 31, 2018, or the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>, including our audited consolidated financial
        statements as of and for the years ended December 31, 2018, 2017 and 2016. Therefore, the information contained in this annual report should be read in conjunction with the <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Annual Report 2018</font>, which was furnished to the U.S. Securities and Exchange Commission, or the SEC, on Form 6-K on March 12, 2019. The content of quotations, websites and other sources contained in the sections
        of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018 </font>referenced herein are not incorporated by reference into this Form 20-F.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless otherwise indicated, the terms "TORM plc," "we," "us," "our," the "Company" and the "Group"
        refer to TORM plc and its consolidated subsidiaries, which includes TORM A/S and its consolidated subsidiaries, following the closing of the Exchange Offer (defined below). When used in this annual report to describe events prior to the closing of
        the Exchange Offer, the terms "TORM A/S," "we," "us," "our," the "Company" and the "Group" refer to TORM A/S and its consolidated subsidiaries before such time. References to "Former TORM A/S" refer to TORM A/S and its consolidated subsidiaries
        prior to the Combination (defined below).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless otherwise indicated, all information in this annual report gives effect to the 1,500:1 share
        consolidation that TORM A/S implemented with effect as of September 24, 2015. Unless otherwise indicated, all references to "U.S. dollars," "USD," "dollars," "US$" and "$" in this annual report are to the lawful currency of the United States of
        America, references to "Sterling", "&#163;" and "GBP" are to the lawful currency of the United Kingdom, references to "Danish Kroner," and "DKK" are to the lawful currency of Denmark. We use the term deadweight ton, or dwt, in describing the size of
        vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2015, TORM A/S, a company organized under the laws of Denmark, entities affiliated with Oaktree
        Capital Management L.P., or Oaktree, and certain of TORM A/S' lenders entered into a restructuring agreement to recapitalize TORM A/S. The agreement provided for the cancellation of certain of TORM A/S' debt and required OCM Njord Holdings S.&#224;
        r.l., or Njord Luxco, a subsidiary of Oaktree, to contribute OCM (Gibraltar) Njord Midco Ltd., or Njord, to TORM A/S in exchange for shares in TORM A/S. We refer to this transaction as the "Combination" and together with certain other transactions
        related to the restructuring as the "2015 Restructuring." We refer to the consummation of the 2015 Restructuring on July 13, 2015 as the Restructuring Completion Date.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2016, a new corporate structure was established, whereby TORM plc effectively acquired all of the
        outstanding securities of TORM A/S in exchange for TORM plc's securities. We refer to these transactions collectively as the "Exchange Offer." On April 19, 2016, upon the closing of the Exchange Offer and the listing of TORM plc's Class A common
        shares on Nasdaq Copenhagen A/S in Denmark, or Nasdaq Copenhagen, TORM plc became the Group's publicly-held parent company incorporated under the laws of England and Wales. We refer to this as the "Redomiciliation." The Redomiciliation was
        accounted for as an internal reorganization of entities under common control and, therefore, the assets and liabilities of TORM A/S were accounted for at their historical cost basis and not revalued in the transaction.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Class A common shares of TORM plc are issued and traded on Nasdaq Copenhagen under the symbol
        "TRMD A" and on the Nasdaq Stock Market LLC in New York, or Nasdaq New York, under the symbol "TRMD". All commercial and technical management of our fleet of product tankers is led out of the Denmark office of TORM A/S and our subsidiaries in
        India, the Philippines, the United States and Singapore. See Item 4. "Information on the Company."</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are therefore subject to the applicable corporate governance rules of Nasdaq New York, the UK
        Corporate Governance Code, the UKLA's Disclosure and Transparency Rules and the applicable rules and regulations applicable to companies admitted to trading and official listing on Nasdaq Copenhagen.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We report our consolidated financial results in U.S. dollars and in accordance with International
        Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, which also comply with reporting requirements under English law.</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accordingly, this document includes the audited consolidated financial statements of TORM plc as of
        and for the years ended December 31, 2018, 2017 and 2016, which have been prepared in accordance with IFRS. The financial information for TORM plc also reflects the activities of Njord and Former TORM A/S from the date of the Combination, and the
        activities of TORM A/S only prior to the Combination, being a continuation of the financial statements of Njord (the accounting acquirer), with one adjustment, which is to adjust retroactively Njord's legal capital to reflect the legal capital of
        TORM A/S from the beginning of the earliest period presented.</font></div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enforcement of Civil Liabilities</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are a public limited company incorporated under the laws of England and Wales, and substantially
        all of our directors and officers are non-residents of the United States. A substantial portion of our assets, including the subsidiaries of TORM plc, and our directors and executive officers are located outside the United States. As a result, it
        may be difficult for shareholders of TORM plc to effect service within the United States upon directors, officers and experts who are not residents of the United States or to enforce judgments in the United States. In addition, there can be no
        assurance as to the enforceability in the United Kingdom against us or our respective directors, officers and experts who are not residents of the United States, or in actions for enforcement of judgments of United States courts, of liabilities
        predicated solely upon the federal securities laws of the United States.</font></div>
    <div><br>
    </div>
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    <div style="text-align: center; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PART I</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8bf501dbd7a433687cf0ab97e136f04">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ca6afb555bb47ad87f5cb3485e51b24">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Directors and Senior Management</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5cc8bbfbbd4437e984c13eb55a0a634">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OFFER STATISTICS AND EXPECTED TIMETABLE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf10ae0fd773e4260b6f60dadfc3cdf29">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">KEY INFORMATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z37460d522e834e8a92da3fa96965f4bb">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Selected Financial Data</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents, in each case for the periods and as of the dates indicated, the
        selected historical financial and operating data of TORM plc. The selected data is derived from our audited financial statements, which have been prepared in accordance with IFRS as issued by the IASB, and should be read in conjunction with our
        audited consolidated financial statements as of and for the years ended December 31, 2018, 2017 and 2016 and related notes, which are incorporated herein by reference to our <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Annual Report 2018 </font>together with Item 5. "Operating and Financial Review and Prospects." Our audited consolidated financial statements as of and for the years ended December 31, 2014 and 2015 and the related
        notes are not included herein. In addition, see "Explanatory Note and Presentation of Our Financial and Operating Data" for further details on the presentation of the financial statements, the history of the Company and its formation.</font></div>
    <table cellspacing="0" cellpadding="0" id="zfab7008c394b444fa7c440fa4e662706" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 4px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="18" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); padding-bottom: 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year Ended<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2014</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million, except share data)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">635.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">657.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">680.1</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">540.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">179.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Port expenses, bunkers and commissions</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(283.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(259.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(221.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(169.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(81.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Charter hire</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(21.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(12.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(180.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(188.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(195.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(122.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(50.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Profit from sale of vessels</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Administrative expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(47.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(45.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(41.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(19.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other operating expenses</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share of profit from joint ventures</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Impairment losses on tangible and intangible assets</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.6</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(185.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(114.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(114.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(122.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(67.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(24.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operating profit/(loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(107.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">143.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial income</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.9</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial expenses</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(39.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(40.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(37.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(16.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Profit/(loss) before income tax</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(33.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(141.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">127.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tax expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net profit/(loss) for the year</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(34.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(142.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">126.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other financial data:</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic earnings/(loss) per share, EPS (USD)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted earnings/(loss) per share, EPS (USD)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividends per share (USD)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.00</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.02</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.40</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.00</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.00</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">1</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="18" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As of December 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Consolidated balance sheet data:</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2014</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,714.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,646.6</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,571.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,867.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">625.9</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total non-current assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,445.1</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,385.1</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,390.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,578.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">536.9</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total liabilities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">867.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">855.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">790.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">891.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">156.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total non-current liabilities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">780.6</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.6</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.6</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">134.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">76.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">168.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">73.9</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">62.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.6</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">73.1</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">62.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">62.9</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2014</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From operating activities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">70.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">109.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">171.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">214.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Used in investing activities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(175.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(113.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(119.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(158.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(377.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Thereof investment in tangible fixed assets</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(202.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(145.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(119.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(254.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(377.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Used in)/from financing activities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">62.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(145.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">397.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total net cash flow</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">58.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(93.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">130.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z103b00b47274407a9a5b0a8b5144eb94">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Capitalization and Indebtedness</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z876bed568e71483f9972a61c0b6322d6">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reasons for the Offer and Use of Proceeds</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf6ce3da2509240d69f0b739f0131a11f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">D.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Risk Factors</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following risks relate principally to the industry in which we operate and our business in
        general. The occurrence of any of the risk factors described herein could have a material adverse effect on our future performance, results of operations, cash flows and our financial position. We may also be subject to other material risks that as
        of the date of this annual report are not currently known to us or that we currently deem immaterial and which may significantly impair our business.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Risks Related to Our Business and Our Industry</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The product tanker sector is cyclical and volatile, and this may lead to reductions and volatility in
        our charter rates when we re-charter our vessels, in vessel values and in our results of operations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are a pure-play product tanker company, meaning that substantially all of our revenues are
        generated from operating our product tanker fleet. The product tanker market is cyclical in nature, which leads to volatility in freight rates, vessel values and industry profitability. The freight rates among different types of product tankers are
        highly volatile. For example, product tanker freight rates declined from the historical highs reached in mid-2008 (TORM MR Time Charter Equivalent, or TCE, rates up to $/day 26,458) to a cyclical low period between 2009 and 2014 (TORM annual
        average MR TCE rates of approximately $/day 14,200 for the period). During 2017 we realized TCE rates of $/day 14,621 and this declined by 11% during 2018 to TCE rates $/day 12,982. The factors affecting the supply and demand for product tankers
        are beyond our control, and the nature, timing and degree of changes in industry conditions are unpredictable and we may not be able to correctly assess the nature, timing and degree of changes in industry conditions.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Factors affecting the supply and growth of product tanker capacity include:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6e3943ecd280481b9a97bde0a76e6f06">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the number of newbuildings on order and being delivered;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4bbe7dd4d95d4fc3bb96175c470f7c17">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the number of vessels used for floating storage;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5145a98b8f1248fb993889fe8a42cd17">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the number of vessels in lay-up;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za0bb036272fc4bbda7aae8b605831e4f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the number of vessels recycled for obsolescence or subject to casualties;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z254d92cc67344bd3baaf1e7884027aa4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">prevailing and expected future freight and charter hire rates;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z16edb83637f84b03a52a5174846dc99f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the number of product tankers trading with crude or "dirty" oil products;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z80c273e9c0d94de5a04ddd80f0d37fe2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">costs of bunkers and fuel oil and their impact on vessel speed;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd7b6e42506f244b68fa131457aa02ca5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the efficiency and age of the world product tanker fleet;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaffe13f76d6b4ee3b9ee8459c3c351d1">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shipyard capacity;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fe95cfa6ec242cb8e615d6074432d16">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">availability of financing;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze93848fca0ea43d38591f816cd73835b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">port congestion and canal congestion;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdba205928d0149a39a1426d1fba18529">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">technological developments, which affect the efficiency of vessels;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8527c95abc2647cfbc6284dc2fd0f99f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z235eaa56c2fb46b0b36a46e4f0e6aa1e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">crew availability.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Demand for product tankers is primarily determined by the quantity of cargo to be transported and the
        distance from origin to destination. The demand is affected by a number of external factors including:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb0e7bf354d0c4ae8a6bdc539e4387784">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">world and regional economic conditions;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb738bca1f1214d869dd05e5ef5277946">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">demand for oil and other petroleum products;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7e7566dda35c4d97954426dd4fd015d7">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">product imbalances across regions (affecting the level of trading activity);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb5c1544fd3542148c2d144457a5eb41">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the regulatory environment;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze51f5de61ce04cfb956bc5c53585f9f6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">environmental issues and concerns;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0952b7165f344c1eb4ccdc80fa07186e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">developments in international trade including refinery additions and closures;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za6f99792d2844d4491df16b5b666a42e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">climate;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2787bb0106504283b52e07043dcced0f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">competition from alternative energy sources;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z490d3d2e3a8040ad8cc6c251583419f1">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">political developments;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z833577b80dd244ab89bf44a62435dea5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">embargoes;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z886e003dd0f0452b938748fab5a61fb0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">armed conflicts; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z34a9e41c90324866a8f397b65d926f70">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">availability of financing and changes in interest rates.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition to the prevailing and anticipated freight rates, factors that greatly affect our
        financial profitability will include newbuilding, recycling and laying-up prices, second-hand vessel values in relation to recycling prices, cost of bunkers, cost of crew, vessel availability, other operating costs, costs associated with
        classification society surveys, normal maintenance costs, insurance coverage costs and the efficiency and age profile of the existing product tanker fleet in the market.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We anticipate that the future demand for our vessels will be dependent upon economic growth in the
        world's economies, seasonal as well as regional changes in demand, changes in the capacity of the global product tanker fleet and the sources and supply of oil and petroleum products to be transported by sea. Adverse economic, political, social or
        other developments could have a material adverse effect on our business and operating results. The product tanker sector is cyclical and volatile, and this may lead to reductions and volatility in our charter rates when we employ our vessels, to
        volatility in vessel values and in our future performance, results of operations, cash flows and our financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our revenues are derived substantially from a single segment, the product tanker segment, which
        exposes us to adverse developments in the product tanker market and which may adversely affect our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Substantially all of our revenues are derived from a single market, the product tanker segment, and
        therefore, our financial results depend on the development and growth in this segment. External factors that affect the product tanker market will have a significant impact on our business. Freight rates and asset prices have been volatile. Any
        adverse development in the product tanker segment would have a material adverse impact on our future performance, results of operations, cash flows and financial position. Further, our lack of diversification makes us increasingly vulnerable to
        adverse developments in the international product tanker market, and this could have a greater material adverse impact on our future performance, results of operations, cash flows and financial position than it would if we maintained more diverse
        lines of business.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">An oversupply of product tanker capacity may lead to a reduction in charter rates, vessel values and
        profitability.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The supply of product tankers is affected by a number of factors such as supply and demand for energy
        resources, including oil and petroleum products, supply and demand for seaborne transportation of such energy resources and the current and expected purchase orders for newbuildings. If the capacity of new product tankers delivered exceeds the
        capacity of product tankers being recycled and converted to non-trading tankers, overall industry capacity in the product tanker will increase. If the supply of product tanker capacity increases, and if the demand for product tanker capacity
        decreases or does not increase correspondingly, charter rates could materially decline, which may also negatively affect the value of our vessels. Since last year ended and as of December 31, 2018, the value of our product tanker fleet, based on
        independent broker quotes, decreased by approximately 5% (excluding vessels that we sold and/or acquired during 2018).&#160; A reduction in charter rates and the value of our vessels may have a material adverse effect on our future performance, results
        of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, product tankers may be "cleaned up" from "dirty/crude" trades and swapped back into the
        product tanker market, which would increase the available tanker tonnage able to transport refined oil products and which may affect the supply and demand balance for product tankers. This could have a material adverse effect on our future
        performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our results of operations are subject to seasonal fluctuations, which may adversely affect our
        results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We operate our vessels in markets that have historically exhibited seasonal variations in demand and,
        as a result, freight rates. This seasonality may result in quarter-to-quarter volatility in operating results. The product tanker segment is typically stronger in the fall and winter months in anticipation of increased consumption of oil and
        petroleum products in the northern hemisphere. As a result, revenues from product tankers may be weaker during the fiscal quarters ending June 30 and September 30, and, conversely, revenues may be stronger in fiscal quarters ending December 31 and
        March 31. This seasonality could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Variations in incoming cash flows due to the cyclical nature of the shipping industry may have a
        material adverse effect on our future performance, results of operations and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Due to the cyclical nature of the shipping industry and volatile freight rates, incoming cash flows
        may vary significantly from year to year, whereas outgoing operating and financing cash flows may not vary to the same extent and at the same time. Significant deviations between ingoing and outgoing cash flows can thus damage our financial
        position and could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A shift in consumer demand from oil towards other energy sources or changes to trade patterns for
        refined oil products may have a material adverse effect on our business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A significant portion of our earnings are related to the oil industry. A shift in or disruption of
        the consumer demand from oil towards other energy resources such as electricity, natural gas, LNG or hydrogen will potentially affect the demand for our product tankers. A shift from the use of internal combustion engine vehicles to electric
        vehicles may also reduce the demand for oil. These factors could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Seaborne trading and distribution patterns are primarily influenced by the relative advantage of the
        various sources of production, locations of consumption, pricing differentials and seasonality. Changes to the trade patterns of refined oil products may have a significant negative or positive impact on the ton-mile and therefore the demand for
        our product tankers. This could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acts of piracy on ocean-going vessels could adversely affect our business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Acts of piracy have historically affected ocean-going vessels. At present, most piracy and armed
        robbery incidents are recurrent in the Gulf of Aden region off the coast of Somalia, Gulf of Guinea region off Nigeria, South China Sea, Sulu Sea and Celebes Sea. Sporadic incidents of robbery are also reported in many parts of Asia. The political
        turmoil in the Middle East region may also lead to collateral damages in waters off Yemen. The current diplomatic crisis between Gulf Co-operation Council (GCC) countries may lead to an uncertain security situation in the Middle East region.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The security arrangements made for ship staff and vessels to counteract the ever-evolving security
        threat and to comply with Best Management Practices to Deter Piracy and Enhance Maritime Security in the Red Sea, Gulf of Aden, Indian Ocean and Arabian Sea add to the cost of operations of our ships.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The "war risks" areas are established by the Joint War Risks Committee. Our vessels often trade in
        &#8220;war risk&#8221; areas due to the nature of our business. Due to the above issues when vessels trade in such areas, the insurance premiums are increased significantly to cover for the additional risks.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The above factors could have a material adverse effect on our future performance, results of
        operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increase in frequency of immigrant salvage operations in the Mediterranean could adversely affect our
        business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In recent years, the number of immigrants attempting to cross the Mediterranean from North Africa to
        Europe in unseaworthy vessels has increased significantly. Many of the vessels are in such a poor condition that they capsize and sink, incur engine problems or are otherwise incapacitated en route to Europe. As a result, commercial ships may, if
        witnessing an immigrant vessel in distress, deviate from the task and course and conduct a salvage operation. Such salvage operation may prove costly in terms of time and resources spent and can thus prove a substantial cost for the commercial
        vessel and may pose risks to the safety of the crew, vessel and cargo. If we are not able to mitigate this potential exposure, and dependent on the number of such salvage operations which must be carried out in the future, this could have a
        material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Changes in fuel prices may adversely affect profits.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fuel, including bunkers, is a significant expense in our shipping operations of our vessels, and
        changes in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events beyond our control, including geopolitical developments, supply and demand for oil and gas, actions by
        the Organization of the Petroleum Exporting Countries, or OPEC, and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns. Further, fuel may become much more
        expensive in the future, including as a result of the expected implementation of low sulfur fuel requirements by the International Maritime Organization in 2020, which may reduce our profitability and have a material adverse effect on our future
        performance, results of operations, cash flows and financial position. See Item 4. "Information on the Company&#8212;B. Business Overview&#8212;Environmental and Other Regulations&#8212;The International Maritime Organization."</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">An economic slowdown or changes in the economic and political environment in the Asia Pacific region
        could have a material adverse effect on our business, financial condition and results of operations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We anticipate a significant number of the port calls made by our vessels will continue to involve the
        loading or discharging of cargo in ports in the Asia Pacific region. As a result, any negative changes in economic conditions in any Asia Pacific country, particularly in China, may have a material adverse effect on our business, financial
        condition and results of operations, as well as our future prospects. Before the global economic financial crisis that began in 2008, China had one of the world's fastest growing economies in terms of gross domestic product, or GDP, which had a
        significant impact on shipping demand. The quarterly year-over-year growth rate of China's GDP was approximately 6.6% for the year ended December 31, 2018, as compared to approximately 6.9% for the year ended December 31, 2017, and continues to
        remain below pre-2008 levels. Furthermore, there is a rising threat of a Chinese financial crisis resulting from excessive personal and corporate indebtedness. The International Monetary Fund has warned that a trade war between the United States
        and China risks making the world a "poorer and more dangerous place". We cannot assure you that the Chinese economy will not experience a significant contraction in the future.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Although state-owned enterprises still account for a substantial portion of the Chinese industrial
        output, in general, the Chinese government is reducing the level of direct control that it exercises over the economy through state plans and other measures. There is an increasing level of freedom and autonomy in areas such as allocation of
        resources, production, pricing and management and a gradual shift in emphasis to a "market economy" and enterprise reform. Limited price reforms were undertaken with the result that prices for certain commodities are principally determined by
        market forces. Many of the reforms are unprecedented or experimental and may be subject to revision, change or abolition based upon the outcome of such experiments. If the Chinese government does not continue to pursue a policy of economic reform,
        the level of imports to and exports from China could be adversely affected by changes to these economic reforms by the Chinese government, as well as by changes in political, economic and social conditions or other relevant policies of the Chinese
        government, such as changes in laws, regulations or export and import restrictions. Notwithstanding economic reform, the Chinese government may adopt policies that favor domestic shipping companies and may hinder our ability to compete with them
        effectively. For example, China imposes a tax for non-resident international transportation enterprises engaged in the provision of services of passengers or cargo, among other items, in and out of China using their own, chartered or leased
        vessels. The regulation may subject international transportation companies to Chinese enterprise income tax on profits generated from international transportation services passing through Chinese ports. This tax or similar regulations, such as the
        recently promoted environmental taxes on coal, by China may result in an increase in the cost of raw materials imported to China and the risks associated with importing raw materials to China, as well as a decrease in any raw materials shipped from
        our charterers to China. This could have an adverse impact on our charterers' business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to renew and increase the number
        of their time charters with us. Moreover, an economic slowdown in the economies of the European Union and other Asian countries may further adversely affect economic growth in China and elsewhere.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">If economic conditions throughout the world deteriorate or become more volatile, it could have a
        negative impact on TORM&#8217;s earnings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to secure funding is dependent on well-functioning capital markets and on an appetite to
        provide funding to the shipping industry. At present, capital markets are well-functioning and funding is available for the shipping industry. However, if global economic conditions worsen, or lenders for any reason decide not to provide debt
        financing to us, we may, among other things, not be able to secure additional financing to the extent required, on acceptable terms or at all. If additional financing is not available when needed, or is available only on unfavorable terms, we may
        be unable to meet our obligations as they come due, or we may be unable to enhance our existing business, complete additional vessel acquisitions or otherwise take advantage of business opportunities as they arise.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The world economy faces a number of challenges, including the effects of volatile oil prices, trade
        protectionism and political turmoil in several geographic areas. If one or more of the major national or regional economies should weaken, there is a substantial risk that such a downturn will impact the world economy. There has historically been a
        strong link between the development of the world economy and demand for energy, including oil and gas.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The recent sovereign debt crisis in certain Eurozone countries, such as Greece, and concerns over
        debt levels of certain other European Union member states and in other countries around the world, such as China (as discussed above) as well as concerns about international banks, have led to increased volatility in global credit and equity
        markets. The credit markets in the United States and Europe have experienced contraction, deleveraging and reduced liquidity since the financial crisis in 2008, and the United States federal and state governments and European authorities have
        implemented a broad variety of governmental action and/or new regulation of the financial markets and may implement additional regulations in the future. Securities and futures markets and the credit markets are subject to comprehensive statutes,
        regulations and other requirements. The U.S. Securities and Exchange Commission, or the SEC, other regulators, self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies, and may
        effect changes in law or interpretations of existing laws. Global financial markets and economic conditions have been, and continue to be, severely disrupted and volatile. An extended period of deterioration in outlook for the world economy could
        reduce the overall demand for our services and could also adversely affect our ability to obtain financing on terms acceptable to us or at all.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In Europe, large sovereign debts and fiscal deficits, low growth prospects and high unemployment
        rates in a number of countries have contributed to the rise of Eurosceptic parties, which would like their countries to leave the Euro. The exit of the United Kingdom from the European Union, thereby leaving the internal market at risk of
        additional tariffs that may be implemented, and potential new trade policies in the United States, together increase the risk of additional trade protectionism.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">While the recent developments in Europe and China have been without significant immediate impact on
        product tanker freight rates, an extended period of deterioration in the world economy could reduce the overall demand for oil and gas and for our services. Such changes could adversely affect our future performance, results of operations, cash
        flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Credit markets in the United States and Europe have in the past experienced significant contraction,
        de-leveraging and reduced liquidity, and there is a risk that the U.S. federal government and state governments and European authorities continue to implement a broad variety of governmental action and/or new regulation of the financial markets.
        Global financial markets and economic conditions have been, and continue to be, volatile.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We face risks attendant to changes in economic environments, changes in interest rates and
        instability in the banking and securities markets around the world, among other factors. We cannot predict how long the current market conditions will last. These recent and developing economic and governmental factors may have a material adverse
        effect on our results of operations and financial condition and may cause the price of our Class A common shares to decline.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prospective investors should consider the potential impact, uncertainty and risk associated with the
        development in the wider global economy. Further economic downturn in any of these countries could have a material effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are subject to complex laws and regulations, including environmental laws and regulations that can
        adversely affect our results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our vessels operate worldwide and are thus subject to numerous international laws, rules,
        regulations, conventions and treaties. Moreover, our vessels are registered, flagged, and call in ports in multiple countries where the applicable flag and/or port state rules, regulations and laws can differ. This complex web of rules,
        regulations, conventions, treaties and laws can be dynamic and influence the cost of owning and operating our vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The various requirements we might have to comply with are discussed throughout and include, but are
        not limited to:</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">International requirements such as those from the International Maritime Organization, or IMO, like the International Convention for the Safety of Life at Sea
                    of 1974, or SOLAS, the International Ship and Port Facility Security Code, or the ISPS Code, and the International Convention for the Prevention of Pollution from Ships of 1973, as from time to time amended, or MARPOL, as well as those
                    from the Maritime Labor Convention 2006, or the MLC 2006, adopted by the International Labour Organization, or ILO;</font></div>
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      <div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">United States, or U.S., requirements such as the U.S. Oil Pollution Act of 1990, or OPA, the Comprehensive Environmental Response, Compensation and Liability
                    Act, or CERCLA, and those enforced by the U.S. Environmental Protection Agency, or the EPA, and the U.S. Coast Guard, or the USCG; and</font></div>
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      <div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">European Union, or EU, regulations regarding greenhouse gas emissions.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Some laws also impose strict liability for pollution incidents. To avoid liability in those cases,
        parties may have to show they fall into an exception and took all reasonable precautionary steps to prevent a pollution incident. Thus, for remediation of environmental damage, the liability can include fines, penalties, criminal liability and
        costs for natural resource damages. In our case, these could harm our reputation with current or potential charterers of our product tankers. Compliance with environmental laws and regulations, where applicable, may require installation of costly
        equipment or operational changes and may affect the resale value or useful lives of our vessels. We may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs
        relating to air emissions including greenhouse gases, sulfur emissions, the management of ballast waters, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our
        ability to address pollution incidents.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are required to satisfy insurance and financial responsibility requirements for potential oil
        (including marine fuel) spills and other pollution incidents. Although we arrange insurance to cover environmental risks, there can be no assurance that such insurance will be sufficient to cover all the risks or that any claims will not have a
        material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Developments in safety and environmental requirements relating to the recycling of vessels may result
        in escalated and unexpected costs.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The 2009 Hong Kong International Convention for the Safe and Environmentally Sound Recycling of
        Ships, or the Hong Kong Convention, aims to ensure ships, being recycled once they reach the end of their operational lives, do not pose any unnecessary risks to the environment, human health and safety. The Hong Kong Convention has yet to be
        ratified by the required number of countries to enter into force. Upon the Hong Kong Convention's entry into force, however, each ship sent for recycling will have to carry an inventory of its hazardous materials. The hazardous materials, whose use
        or installation are prohibited in certain circumstances, are listed in an appendix to the Hong Kong Convention. Ships will be required to have surveys to verify their inventory of hazardous materials initially, throughout their lives and prior to
        the ship being recycled.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On November 20, 2013, the European Parliament and the Council of the EU adopted the Ship Recycling
        Regulation, which retains the requirements of the Hong Kong Convention and which is currently open for accession by IMO Member States. The Hong Kong Convention will enter into force 24 months after the date on which 15 IMO Member States,
        representing 40% of world merchant shipping by gross tonnage, have ratified or approved accession. As of the date of this annual report, six countries have ratified the Hong Kong Convention. Upon implementation, certain commercial seagoing vessels
        flying the flag of an EU Member State may be recycled only in facilities included on the European list of permitted ship recycling facilities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These regulatory developments, when implemented, may lead to cost escalation by shipyards, repair
        yards and recycling yards. This may then result in a decrease in the residual scrap value of a vessel, and a vessel could potentially not cover the cost to comply with latest requirements, which may have an adverse effect on our future performance,
        results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We may incur additional costs to retrofit ballast water treatment systems in our vessels to comply
        with new regulations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vessels unload ballast water during passage by taking ballast water in one port and unloading it in
        another. This helps maintain safety and stability. However, the ballast water can contain local organisms and pathogens. When vessels unload ballast water, they can then release organisms and pathogens in new parts of the world, which can be
        invasive to that ecosystem. To avoid transfers of invasive species in ballast water, the IMO and the United States have regulations that require ballast water is treated prior to discharge.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to comply with IMO and U.S. ballast water regulations, we are required to install ballast
        water treatment plants on all vessels from December 2018 to September 2024. The cost of compliance per vessel for us is estimated to be between $1.0 and $1.3 million, depending on size of the vessel. There are uncertainties associated with
        installing the equipment both operationally and technically, which could have adverse effect on the cost. Significant investments in ballast water treatment systems may have a material adverse effect on our future performance, results of
        operations, cash flows and financial position. For more information on these regulations, see Item 4. "Information on the Company&#8212;B. Business Overview&#8212; Environmental and Other Regulations&#8212;The International Maritime Organization&#8212; Pollution Control
        and Liability Requirements."</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Regulations relating to ballast water discharge coming into effect during September 2019 may
        adversely affect our revenues and profitability.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The IMO has imposed updated guidelines for ballast water management systems specifying the maximum
        amount of viable organisms allowed to be discharged from a vessel&#8217;s ballast water. Depending on the date of the IOPP renewal survey, existing vessels constructed before September 8, 2017 must comply with the updated D-2 standard on or after
        September 8, 2019. For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. Ships constructed on or after September 8, 2017 are to comply with the D-2
        standards on or after September 8, 2017. We currently have 60 vessels that do not comply with the updated guideline and costs of compliance may be substantial and adversely affect our revenues and profitability.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Furthermore, United States regulations are currently changing. Although the 2013 Vessel General
        Permit (&#8220;VGP&#8221;) program and U.S. National Invasive Species Act (&#8220;NISA&#8221;) are currently in effect to regulate ballast discharge, exchange and installation, the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018,
        requires that the U.S. Coast Guard develop implementation, compliance, and enforcement regulations regarding ballast water within two years. The new regulations could require the installation of new equipment, which may cause us to incur
        substantial costs.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sulfur regulations to reduce air pollution from ships are likely to require retrofitting of vessels
        and may cause us to incur significant costs.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In October 2016, the IMO set January 1, 2020 as the implementation date for vessels to comply with
        its low sulfur fuel oil requirement, which cuts sulfur levels from 3.5% currently to 0.5%. The interpretation of "fuel oil used on board" includes use in main engine, auxiliary engines and boilers. Shipowners may comply with this regulation by (i)
        using 0.5% sulfur fuels on board, which is likely to be available around the world by 2020 but likely at a higher cost; (ii) installing scrubbers for cleaning of the exhaust gas; or (iii) by retrofitting vessels to be powered by liquefied natural
        gas (LNG), which may not be a viable option due to the lack of supply network and high costs involved in this process. In anticipation of the 2020 implementation, we have installed an exhaust gas scrubber on one of our LR2 and one of our MR product
        tankers, TORM Hilde and TORM Lene, as pilot projects. TORM has committed to install scrubbers on 21 vessels and potentially up to 39 vessels or roughly half of TORM&#8217;s fleet. The CAPEX related to the confirmed scrubber orders is on average estimated
        below&#160; $2 million per scrubber including installation costs. TORM expects to be able to obtain financing for a significant portion of this investment. Costs of compliance with these regulatory changes may be significant and may have a material
        adverse effect on our future performance, results of operations, cash flows and financial position. See Item 4. "Information on the Company&#8212;B. Business Overview&#8212; Environmental and Other Regulations&#8212;The International Maritime Organization".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Climate change and greenhouse gas restrictions may adversely impact our operations and markets.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Due to concern over the risk of climate change, a number of countries and the IMO have adopted, or
        are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among other things, adoption of cap and trade regimes, carbon taxes, increased efficiency standards and incentives or
        mandates for renewable energy. In addition, although the emissions of greenhouse gases from international shipping currently are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, or the Paris Agreement,
        a new treaty may be adopted in the future that includes restrictions on shipping emissions. Compliance with changes in laws, regulations and obligations relating to climate change could increase our costs related to operating and maintaining our
        vessels and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas emissions program. Revenue generation and strategic growth opportunities may
        also be adversely affected.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On June 29, 2017, the Global Industry Alliance, or the GIA, was officially inaugurated. The GIA is a
        program under the Global Environmental Facility-United Nations Development Program-IMO project, which supports shipping, and related industries, as they move towards a low carbon future. Organizations including, but not limited to, shipowners,
        operators, classification societies and oil companies signed to launch the GIA.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adverse effects upon the oil and gas industry relating to climate change, including growing public
        concern about the environmental impact of climate change, may also adversely affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for oil and gas in
        the future or create greater incentives for use of alternative energy sources. Therefore, any long-term material adverse effect on the oil and gas industry could have a material adverse effect on our future performance, results of operations, cash
        flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">If we fail to comply with international safety regulations, we may be subject to increased liability,
        which may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The operation of our vessels is affected by governmental regulations in the form of international
        conventions, national, state and local laws and regulations in force in the jurisdictions in which the vessels operate, as well as in the country or countries of their registration. As such, we are subject to the requirements set forth in the IMO's
        International Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code. The ISM Code is promulgated by the IMO under SOLAS to provide an international standard for the safe management and operation of ships and
        for pollution prevention. The ISM Code requires the party with operational control of a vessel to develop and maintain an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection
        policy setting forth instructions and procedures for the safe operation, and describing procedures for dealing with emergencies, when operating vessels. We rely on the safety management system that has been developed for our vessels for compliance
        with the ISM Code.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel
        they operate. This certificate evidences compliance by a vessel's management with code requirements for a safety management system. No vessel can obtain a certificate unless its manager has been awarded a document of compliance, issued by each flag
        state, under the ISM Code. We have obtained documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the ISM Code. These documents of compliance and safety
        management certificates are renewed as required.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-compliance with the ISM Code and other IMO regulations may subject the shipowner or bareboat
        charterer to increased liability, may lead to a reduction in, or invalidation of, available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and EU authorities have indicated
        that vessels not in compliance with the ISM Code will be prohibited from trading in U.S. and EU ports. This could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A major incident on one of our vessels affecting the safety and health of the crew could disrupt
        completely or delay operations thereby having a negative impact on customer confidence and on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Recent action by the IMO's Maritime Safety Committee and United States agencies indicate that
        cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, cyberrisk management systems must be incorporated by shipowners and managers by
        2021. This might cause companies to cultivate additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The impact of such regulations is hard to predict at this time.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Declines in charter rates and other market deterioration could cause us to incur impairment charges.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with IFRS, we review the carrying amounts of assets on a quarterly basis to determine
        any indication of impairment either due to a significant decline in market value or in the cash flows generated by the vessels. In case of such indication, the recoverable amounts of the assets are estimated as the higher of the net realizable
        value and the value in use in accordance with the requirements of applicable accounting standards. The value in use is the present value of the future cash flows expected to derive from an asset. For the purpose of assessing net realizable values,
        our management estimates the market values of the individual vessels, for which the most important parameters are the vessels' tons deadweight, the shipyard they were built at and age. Management uses internal as well as external sources of
        information, including two internationally recognized shipbrokers' valuations. There may be deviations between the market value and the book value of the vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accordingly, the carrying values of our vessels may not represent their fair market value at any
        point in time because the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. In 2018, the value of our product tanker fleet decreased by approximately 5% (when excluding vessels sold
        and/or acquired during 2018). As a result of further declines in charter rates or vessel values, we may in the future need to record impairment losses and loss from sale of vessels, which could have a material adverse effect on our future
        performance, results of operations, cash flows and financial position. Please see the consolidated financial statements as of and for the year ended December 31, 2018 and the accompanying notes included herewith for details on the impact of changes
        in charter rates and other key assumptions.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">If our vessels suffer damage due to the inherent operational risks of the product tanker industry, we
        may experience unexpected dry-docking costs and delays or total loss of our vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The operation of an ocean-going vessel carries inherent risks. Our vessels and their cargoes will be
        at risk of being damaged or lost because of events such as marine disasters, bad weather and other acts of God, business interruptions caused by mechanical failures, unexpected tank corrosion, grounding, fire, explosions and collisions, human
        error, war, terrorism, piracy and other circumstances or events. Changing economic, regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in attacks on vessels, mining of
        waterways, piracy, terrorism, labor strikes and boycotts. These hazards may result in death or injury to persons, loss of revenue or property, environmental damage, higher insurance rates, damage to our customer relationships, delay or rerouting.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, international shipping is subject to various security and customs inspection and related
        procedures in countries of origin and destination and trans-shipment points. Inspection procedures can result in the seizure of the cargo and/or our vessels, delays in the loading, offloading or delivery and the levying of customs duties, fines or
        other penalties against us. It is possible that changes to inspection procedures could impose additional financial and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our
        customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any such changes or developments may have a material adverse effect on our future performance, results of operations, cash flows and
        financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The protection &amp; indemnity insurance coverage that we have arranged for our vessels covers the
        vessel owner's liabilities towards the owner of any damaged cargo, subject to standard international conventions limiting such liability. If our vessels suffer damage, they may need to be repaired at a dry-docking facility. The costs of dry-dock
        repairs are unpredictable and may be substantial. We may have to pay dry-docking costs that our insurance does not cover in full. The loss of earnings while these vessels are being repaired and repositioned as well as the actual cost of these
        repairs would decrease the Company's earnings. In addition, space at dry-docking facilities is sometimes limited and not all dry-docking facilities are conveniently located. We may be unable to find space at a suitable dry-docking facility or the
        vessels may be forced to travel to a dry-docking facility that is not conveniently located in relation to the vessels' positions. The loss of earnings while these vessels are forced to wait for space or to sail to more distant dry-docking
        facilities could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">If labor interruptions are not resolved in a timely manner, they could have a material adverse effect
        on our business, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We employ masters, officers and crews to man our vessels. We have in the past implemented and will
        potentially continue in the future to implement restructuring measures including divesting or closing down business activities, reducing our workforce and negotiating collective agreements with trade unions. Restructurings and other factors such as
        disagreements concerning ordinary or extraordinary collective bargaining may damage our reputation and the relationship with our employees and lead to labor disputes, including work stoppages, strikes and/or work disruptions. If not resolved in a
        timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our operations from being carried out as we expect and could have a material adverse effect on our future performance, results of operations, cash
        flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Political instability, terrorist attacks and international hostilities can affect the seaborne
        transportation industry, which could adversely affect our business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We conduct most of our operations outside of the United States, and our business, results of
        operations, cash flows, financial condition and ability to pay dividends, if any, in the future may be adversely affected by changing economic, political and government conditions in the countries and regions where our vessels are employed or
        registered. Moreover, we operate in a sector of the economy that is likely to be adversely impacted by the effects of political conflicts, including the current political instability in the Middle East and the South China Sea region and other
        geographic countries and areas, geopolitical events such as the withdrawal of the U.K. from the European Union, or "Brexit," terrorist or other attacks, and war (or threatened war) or international hostilities, such as those between the United
        States and North Korea. Terrorist attacks such as those in New York on September 11, 2001, in London on July 7, 2005, in Mumbai on November 26, 2008 and in Paris on November 13, 2015, and the continuing response of the United States and others to
        these attacks, as well as the threat of future terrorist attacks around the world, continues to cause uncertainty in the world's financial markets and may affect our business, operating results and financial condition. Continuing conflicts and
        recent developments in the Middle East, and the presence of U.S. or other armed forces in Iraq, Syria, Afghanistan and various other regions, may lead to additional acts of terrorism and armed conflict around the world, which may contribute to
        further economic instability in the global financial markets. As a result of the above, insurers have increased premiums and reduced or restricted coverage for losses caused by terrorist acts generally. These uncertainties could also adversely
        affect our ability to obtain additional financing on terms acceptable to us or at all. Any of these occurrences could have a material adverse impact on our operating results, revenues and costs. Additionally, Brexit, or similar events in other
        jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business and
        operations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Further, governments may turn to trade barriers to protect their domestic industries against foreign
        imports, thereby depressing shipping demand. In particular, leaders in the United States have indicated the United States may seek to implement more protective trade measures. President Trump was elected on a platform promoting trade protectionism.
        The results of the presidential election have thus created significant uncertainty about the future relationship between the United States, China and other exporting countries, including with respect to trade policies, treaties, government
        regulations and tariffs. For example, on January 23, 2017, President Trump signed an executive order withdrawing the United States from the Trans-Pacific Partnership, a global trade agreement intended to include the United States, Canada, Mexico,
        Peru and a number of Asian countries. In March 2018, President Trump announced tariffs on imported steel and aluminum into the United States that could have a negative impact on international trade generally. Most recently, in January 2019, the
        United States announced expanded sanctions against Venezuela, which may have an effect on its oil output and in turn affect global oil supply. Protectionist developments, or the perception they may occur, may have a material adverse effect on
        global economic conditions, and may significantly reduce global trade. Moreover, increasing trade protectionism may cause an increase in (a) the cost of goods exported from regions globally, (b) the length of time required to transport goods and
        (c) the risks associated with exporting goods. Such increases may significantly affect the quantity of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact on our charterers'
        business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to renew and increase the number of their time charters with us. This could have a material adverse effect on
        our business, results of operations, financial condition and our ability to pay any cash distributions to our stockholders.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the past, political instability has also resulted in attacks on vessels, mining of waterways and
        other efforts to disrupt international shipping, particularly in the Arabian Gulf region. Acts of terrorism and piracy have also affected vessels trading in regions such as the South China Sea and the Gulf of Aden off the coast of Somalia. Any of
        these occurrences could have a material adverse impact on our future performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">If our vessels call on ports located in countries that are subject to sanctions and embargoes imposed
        by the U.S. or other governments, that could adversely affect our reputation and the market for our Class A common shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The past few years have seen increased implementation of sanctions and embargoes imposed against
        trading with certain countries by in particular the United States, the European Union and the United Nations. Our operations are currently and may in the future become subject to various economic and trade sanctions and anti-bribery laws, including
        sanctions. Prior to having Oaktree as major shareholder, some of the vessels owned or operated by us called on ports located in countries subject to sanctions and embargoes imposed by the U.S. government and other authorities, and countries
        identified by the U.S. government as state sponsors of terrorism.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>In 2015, we revised our internal policies and procedures regarding vessel calls at ports located in countries subject to U.S. and other sanctions. Special internal
        procedures relating to Iran were added in January 2016 when the Office of Foreign Assets Control, or OFAC, issued &#8220;General License H&#8221; authorizing certain transactions relating to non-U.S. entities owned or controlled by a U.S. person. When the
        General License H was revoked in May 2018, our special procedures were revoked accordingly. With the exception of Sudan (and between January 2016 and May 2018, Iran), our vessels have not called on ports located in countries currently identified by
        the U.S. government as a state sponsor of terrorism since June 29, 2012. To our knowledge, the port calls made by our vessels in Sudan and Iran have not violated any sanctions regimes or embargoes to which we were subject at the time of the port
        calls. Sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or strengthened
        over time. In 2010, the U.S. enacted the Comprehensive Iran Sanctions Accountability and Divestment Act, or CISADA, which expanded the scope of the Iran Sanctions Act. Among other things, CISADA expands the application of the prohibitions on
        companies such as ours and introduces limits on the ability of companies and persons to do business or trade with Iran when such activities relate to the investment, supply or export of refined petroleum or petroleum products.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A significant part of our share capital is owned by entities managed by Oaktree, consequently we have
        U.S shareholders. Due to our ownership, our operations are subject to the regulations, executive orders and other sanctions administered by OFAC, which restricts or prohibits certain transactions, dealings and travel involving certain Sanctioned
        Persons and Sanctioned Countries, including Cuba, where we have historically been active, and Iran. As such, our operations in countries that are subject to sanctions and embargoes imposed by the United States government and/or identified by the
        United States government as state sponsors of terrorism have been restricted following the 2015 Restructuring. From time to time, vessels in our fleet have called on ports in Sudan. We believe these activities have not been subject to then
        applicable U.S. sanctions laws. Any violation of applicable sanctions could result in fines or other penalties and could result in some investors deciding, or being required, to divest their interest or not to invest in the Company. Further, our
        lenders may determine that any non-compliance with applicable sanctions and embargoes imposed, or, with respect of the DSF Facility (defined below), all sanctions imposed by the United Kingdom, the European Union, the United Nations or the United
        States constitute an event of default under current or future debt facility agreements, including the Term Facility 1 and the Working Capital Facility (defined below), which, together, we refer to as the "Restructuring Financing Agreements", and
        the DSF Facility. An event of default may lead to an acceleration of the repayment of debt under the facility in question and, due to the cross-default provisions, under all other facilities as well, which could have a material adverse effect on
        our future performance, results of operations, cash flows and financial position, and could lead to bankruptcy or other insolvency proceedings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Further, charterers and other parties that we have previously entered into contracts with regarding
        our vessels may be affiliated with persons or entities that are now or may soon be the subject of sanctions imposed by the U.S. government and/or the European Union or other international bodies in response to recent events relating to Russia,
        Crimea and the Ukraine. If we determine that such sanctions require us to terminate existing contracts, or if we are found to be in violation of such sanctions, we may suffer reputational harm, which may have a material adverse effect on our future
        performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Although we believe that we have been in compliance with all applicable sanctions and embargo laws
        and regulations and intend to maintain in such compliance, there can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such
        violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct our business and could result in some investors deciding, or being required, to divest their interest,
        or not to invest, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state
        sponsors of terrorism. The determination by these investors not to invest in, or to divest from, our Class A common shares may adversely affect the price at which our Class A common shares trade. Additionally, some investors may decide to divest
        their interest, or not to invest, in our company simply because we do business with companies that do business in sanctioned countries. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of
        actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation and the market for our securities may be adversely affected if we engage in certain other activities
        such as entering into charters with individuals or entities in countries subject to U.S. sanctions and embargo laws that are not controlled by the governments of those countries, or engaging in operations associated with those countries pursuant to
        contracts with third-parties that are unrelated to those countries or entities controlled by their governments. Investor perception of the value of our Class A common shares may also be adversely affected by the consequences of war, the effects of
        terrorism, civil unrest and governmental actions in these and surrounding countries, which may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maritime claimants could arrest our vessels, which would have a negative effect on our cash flows.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Crew members, suppliers of goods and services to a vessel, shippers of cargo, secured lenders, time
        charter-in counterparties and other parties may be entitled to a maritime lien against the relevant vessel for unsatisfied debts, claims or damages.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In many jurisdictions, a maritime lien holder may enforce its lien by arresting a vessel and
        commencing foreclosure proceedings. In addition, in some jurisdictions a claimant may arrest both the vessel which is subject to the claimant's maritime lien and any "associated" vessel owned or controlled by the same owner. Claimants could try to
        assert "sister ship" liability against one vessel in the fleet for claims relating to another of our vessels. The arrest or attachment of one or more of our vessels could under certain circumstances constitute an event of default under our
        financing agreements or interrupt operations and require us to pay a substantial sum of money to have the arrest lifted, which could result in a loss of earnings and have a material adverse effect on our future performance, results of operations,
        cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governments could requisition our vessels during a period of war or emergency, which may have an
        adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A government could requisition one or more of our vessels for title or hire. Requisition for title
        occurs when a government takes control of a vessel and becomes the owner. Also, a government could requisition our vessels for hire. Requisition for hire occurs when a government takes control of a vessel and effectively becomes the charterer at
        dictated charter rates. Generally, requisitions occur during a period of war or emergency. Although none of our vessels have been requisitioned by a government for title or hire, a government requisition of one or more of our vessels in the future
        may adversely affect our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Technological innovation and quality and efficiency requirements from our customers could reduce our
        charter hire income and the value of our vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our customers, in particular those in the oil industry, have a high and increasing focus on quality
        and compliance standards with their suppliers across the entire supply chain, including the shipping and transportation segment. Our continued compliance with these standards and quality requirements is vital for our operations. Charter hire rates
        and the value and operational life of a vessel are determined by a number of factors including the vessel's efficiency, operational flexibility and physical life. Efficiency includes speed, fuel economy and the ability to load and discharge cargo
        quickly. Flexibility includes the ability to enter harbors, utilize related docking facilities and pass through canals and straits. The length of a vessel's physical life is related to its original design and construction, its maintenance and the
        impact of the stress of operations. If new vessels are built that are more efficient or more flexible or have longer physical lives than our vessels, competition from these more technologically advanced vessels could adversely affect the amount of
        charter hire payments we receive for our vessels, and the resale value of our vessels could significantly decrease which may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against
        us.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We expect that our vessels will call on ports where smugglers may attempt to hide drugs and other
        contraband on vessels, with or without the knowledge of crew members. To the extent our vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may
        face governmental or other regulatory claims which could have an adverse effect on our business, results of operations and financial condition.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Risks Related to Our Company</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">If we are unable to operate our vessels profitably, we may be unsuccessful in competing in the highly
        competitive international product tanker market, which would negatively affect our financial condition and our ability to expand our business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to achieve positive cash flows is subject to freight rates, financial, regulatory, legal,
        technical and other factors, many of which are beyond our control. In addition, the operation of product tankers and transportation of petroleum products is extremely competitive, and reduced demand for transportation of oil and oil products could
        lead to increased competition. Competition arises primarily from other product tanker owners, including major oil companies as well as independent product tanker companies, some of whom have substantially greater resources than we do. Competition
        for the transportation of oil and oil products can be intense and depends on price, location, size, age, condition and the acceptability of the product tanker and its operators to the charterers. We will have to compete with other product tanker
        owners, including major oil companies as well as independent product tanker companies. Our ability to operate our vessels profitably depends on a variety of factors, including, but not limited to (i) loss or reduction in business from significant
        customers, (ii) unanticipated changes in demand for transportation of crude oil and petroleum products, (iii) changes in production of or demand for oil and petroleum products, generally or in particular regions, (iv) greater than anticipated
        levels of tanker newbuilding orders or lower than anticipated levels of tanker recylings, (v) increases in the cost of bunkers, and (vi) changes in rules and regulations applicable to the tanker industry, including legislation adopted by
        international organizations such as IMO and the EU or by individual countries. If we are unable to operate our vessels profitably, our financial condition and ability to expand our business would be negatively affected.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are dependent on spot charters and any decrease in spot charter rates in the future may adversely
        affect our earnings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We employ the majority of our vessels on spot voyage charters or short-term time charters and
        generate a significant portion of our revenue from the spot market. The spot charter market may fluctuate significantly based upon product tanker and oil supply and demand. The successful operation of our vessels in the competitive spot charter
        market depends on, among other things, obtaining profitable spot charters and minimizing, to the extent possible, time spent waiting for charters and time spent traveling ballast to pick up cargo. The spot market is very volatile, and, in the past,
        there have been periods when spot charter rates have declined below the operating cost of vessels. For example, over the past five years, MR spot market rates expressed as a time charter equivalent have ranged from a low of approximately $6,500 to
        a high of approximately $31,500 per day. During 2018, our product tanker fleet realized average spot TCE earnings of $12,982 per day. If future spot charter rates decline, we may be unable to operate our vessels trading in the spot market
        profitably, meet our obligations, including payments on indebtedness, or pay dividends in the future. Furthermore, as charter rates for spot charters are fixed for a single voyage, which may last up to several weeks, during periods in which spot
        charter rates are rising, we will generally experience delays in realizing the benefits from such increases, which may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are subject to certain risks with respect to entering into new time charter-in contracts due to
        our dependence on spot charters.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have the opportunity to charter-in additional vessels for longer or shorter periods. Because we
        employ the majority of our vessels on spot voyage charters or short-term time charters, we may be exposed to changes in the freight rates that are significantly below the hire to be agreed in a time charter-in contract. This exposure could have a
        material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are subject to certain risks with respect to our counterparties on contracts, and failure of such
        counterparties to meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We regularly enter into bunker hedging contracts, employ vessels on Contracts of Affreightment, or
        COAs, fixed rate time charters and voyage charters, and enter into newbuilding contracts with shipyards. Such agreements subject us to counterparty risks. The ability of each of our counterparties to perform its obligations under a contract with us
        will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the maritime industry, the overall financial condition of the counterparty, charter rates received for
        specific types of vessels and various expenses. In addition, in depressed market conditions, our charterers and customers may no longer need a vessel that is currently under charter or contract or may be able to obtain a comparable vessel at lower
        rates. As a result, charterers and customers may seek to renegotiate the terms of their existing charter agreements or avoid their obligations under those contracts, and it may be difficult for us to secure substitute employment for such vessel.
        Furthermore, any new charter arrangements we secure in the spot market or on time charters may be at lower rates. Should a counterparty fail to honor its obligations under agreements with us, we could sustain significant losses, which could have a
        material adverse effect on our future performance, results of operations, cash flows and financial position. To reduce our counterparty risk, we perform a credit check on the prospective customers, however, we cannot guarantee that this process
        reveals the embedded default risk.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are subject to certain risks with respect to our counterparties on our newbuilding construction
        contracts, and the failure of our counterparties to meet their obligations under our newbuilding contracts could cause us to suffer losses or otherwise adversely affect our business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Timely delivery of GSI MR Vessels and the two LR1 Product Tanker Newbuildings (as such terms are
        defined herein), and any other newbuildings we may acquire in the future, is subject to our counterparties meeting their obligations. We are therefore exposed to the risk of failure, cost overruns, delayed delivery, technical problems, quality or
        engineering problems and other counterparty risks. A number of shipping construction companies have reportedly been experiencing financial challenges. Any such financial challenges may affect operations and the timely delivery of newbuildings.
        Furthermore, a cancellation due to financial difficulties or bankruptcy of the yard could imply that pre-delivery installments are not recovered or are recovered only after long arbitrations that can last occasionally several years.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Measures have been taken to supervise the quality of the work completed at the yard where our
        newbuildings are being constructed. We have obtained refund guarantees for the pre-delivery installments on each GSI MR Vessel from the Export-Import Bank of China or China CITIC bank as security for pre-delivery installment payments paid to
        Guangzhou Shipyard International Company Limited, or GSI. The refund guarantees are limited to an amount of approximately $6 million plus interest for each of the GSI MR Vessels, which corresponds to the maximum outstanding exposure we would have
        at any given time. We expect all but one of the GSI MR Vessels to be delivered to us during 2019, with the remaining GSI MR Vessel to be delivered in early 2020. In addition, we have obtained refund guarantees for the pre-delivery installments on
        each of the LR1 Product Tanker Newbuildings from China CITIC Bank as security for pre-delivery installment payments paid to GSI. The refund guarantees are limited to a maximum amount of $11,413,650 plus interest for each of the LR1 Product Tanker
        Newbuildings, which we expect to be delivered to us in 2019.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We can provide no assurance that these, or any other measures we may take, will fully mitigate these
        risks, and any failure by a counterparty to meet its obligations in relation to the newbuildings may result in delays or cancellations of the delivery of the newbuildings, renegotiation of terms, delayed renewal of our product tanker fleet and
        consequent deterioration of our competitive position, any of which may result in significant losses for us which could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">An inability to effectively time investments in and divestments of vessels could prevent the
        implementation of our business strategy and negatively impact our results of operations and financial condition.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our strategy is to own and operate a fleet large enough to provide global coverage, but no larger
        than what the demand for our services can support over a longer period by both contracting newbuildings and through acquisitions and disposals in the second-hand market. Our business is greatly influenced by the timing of investments and/or
        divestments and contracting of newbuildings. If we are unable to identify the optimal timing of such investments, divestments or contracting of newbuildings in relation to the shipping value cycle due to capital restraints, this could have a
        material adverse effect on our competitive position, future performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">An increase in operating costs would decrease our earnings and have a material adverse effect on our
        future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our vessel operating expenses include the costs of crew, provisions, deck and engine stores,
        insurance, security measures and maintenance and repairs. Those expenses depend on a variety of factors, many of which are beyond our control and subject to development in the market of the respective input. Voyage expenses include bunkers (fuel),
        port and canal charges. If our vessels suffer damage, they may need to be repaired at a dry-docking facility. The costs of dry-dock repairs are unpredictable and can be substantial. Some of these costs, primarily relating to insurance, crewing and
        enhanced security measures, have been increasing on a relative basis and may increase further in the future. An increasing cost base may have a material adverse effect on our future performance, results of operations, cash flows and financial
        position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">When purchasing and managing previously second-hand vessels, we are exposed to unforeseen operating
        costs and vessels off-hire. Second-hand vessels are typically acquired without a warranty period, and inspections prior to purchase may not fully reveal the condition of the vessel. We may therefore be required to perform repair and maintenance
        resulting in additional operating costs.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A substantial portion of our revenues is derived from a limited number of customers, and the loss of
        any of these customers could result in a significant loss of revenues and cash flow.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We currently derive substantially all of our revenues from a limited number of customers. In 2018,
        twenty customers accounted for approximately 75% of our total revenues. The loss of any significant customer or a decline in the amount of services provided to a significant customer could have a material adverse effect on our future performance,
        results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We may not be able to meet our ongoing operations and working capital needs and may not be able to
        obtain additional financing in the future on acceptable terms or at all.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, our available liquidity was approximately $406 million, which consisted of
        approximately $127 million in cash, approximately $233 million in undrawn credit facilities and $46 million in undrawn credit facilities subject to the completion of final documentation. As of December 31, 2018, outstanding capital expenditures
        relating to our order book excluding scrubber commitments amounted to $258 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If we do not generate sufficient cash flows from our operations to finance our ongoing operations and
        working capital needs, including funding for, among other things, our newbuilding commitments, we may need to procure additional funding in the future in the public or private equity or debt or capital markets. Adequate sources of funding may not
        be available when needed or may not be available on terms acceptable to us. Our ability to obtain such additional capital or financing will in part depend on prevailing market conditions as well as the financial position of our business and our
        operating results, which may affect our efforts to arrange additional financing on satisfactory terms. If new shares are issued, it may result in a dilution of the existing shareholders. There can be no assurance that we will be able to maintain or
        obtain required loan or equity financing to meet any additional working capital or capital investment needs.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In line with industry practice, our suppliers provide us with short-term credit, or short-term supply
        credits, to purchase, among other things, bunkers and other petroleum products. If our short-term supply credits are reduced or withdrawn, this could have a material adverse effect on our business, results of operations, cash flows and financial
        position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, if available and satisfactory funding is insufficient at any time in the future, we may
        be unable to respond to competitive pressures or customers' requirements regarding vessel maintenance and fleet age or take advantage of business opportunities. Failure to obtain additional financing could have a material adverse effect on our
        business, results of operations, cash flows and financial position and could lead to bankruptcy or other insolvency proceedings.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As our product tanker fleet ages, we are exposed to increased operating costs and decreased
        competitiveness, which could adversely affect our earnings, and the risks associated with older vessels could adversely affect our ability to obtain profitable charters.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our owned vessels had an average age of 11 years as of December 31, 2018. The recent introduction of
        eco-designs for vessels emphasizes that there is a continuous need for us to focus on cost optimizing measures to remain competitive, which may require us to more rapidly upgrade our product tanker fleet in the future. We may not be able to fund or
        secure additional financing to complete the acquisition of new or second-hand vessels required to renew and upgrade our product tanker fleet, which may lead to deterioration of our product tanker fleet's performance.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In general, the costs to maintain a vessel in good operating condition increase with the age of the
        vessel, and the current age of our fleet means that we must spend substantial resources on maintenance. It is also difficult to estimate with certainty the maintenance and operating costs that will be incurred for an older vessel and there is a
        risk that these costs will exceed expectations. Further, older vessels are typically less fuel-efficient than more recently constructed vessels due to improvements in engine technology. This difference in fuel-efficiency is likely to be compounded
        in 2020 when the IMO expects to implement lower sulfur fuel requirements. Cargo insurance rates increase with the age of a vessel, as older vessels may be less desirable to charterers and may be restricted in the type of activities in which the
        vessels can engage. Some oil companies chartering our vessels have stricter compliance and maintenance requirements on vessels of 15 years of age or older and therefore such vessels&#8217; tradability may decrease.&#160; Governmental regulations, safety or
        other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment to our vessels and may restrict the type of activities in which the vessels may engage. As our vessels age, market
        conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">While we have tried to strike a balanced portfolio of vessel types and age, the increasing average
        age of our product tanker fleet, the potential for more fuel-efficient vessels to enter the market, uncertainties regarding our maintenance costs going forward and our willingness or ability to renew our product tanker fleet could have a material
        adverse effect on our competitive position, future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our failure to pass vessel inspections by classification societies and other private and governmental
        entities and operate our vessels may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our vessels are subject to inspections from government and private entities, and we are required to
        obtain permits, licenses and certificates for the operation of our vessels as well as vetting or other types of commercial and operational approvals. In addition, the hull and machinery of every commercial vessel must be classed by a classification
        society authorized by the vessel's country of registry. Classification societies are non-governmental, self-regulating organizations and certify that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the
        country of registry of the vessel. A vessel must undergo various mandatory surveys. A vessel's machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. The Company's vessels
        are on survey cycles for hull inspection and continuous survey cycles for machinery inspection. Every vessel is subject to statutory annual, intermediate and special surveys in a five-year cycle, this will include two surveys of the vessels
        underwater areas. If any vessel fails any survey, the vessel may be unable to trade between ports and therefore be unemployable, which may have a material adverse effect on our future performance, results of operations, cash flows and financial
        position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">If we cannot meet our customers' quality and compliance requirements, we may not be able to operate
        our vessels profitably.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Customers, and in particular those in the oil industry, have a high and increasing focus on quality
        and compliance standards with their suppliers across the entire value chain, including the shipping and transportation segment. Our continuous compliance with these standards and quality requirements is vital for the Company's operations. Related
        risks could materialize in multiple ways, including a sudden and unexpected breach in quality and/or compliance concerning one or more vessels, a continuous decrease in the quality concerning one or more vessels occurring over time. Moreover,
        continuously increasing requirements from oil industry constituents can further complicate our ability to meet the standards. Any non-compliance by the Company, either suddenly or over a period of time, on one or more vessels, or an increase in
        requirements by oil operators above and beyond what we deliver, may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Obligations associated with being a U.S.-listed public company require significant resources and
        management attention, and we will incur increased costs as a result of being a U.S.-listed public company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or
        the Exchange Act, and the other rules and regulations of the SEC, including Sarbanes-Oxley, and the listing and other requirements of Nasdaq New York. The various financial and other reporting obligations will place significant demands on our
        management, administrative, operational and accounting resources and will cause us to incur significant legal, accounting and other expenses that we have not incurred in the past. We expect these rules and regulations to increase our legal and
        financial compliance costs and may divert management's attention to ensure compliance and to make some activities more time-consuming and costly. We may need to upgrade our systems or create new systems, implement additional financial and
        management controls, reporting systems and procedures, create or outsource an internal audit function and hire additional accounting and finance staff. If we are unable to accomplish these objectives in a timely and effective fashion, our ability
        to comply with the financial reporting requirements and other rules that apply to reporting companies could be impaired. We cannot accurately predict the amount of the additional costs we may incur, the timing of such costs or the degree of impact
        that our management's attention to these matters will have on our business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any failure to maintain effective internal control over financial reporting could have a material
        adverse effect on our business, prospects, liquidity, results of operations and financial condition. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our Class A common shares from
        Nasdaq New York and/or Nasdaq Copenhagen, fines, sanctions and other regulatory action.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sarbanes-Oxley requires, among other things, that we maintain and periodically evaluate our internal
        control over financial reporting as well as disclosure controls and procedures. In particular, subject to certain phase-in periods that may be available to us as an emerging growth company, we will have to perform systems and process evaluation and
        testing of our internal control over financial reporting to allow management and our independent registered public accounting firm to report on the effectiveness of our internal control over financial reporting, as required by Section 404 of
        Sarbanes-Oxley. Compliance with Section 404 will require substantial accounting expenses and significant management efforts, and we may need to hire additional accounting and financial staff with appropriate public company experience and technical
        accounting knowledge to satisfy ongoing compliance requirements. The costs of compliance with the foregoing requirements may have a material adverse effect on our future performance, results of operations, cash flows and financial condition.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are currently undergoing a chief financial officer transition and this transition, along with the
        possibility that we may in the future be unable to retain and recruit qualified key executives, key employees or key consultants, may delay our development efforts or otherwise harm our business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 4, 2018, we announced the resignation of Christian S&#248;gaard-Christensen from his role as
        Chief Financial Officer of TORM A/S. As a result, we have commenced a recruitment process for a new replacement Chief Financial Officer with Mr. S&#248;gaard-Christensen remaining in his position until the earlier of the appointment of a new Chief
        Financial Officer or November 2019. Our future development and prospects depend to a large degree on the experience, performance and continued service of our senior management team. Retention of these services or the identification of suitable
        replacements cannot be guaranteed. There can be no guarantee that the services of the current Directors and senior management team will be retained, or that suitably skilled and qualified individuals can be identified and employed, which may
        adversely impact our ability to commercial and financial performance. The loss of the services of any of the Directors or other members of the senior management team and the costs of recruiting replacements may have a material adverse effect on our
        commercial and financial performance as well. If we are unable to hire, train and retain such personnel in a timely manner, our operations could be delayed and our ability to grow our business will be impaired and the delay and inability may have a
        detrimental effect upon our performance.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Failure to obtain or retain highly skilled personnel could adversely affect our operations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We require highly skilled personnel to operate our business. There can be no assurance that we will
        be able to attract and retain such employees on reasonable terms in the future. Our ability to attract and retain employees and management in the future may be affected by circumstances beyond our control. Competition for skilled and other labor
        required for our operations has increased in recent years as the number of ocean-going vessels in the worldwide fleet has increased. If this expansion continues and is coupled with improved demand for seaborne shipping services in general,
        shortages of qualified personnel could further create and intensify upward pressure on wages and make it more difficult for us to staff and service vessels. In addition, we employ staff and vessel crews in a number of countries, all of which are
        covered by international rules of employment. Changes are made on an ongoing basis to international rules of employment and this may have a material influence on our flexibility in manning our vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Such developments could adversely affect our ability to attract and retain qualified employees and
        management on reasonable terms in the future and, in turn, could adversely affect our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">U.S. tax authorities could treat us as a ''passive foreign investment company'', which could have
        adverse U.S. federal income tax consequences to U.S. shareholders.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A foreign corporation will be treated as a ''passive foreign investment company,'' or PFIC, for U.S.
        federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of certain types of ''passive income'' or (2) at least 50% of the average value of the corporation's assets during such taxable year produce or
        are held for the production of those types of ''passive income''. For purposes of these tests, ''passive income'' includes dividends, interest and gains from the sale or exchange of investment property and rents and royalties other than rents and
        royalties which are received from unrelated parties in connection with the active conduct of a trade or business. Income derived from the performance of services does not constitute ''passive income''. U.S. shareholders of a PFIC are subject to
        certain reporting obligations and a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of
        their shares in the PFIC.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on our current and anticipated method of operation, we do not believe that we are, nor do we
        expect to become, a PFIC with respect to any taxable year. In this regard, we intend to take the position that the gross income we derive or are deemed to derive from our time and voyage chartering activities constitutes services income rather than
        rental income. Accordingly, we believe that our income from our time and voyage chartering activities does not constitute ''passive income'', and the assets that we own and operate in connection with the production of that income (in particular,
        our vessels) do not constitute assets that produce or are held for the production of "passive income".</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There is substantial legal authority supporting this position, consisting of the Code, legislative
        history, case law and United States Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, it should be noted
        that there is no direct legal authority under the PFIC rules addressing our specific method of operation, and there is authority that characterizes time charter income as rental income rather than services income for other tax purposes.
        Accordingly, no assurance can be given that the IRS or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute
        a PFIC for any future taxable year if the nature and extent of our operations or the composition of our income or assets change. If the IRS were to find that we are a PFIC for any taxable year, our U.S. shareholders will face adverse U.S. federal
        income tax consequences and will incur certain information reporting obligations that may be onerous. Under the PFIC rules, unless those shareholders make an election available under the Code (which election could itself have adverse tax
        consequences for such shareholders), such shareholders would be subject to U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of our
        common shares, as if the excess distribution or gain had been recognized ratably over the shareholder's holding period of the common shares. Please see Item 10. "Additional Information&#8212;E. Taxation &#8211;U.S. Federal Income Taxation of U.S.
        Holders&#8212;Passive Foreign Investment Company Status and Significant U.S. Federal Income Tax Consequences" for a more comprehensive discussion.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We may have to pay tax on U.S. source income, which would reduce our earnings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under the U.S. Internal Revenue Code of 1986, or the Code, 50% of the gross shipping income of a
        vessel owning or chartering corporation, such as we and our subsidiaries, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States is characterized as U.S. source shipping income, and
        such income is subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code or under the terms of a U.S. income tax treaty.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We do not believe that we or our subsidiaries will qualify for exemption from tax under Section 883,
        although we and our subsidiaries may qualify in the future if there is a change in our capital structure. See Item 10.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> "</font>Additional Information&#8212;E.
        Taxation&#8212;United States Federal Income Taxation of the Company" for a more comprehensive discussion.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We and/or one or more of our subsidiaries (collectively referred to as "we" for purposes of this
        paragraph) may qualify for exemption from tax under the terms of the U.S.-U.K. Income Tax Treaty or the U.S.-Denmark Income Tax Treaty. Whether we so qualify depends, among other things, on whether we satisfy the Limitation on Benefits article of
        the applicable U.S. income tax treaty. In particular, we would generally satisfy the Limitation on Benefits article if we can establish that we are engaged in the active conduct of a trade or business in the U.K. or Denmark, whichever is
        applicable, our U.S. source shipping income is derived in connection with, or is incidental to, such trade or business, and such trade or business activity in the applicable treaty jurisdiction is substantial in relation to our trade or business
        activity in the United States. Given the legal and factual uncertainties in making the foregoing determination, there can be no assurance that we will be able to qualify for exemption from tax under a U.S. income tax treaty, or that the IRS or a
        court of law will agree with our determination in this regard.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If we or our subsidiaries are not entitled to the exemption under Section 883 of the Code or under
        the terms of a U.S. income tax treaty for any taxable year, we and our subsidiaries would be subject to a 4% U.S. federal income tax on gross U.S. source shipping income for such taxable year. The imposition of this taxation could have a negative
        effect on our business and result in decreased earnings available for distribution to our shareholders. For example, if the benefits of Section 883 and the applicable U.S. income tax treaties were unavailable for our taxable year ended December 31,
        2018, we estimate that our U.S. federal income tax liability for such taxable year would have increased by approximately $4 million, although our U.S. federal income tax liability for future taxable years would vary depending upon the amount of
        U.S. source shipping income that we earn in each such year. See Item 10.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> "</font>Additional Information&#8212;E. Taxation&#8212;United States Federal Income
        Taxation of the Company" for a more comprehensive discussion.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Changes to the tonnage tax or the corporate tax regimes applicable to us, or to the interpretation
        thereof, may impact our future operating results.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are currently subject to tonnage tax schemes in Denmark and Singapore. If our participation in the
        tonnage tax schemes in these countries is abandoned, or if our level of investments and activities in these countries are significantly reduced, we may have to pay a deferred tax liability, which as of December 31, 2018 is $45 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additional taxes may be payable as a result of a change in other tax laws of any country in which we
        operate or a change in complex tax laws that affect our international operations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event that tonnage tax schemes or other tax laws are changed in the future, our overall tax
        burden could increase, which could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance may be difficult to obtain, or if obtained, may not be adequate to cover our losses that
        may result from our operations due to the inherent operational risks of the product tanker industry.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The operation of ocean-going vessels represents a potential risk of significant losses and
        liabilities caused by adverse weather conditions, mechanical failures, human error, war, terrorism, piracy and other circumstances or events. In the course of the fleet's operation, various casualties, accidents and other incidents, including an
        oil spill or emission of other environmentally hazardous agents from a vessel, may occur that may result in significant financial losses and liabilities for us. An accident involving any of the fleet's vessels could result in death or injury to
        persons, loss of property, environmental damage, delays in delivery of cargo, loss of revenue from termination of contracts or unavailability of vessels, fines or penalties, higher insurance rates, litigation and damage to our reputation and
        customer relationships.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to reduce the exposure to these risks, we carry insurance to protect us against most of the
        accident-related risks involved in the conduct of our business, including marine hull and machinery insurance, cyber and crime insurance, protection and indemnity insurance, including pollution risks, crew insurance and war risk insurance.
        Incidents may occur where we may not have sufficient insurance coverage, and some claims may not be covered. Furthermore, insurance costs may increase as a consequence of unforeseen incidents or other events beyond our control. In addition, in the
        future particularly in adverse market conditions it may not be possible to procure adequate insurance coverage or only on commercially unacceptable terms.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any significant loss or liability for which we have not or have not been able to take out adequate
        insurance, or events causing an increase of insurance costs could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We may be subject to litigation that, if not resolved in our favor, could have a material adverse
        effect on us.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We and our activities are subject to both U.K. and foreign laws and regulations many of which include
        legal standards, which are subject to interpretation, and we are party to agreements and transactions, involving matters of assessment of interests of various stakeholders and valuation of assets, liabilities and contractual rights and obligations.
        Furthermore, we may be subject to the jurisdiction of courts or arbitration tribunals in many different jurisdictions.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our counterparties and other stakeholders or authorities may dispute our compliance with laws and
        regulations or contractual undertakings or the assessments made by us in connection with our business and the entry into agreements or transactions. The outcome of any such dispute or legal proceedings is inherently uncertain and may include
        payment of substantial amounts in legal fees and damages or that a transaction or agreement is deemed invalid or voidable. Such proceedings or decisions could have a material adverse effect on our future performance, results of operations, cash
        flows and financial position. If cases or proceedings in which we may be involved are determined to our disadvantage, it may result in fines, default under our debt facilities, damages or reputational damage and could have a material adverse effect
        on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fluctuations in exchange rates and non-convertibility of currencies could result in losses to us.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As a result of our international operations, we are exposed to fluctuations in foreign exchange rates
        due to parts of our revenues being received and operating expenses paid in currencies other than United States dollars. We use United States dollars as the functional currency because the majority of the Company's transactions are denominated in
        United States dollars. Thus, the Company's exchange rate risk is related to cash flows not denominated in United States dollars. The primary risk relates to transactions denominated in Danish Krone or DKK, Euro or EUR, Indian Rupee or INR,
        Singapore Dollar or SGD, or other major currencies, which relate to administrative and operating expenses.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have historically generated almost all revenues and incurred the majority part of our expenses
        also in United States dollars. The remaining balances were in DKK, EUR, INR, SGD and other major currencies. Accordingly, we may experience currency exchange losses if we have not fully hedged our exposure to a foreign currency. A change in
        exchange rates could have a material adverse impact on our future performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investment in derivative instruments such as freight forward agreements could result in losses to us.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We use the derivative markets and take positions in derivative instruments, such as forward freight
        agreements, or FFAs, for the purposes of hedging our exposure to fluctuations in the charter market, interest rates, foreign exchange rates and bunker prices. Our financing agreements set forth limitations on the level of forward freight agreements
        exposure and prohibits speculation on interest rates, foreign exchange and bunker swaps. From time to time, we may take positions in such derivative instruments, and as a result we may incur derivative exposure that could have a material adverse
        effect on our future performance, results of operations, cash flows and financial position. If liquidity in these derivative markets decreases or disappears, it could make it difficult or more expensive for us to perform such hedging, which could
        have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">U.S. and other non-U.K. holders of our Class A common shares may not be able to exercise pre-emptive
        subscription rights or participate in future offerings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Holders of our Class A common shares have certain pre-emption rights with respect to certain of our
        issuances unless those rights are disapplied by virtue of a resolution of the shareholders at a general meeting. Securities laws of certain jurisdictions may restrict the ability for shareholders in such jurisdictions to participate in any future
        issuances of shares carried out on a pre-emptive basis. Shareholders residing or domiciled in the United States, as well as certain other countries, may not be able to exercise their pre-emption rights or participate in future capital increases or
        securities issuances, including in connection with an offering below market value, unless we decide to comply with local requirements and, in the case of the United States, unless a registration statement is effective, or an exemption from the
        registration requirements of the Securities Act of 1933, as amended, or the Securities Act, is available with respect to such rights.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In such cases, shareholders resident in such non-U.K. jurisdictions may experience a dilution of
        their shareholding, possibly without such dilution being offset by any compensation received in exchange for subscription rights. No assurance can be given that local requirements will be complied with or that any registration statement would be
        filed in the United States or other relevant jurisdictions, or that another exemption from the registration requirements of the Securities Act or laws of other relevant jurisdictions would apply, so as to enable the exercise of such holders'
        pre-emption rights or participation in any future securities issuances.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Because we are a non-U.S. corporation, you may not have the same rights that a creditor of a U.S.
        corporation may have, and it may be difficult to serve process on or enforce a U.S. judgment against us and our officers and directors.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are an English company, and our executive offices are located outside of the United States. Our
        officers and the majority of our directors and some of the experts named in this document reside outside of the United States. In addition, substantially all of our assets and the assets of our officers, directors and experts are located outside of
        the United States. As a result, you may have difficulty serving legal process within the United States upon us or any of these persons or enforcing any judgments obtained in U.S. courts to the extent assets located in the United States are
        insufficient to satisfy the judgments. In addition, original actions or actions for the enforcement of judgments of U.S. courts with respect to civil liabilities solely under the federal securities laws of the United States may not be enforceable
        in England.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We may be exposed to fraudulent behavior, which may have a material adverse effect on our future
        performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The risk of fraud is inherent in all industries and is not specific to the shipping industry.
        However, historically, the shipping industry has involved an increased risk of fraud and fraudulent behavior. Potential fraud risks include purposeful manipulation and misrepresentation of financial statements, misappropriation of tangible assets,
        intangible assets and proprietary business opportunities, corruption including bribery and kickbacks and cyberattacks. We have established a system of internal controls to prevent and detect fraud and fraudulent behavior, consisting of segregation
        of duties, authorizations for trading, purchase and approval, codes of ethics and conduct, close monitoring of our financial position and a whistleblower facility. Moreover, we have implemented a fraud awareness campaign and instituted additional
        fraud prevention processes in cooperation with leading fraud prevention specialists.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">However, there can be no assurance that our fraud prevention measures are sufficient to prevent or
        mitigate our exposure to fraud or fraudulent behavior in the future, and any such behavior can have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Breakdowns in our information technology, including as a result of cyberattacks, may negatively
        impact our business, including our ability to service customers, and may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to operate our business and service our customers is dependent on the continued operation
        of our information technology, or IT, systems, including our IT systems that relate to, among other things, the location, operation, maintenance and employment of our vessels. Our IT systems may be compromised by a malicious third party, man-made
        or natural events, or the intentional or inadvertent actions or inactions by our employees or third-party service providers.&#160; If our IT systems experience a breakdown, including as a result of cyberattacks, our business information may be lost,
        destroyed, disclosed, misappropriated, altered or accessed without consent, and our IT systems, or those of our service providers, may be disrupted.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cybercrime attacks could cause disclosure and destruction of business databases and could expose the
        Company to extortion by making business data temporarily unreadable. As cyberattacks become increasingly sophisticated, and as tools and resources become more readily available to malicious third parties, there can be no guarantee that our actions,
        security measures and controls designed to prevent, detect or respond to intrusion, to limit access to data, to prevent destruction or alteration of data or to limit the negative impact from such attacks, can provide absolute security against
        compromise.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any breakdown in our IT systems, including breaches or other compromises of information security,
        whether or not involving a cyberattack, may lead to lost revenues resulting from a loss in competitive advantage due to the unauthorized disclosure, alteration, destruction or use of proprietary information, including intellectual property, the
        failure to retain or attract customers, the disruption of critical business processes or information technology systems and the diversion of management's attention and resources. In addition, such breakdown could result in significant remediation
        costs, including repairing system damage, engaging third-party experts, deploying additional personnel, training employees and compensation or incentives offered to third parties whose data has been compromised. We may also be subject to legal
        claims or legal proceedings, including regulatory investigations and actions, and the attendant legal fees as well as potential settlements, judgments and fines.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Even without actual breaches of information security, protection against increasingly sophisticated
        and prevalent cyberattacks may result in significant future prevention, detection, response and management costs, or other costs, including the deployment of additional cybersecurity technologies, engaging third-party experts, deploying additional
        personnel and training employees. Further, as cyberthreats are continually evolving, our controls and procedures may become inadequate, and we may be required to devote additional resources to modify or enhance our systems in the future. Such
        expenses could have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Risks Relating to Our Indebtedness</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We have a significant amount of financial debt, and servicing our current or future indebtedness
        limits funds available for other purposes.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, we had an interest-bearing debt, which includes mortgage debt and bank
        loans, finance lease liabilities and net of amortized bank fees of $755 million and net interest-bearing debt, which includes interest-bearing debt net of cash and cash equivalents of $627 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We may also incur additional debt in the future. This level of debt could adversely affect our<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>ability to obtain additional financing for working capital or other capital expenditures on favorable terms. Future creditors may subject us to
        certain limitations on our business and future financing activities as well as certain financial and operational covenants. Such restrictions may prevent us from taking actions that otherwise might be deemed to be in the best interest of us and our
        shareholders.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Debt service obligations require us and will require us in the future to dedicate a substantial
        portion of our cash flows from operations to payments on principal and interest on our interest-bearing debt, which could limit our ability to obtain additional financing, make capital expenditures and acquisitions and/or carry out other general
        corporate activities in the future. Any such obligations may also limit our flexibility in planning for, or reacting to, changes in our business and the industry where we operate or detract from our ability to successfully withstand a downturn in
        our business or the economy in general.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to service our debt will, among other things, depend on our future financial and
        operating performance, which will be affected by prevailing economic conditions as well as financial, business, regulatory, competitive, technical and other factors, some of which are beyond our control. If our cash flow is not sufficient to
        service our current or future indebtedness, we will be forced to take action such as reducing or delaying business activities, acquisitions or investments, selling assets, restructuring or seeking additional capital, which may not be available to
        us. We may not be able to affect any of these remedies on satisfactory terms, without the consent of our lenders or at all. Additionally, a default under any indebtedness or other financial agreement by a subsidiary may constitute an event of
        default under other borrowing arrangements pursuant to cross-default provisions. Our inability to service and repay our debt upon maturity could have a material adverse effect on our future performance, results of operations, cash flows and
        financial position and could lead to bankruptcy or other insolvency proceedings.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our financial and operational flexibility is restricted by the covenants contained in our debt
        facilities, and we may be unable to comply with the restrictions and financial covenants imposed in such facilities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our current debt facilities impose restrictions on our financial and operational flexibility. Our
        debt facilities impose, and any future debt facility may impose, covenants and other operating and financial restrictions on our ability to, among other things, pay dividends, charter-in vessels, incur additional debt, sell vessels or refrain from
        procuring the timely release of arrested vessels. Our debt facilities require us to maintain various financial ratios, including a specified minimum liquidity requirement, a minimum equity requirement and a collateral maintenance requirement. Our
        ability to comply with these restrictions and covenants is dependent on our future performance and our ability to operate our fleet and may be affected by events beyond our control, including fluctuating vessel values. We may therefore need to seek
        permission from our lenders in order to engage in certain corporate actions.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Failure to comply with the covenants and financial and operational restrictions under our debt
        facilities may lead to an event of default under those agreements. An event of default may lead to an acceleration of the repayment of debt. In addition, any default or acceleration under our existing debt facilities or agreements governing our
        other existing or future indebtedness is likely to lead to an acceleration of the repayment of debt under any other debt instruments that contain cross-acceleration or cross-default provisions. If all or a part of our indebtedness is accelerated,
        we may not be able to repay that indebtedness or borrow sufficient funds to refinance that debt, which could have a material adverse effect on our future performance, results of operations, cash flows and financial position and could lead to
        bankruptcy or other insolvency proceedings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Such restrictions may prevent us from taking actions that otherwise might be deemed to be in the best
        interest of the Company and our shareholders, and it may further affect our ability to operate our business moving forward, particularly our ability to incur debt, make capital expenditures or otherwise take advantage of potential business
        opportunities as they arise.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, we were in compliance with the financial covenants contained in our debt
        facilities.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change of control and mandatory repayment provisions contained in certain of our debt facilities may
        lead to a foreclosure of our fleet.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The terms of certain of our debt facilities require us to repay the outstanding borrowings thereunder
        in full if there is a change of control, which would occur if: (i) Njord Luxco or any funds solely managed by Oaktree ceases to be able through its appointees to our Board of Directors to control our Board of Directors or ceases to own or control
        at least 33.34% of the maximum number of votes eligible to be cast at a general meeting, or (ii) another person or group of persons acting in concert gains direct or indirect control of more than 50% of the shares or otherwise has the power to cast
        more than 50% of the votes at a general meeting of the Company, appoint or remove the chairman of our Board of Directors or the majority of the members of our Board of Directors direct our operating and financial policies with which our directors
        are obliged to comply. Such change of control may occur as a result of either a sale of shares by Njord Luxco or by a share capital increase resulting in a dilution of Njord Luxco's shareholding in the Company.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Njord Luxco is not restricted by us from selling their shares, and there can be no assurance that
        they will retain their holdings in us. We can give no assurance that Njord Luxco will continue to hold a significant interest in us. Any mandatory prepayment as a result of a change of control under certain of our debt facilities could lead to the
        foreclosure of all or a portion of our fleet and could have a material adverse effect on our future performance, result of operations, cash flows and financial position and could lead to bankruptcy or other insolvency proceedings.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are exposed to volatility in the USD London Interbank Offered Rate, or LIBOR, which could affect
        our profitability, earnings and cash flow.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The amounts outstanding under certain of our debt facilities have been, and amounts under additional
        debt facilities that we may enter in the future will generally be, advanced at a floating rate based on LIBOR, which has been stable since 2009, but was volatile in prior years, and will affect the amount of interest payable on our debt, and which,
        in turn, could have an adverse effect on our earnings and cash flow. In addition, in recent years, LIBOR has been at relatively low levels and may rise in the future as the current low interest rate environment comes to an end.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LIBOR has historically been volatile, with the spread between LIBOR and the prime lending rate
        widening significantly at times. These conditions are the result of the disruptions in the international credit markets. Because the interest rates borne by our outstanding indebtedness fluctuate with changes in LIBOR, if this volatility were to
        occur, it would affect the amount of interest payable on our debt, which in turn, could have an adverse effect on our profitability, earnings and cash flow.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to manage our exposure to interest rate fluctuations, we may from time to time use interest
        rate derivatives to effectively fix some of our floating rate debt obligations. As of December 31, 2018, we had hedged the interest rate on approximately 50% of our outstanding interest-bearing debt at an interest rate of 2.16% plus margin. While
        we hedge parts of our exposure to floating rate interest rates via interest rate swaps, our financial condition could be materially adversely affected at any time that we have not entered into interest rate hedging arrangements to hedge our
        exposure to the interest rates applicable to our debt facilities and any other financing arrangements we may enter into in the future. No assurance can be given that the use of these derivative instruments , or any others that we may use in the
        future, will effectively protect us from adverse interest rate movements. The use of interest rate derivatives may affect our results through mark to market valuation of these derivatives. Also, adverse movements in interest rate derivatives may
        require us to post cash as collateral, which may impact our free cash position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are exposed to the proposed disappearance of USD London Interbank Offered Rate, or LIBOR, in 2021,
        which could affect our interest expenses.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LIBOR is the subject of recent national, international and other regulatory guidance and proposals
        for reform. These reforms and other pressures may cause LIBOR to be eliminated or to perform differently than in the past. The consequences of these developments cannot be entirely predicted, but could include an increase in the cost of our
        variable rate indebtedness and obligations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The banks that submit loan rates are supposed to submit interest rates that they would pay for
        borrowing from other banks. But since there are few unsecured bank-to-bank lending transactions, they use &#8220;expert judgment&#8221; to provide most of their inputs for LIBOR calculation. The lack of transactions has led to increasing regulatory pressure to
        end the use of LIBOR altogether. In fact, the UK&#8217;s Financial Conduct Authority announced that after 2021, it will no longer &#8220;compel or persuade&#8221; banks to submit rates. The continuation of LIBOR beyond 2021 would then rely on voluntary submissions
        from the panel banks, which is far from certain.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In response to the potential discontinuation of LIBOR, working groups are converging on alternative
        reference rates. The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has proposed an alternative rate to replace the U.S. Dollar LIBOR: the Secured Overnight Financing Rate,
        of "SOFR". However, SOFR and other alternatives are fundamentally different to LIBOR and to each other. This means a transition will be more than an administrative challenge.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The phasing out or discontinuation of LIBOR poses the risk that our loans and swaps would be forced
        to be anchored to a new benchmark rate, and that shift could have a substantial effect such as a sudden jump to higher interest rates on our loans. Our loan agreements contain an unavailability of screen rate clause in case LIBOR ceases to be
        provided. In this case LIBOR will be replaced by a reference bank rate defined as the interest rate at, which the relevant Reference Bank could borrow funds in the London interbank market in dollars for the relevant period. TORM&#8217;s interest rate
        hedging agreements only includes fallbacks which apply if the rate does not appear on the screen. These fallbacks were not generally drafted with permanent cessation in mind. The governing body ISDA published a benchmark supplement in September
        2018, which incorporates definitions that apply in case of a permeant LIBOR cessation. TORM intends to incorporate such permeant LIBOR cessation clauses into the existing ISDA agreements. However, there is a risk that our loan agreements and
        interest rate swap agreements will be anchored to the same rates if the counterparties fail to agree to these clauses.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Risks Relating to an Investment in Our Class A common shares</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The majority of our Class A common shares are held by a limited number of shareholders, which may
        create conflicts of interest.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As a result of the 2015 Restructuring, a large portion of our Class A common shares are beneficially
        held by a limited number of shareholders, including Njord Luxco, a company affiliated with Oaktree and its affiliates. Njord Luxco is our controlling shareholder. As of the date of this annual report and following our private placement of Class A
        common shares, or the Private Placement, which closed on January 26, 2018, and in which Oaktree purchased 8,214,548 of the offered Class A common shares, Oaktree owns approximately 47,600,172 Class A common shares, or approximately 64.1% of our
        issued and outstanding Class A common shares (assuming no Consideration Warrants (defined below) or Restricted Share Units (RSUs) are exercised). One or a limited number of shareholders may have the ability, either acting alone or together as a
        group, to influence or determine the outcome of specific matters submitted to our shareholders for approval, including the election and removal of directors and amendments to the Articles of Association such as changes to our issued share capital
        or any merger or acquisition. Our Articles of Association contain certain restrictions on us undertaking certain actions unless the approval by certain of our Directors and/or a particular majority of our shareholders is obtained. Such restrictions
        may hamper or impede our ability to take certain corporate actions in a timely manner or at all. Any changes to the composition of the Board of Directors may lead to material changes to our business going forward.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In its capacity as our controlling shareholder, Njord Luxco may also have interests that differ from
        those of other shareholders. In addition, Njord Luxco holds the Class C share, which has 350,000,000 votes at the general meetings on specified matters, including the election of members to the Board of Directors (including the Chairman but
        excluding the Deputy Chairman) and certain amendments to the Articles of Association proposed by the Board of Directors. When the votes carried by the Class C share are combined with the votes carried by the Class A common shares, each held by
        Njord Luxco, such votes would represent approximately 93.8% of the votes that may be cast on resolutions on which the Class C share may vote.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Class C share votes may only be cast on resolutions in respect of the appointment or removal of
        directors (excluding the Deputy Chairman) and certain amendments to the Articles of Association proposed by the Board of Directors. The Class C share votes may not be cast on resolutions in respect of any amendments to reserved matters as specified
        in our Articles of Association (unless those reserved matters also constitute changes to our Articles of Association on which the Class C share is entitled to vote), pre-emptive rights of shareholders, rights attached to the Class B share and other
        minority protection rights provisions contained in our Articles of Association. Please see Item 10. "Additional Information&#8212;A. Share Capital &#8212;Our Shares&#8212;Class C Share". The Class C share will be automatically redeemed when Njord Luxco and its
        affiliates cease to beneficially own at least one third of our issued Class A common shares. The voting rights attached to the Class C share have the practical effect of allowing Njord Luxco to control our Board of Directors and to make amendments
        to the Articles of Association proposed by the Board of Directors, other than amendments to the minority protections, even when Njord Luxco holds only a third of our issued Class A common shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The interests of these shareholders may conflict with the interests of the other shareholders. In
        addition, conflicts of interest may exist or occur among the major shareholders themselves.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">28</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Further, Njord Luxco, companies affiliated with Njord Luxco and companies affiliated with Njord
        Luxco's indirect parent, Oaktree, hold substantial commercial and financial interests in other shipping companies, including companies that are active in the same markets as us, and with whom we might compete from time to time. Any material
        conflicts of interest between us and Njord Luxco, Oaktree and/or other shareholders may not be settled in our favor and may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">An active and liquid market for our Class A common shares may not develop or be sustained.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's Class A common shares commenced trading on Nasdaq New York on December 11, 2017, prior to
        which there had been no established trading market for those shares in the United States. Our Class A common shares now trade on both Nasdaq New York and Nasdaq Copenhagen. Active and liquid trading markets generally result in lower bid ask spreads
        and more efficient execution of buy and sell orders for market participants.&#160; Since the listing of our Class A common shares on Nasdaq New York, a limited number of our Class A common shares have traded on Nasdaq New York. If a more active trading
        market for our Class A common shares does not develop, the price of the Class A common shares may be more volatile, and it may be more difficult and time-consuming to complete a transaction in the Class A common shares, which could have an adverse
        effect on the realized price of the Class A common shares, or we could be delisted from Nasdaq New York. We cannot predict the price at which our Class A common shares will trade and cannot guarantee investors can sell their shares at or above the
        issuance price. There is no assurance that a more active and liquid trading market for our Class A common shares will develop or be sustained in the United States.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are an "emerging growth company", and we cannot be certain that the reduced disclosure and other
        requirements applicable to emerging growth companies will make our Class A common shares less attractive to investors.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are an "emerging growth company", as defined in the JOBS Act, and we may take advantage of certain
        exemptions from various reporting and other requirements that are applicable to other public companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of Sarbanes-Oxley for up to
        five years. We are now one year into the five-year period as an emerging growth company. Investors may find our Class A common shares and the price of our Class A common shares less attractive because we rely, or may rely, on these exemptions. If
        some investors find our Class A common shares less attractive as a result, there may be a less active trading market for our Class A common shares and the price of our Class A common shares may be more volatile.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take
        advantage of the extended transition period for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to
        private companies. We currently prepare our consolidated financial statements in accordance with IFRS as issued by the IASB, which do not have separate provisions for publicly traded and private companies. However, in the event we convert to U.S.
        GAAP while we are still an emerging growth company, we may be able to take advantage of the benefits of this extended transition period and, as a result, during such time that we delay the adoption of any new or revised accounting standards, our
        consolidated financial statements may not be comparable to other companies that comply with all public company accounting standards.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We could remain an emerging growth company until the last day of the fiscal year following the fifth
        anniversary of the date we first sell our common equity securities pursuant to an effective registration statement under the Securities Act, although a variety of circumstances could cause us to lose that status earlier. For as long as we take
        advantage of the reduced reporting obligations, the information that we provide to shareholders may be different from information provided by other public companies.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">29</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We cannot guarantee that our Board of Directors will declare dividends.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Board of Directors may, in its sole discretion, from time to time, declare and pay cash dividends
        in accordance with our Articles of Association, applicable law and in accordance with loan agreements. We can only distribute dividends to shareholders out of funds legally available for such payments. Our Board of Directors makes determinations
        regarding the payment of dividends in their sole discretion, and there is no guarantee that we will be able to or decide to pay dividends to shareholders in the future. In addition, our dividend policy provides that up to 50% of the net profit for
        the financial year, payable on a quarterly basis, may be distributed as a dividend. On May 12, 2016, we announced a new distribution policy, pursuant to which we intend to distribute 25-50% of our net income on a semi-annual basis. We did not
        declare any dividends or distributions in the 2018 fiscal year.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, the markets in which we operate our vessels are volatile, and we cannot predict with
        certainty the amount of cash, if any, that will be available for distribution as dividends in any period. We may also incur expenses or liabilities or be subject to other circumstances in the future that reduce or eliminate the amount of cash that
        we have available for distribution as dividends, including as a result of the risks described herein. If additional financing is not available to us on acceptable terms, our Board of Directors may determine to finance or refinance acquisitions with
        cash from operations, which would reduce the amount of any cash available for the payment of dividends. See Item 8. "Financial Information&#8212;A. Consolidated Statements and Other Financial Information&#8212;Distribution Policy".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We may issue additional securities without shareholder approval, which may dilute ownership interests
        of existing shareholders and may depress the market of our securities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We may issue additional securities of equal or senior rank to existing securities, without
        shareholder approval, in a number of circumstances. At the Company's 2016 Annual General Meeting of Shareholders, our Board of Directors was granted certain authorizations to increase our issued share capital, both with and without pre-emption
        rights to the existing shareholders. These share authorities expire on March 14, 2021.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The issuance by us of additional securities of equal or senior rank to existing securities may have
        the following effects:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">our existing shareholders&#8217; proportionate ownership interest in us may decrease;</font></div>
              </td>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za97c8c1dbd4343028ccf456a3d01592b">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount of cash available for dividends or interest payments may decrease;</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f841a6f998848ebb2d5288f584562e7">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the relative voting strength of previously issued outstanding securities may be diminished; and</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9c5dec91c60e42359766486b414dae6e">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the market price of our securities may decline.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In January 2018, we completed our Private Placement in which we issued 11,920,000 new Class A common
        shares. In addition, as of the date of this annual report, we had 4,711,953 warrants outstanding with each warrant being convertible into one Class A common share, par value $0.01 per share, against payment of a subscription price in cash to us of
        DKK 95.24. The warrants can be exercised until July 13, 2020. In accordance with our remuneration policy, our Board of Directors has, as part of the long-term incentive program, granted certain members of our management and employees Restricted
        Share Units, or RSUs, in the form of restricted stock options. The RSUs aim at incentivizing the employees to seek to improve the performance of the Company and thereby our share price for the mutual benefit of themselves and our shareholders.
        There were an aggregate of 2,726,131 RSUs outstanding as of the date of this annual report. Subject to vesting, each RSU entitles the holder to acquire one Class A common share. The RSUs will vest over a three to five-year period from the grant
        date with an exercise price for each Class A common share of DKK 93.6 and 53.7. The exercise price on the RSUs may be adjusted by the Board of Directors to reflect dividend payments made to shareholders. Assuming the exercise of all of our
        outstanding warrants and full vesting and exercise of our outstanding RSUs, this would result in the issuance of 7,438,084 additional Class A common shares representing approximately 10% of our issued and outstanding Class A common shares. Please
        see Item 10. "Additional Information&#8212;A. Share Capital&#8212;Warrants&#8221; and &#8220;&#8212;Restricted Share Units&#8221;.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">30</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our share price may be highly volatile, and future sales of our Class A common shares could cause the
        market price of our Class A common shares to decline.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The market price of TORM A/S' and TORM plc's shares, as applicable, has historically fluctuated over
        a wide range and may continue to fluctuate significantly in response to many factors, such as actual or anticipated fluctuations in our operating results, changes in financial estimates by securities analysts, economic and regulatory trends,
        general market conditions, rumors and other factors, many of which are beyond our control. The stock market experiences extreme price and volume fluctuations. If the volatility in the market continues or worsens, it could have a material adverse
        effect on the market price of our Class A common shares and impact a potential sale price if holders of our Class A common shares decide to sell their shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, a large proportion of our Class A common shares are held by a limited number of
        shareholders. A potentially limited free float due to shareholder concentration may have a negative impact on the liquidity of our Class A common shares and may result in a low trading volume, which could have an adverse effect on the market price
        and result in increased volatility.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Further, future sales or availability for sale of our Class A common shares may materially affect the
        price of our Class A common shares. Sales of substantial amounts of Class A common shares, including sales by Njord Luxco, or the perception that such sales could occur, may adversely affect the market price of our Class A common shares.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Future issues of new shares or other securities may be restricted.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">According to our Articles of Association, certain issuances of shares, warrants, debt instruments or
        other securities convertible into or exchangeable for shares without giving effect to pre-emption rights require consent from shareholders representing 95% or more of the votes cast at the relevant general meeting. Further, certain reserved
        matters, as specified in our Articles of Association, require approval by either the majority of the members of the Board of Directors (including the Chairman and the Deputy Chairman (or their respective alternates) or, in circumstances where the
        Deputy Chairman (or his alternate) has either not voted in favor of any such matter or did not attend the meeting of the Board of Directors at which such matter was considered, or any such matter has been put to a shareholder vote, by shareholders
        representing at least 70% or 86% of our issued Class A common shares, as applicable. These restrictions may limit our financial and operational flexibility, including our ability to raise funds on the equity capital markets, and could have a
        material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Future issuances and sales of our Class A common shares could cause the market price of our Class A
        common shares to decline.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of the date of this annual report, our issued (and fully paid up) share capital is $742,188.48,
        which is represented by 74,218,846 Class A common shares (which includes 312,871 treasury shares), one Class B share and one Class C share. Issuances and sales of a substantial number of Class A common shares in the public market, or the perception
        that these issuances or sales could occur, may depress the market price for our Class A common shares. Such sales could also impair our ability to raise additional capital through the sale of our equity securities in the future. Our shareholders
        may incur dilution from any future equity offering.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Risks Related to Being an English Company Listing Class A Common Shares</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S.
        corporation organized in Delaware.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are incorporated under the laws of England and Wales. The rights of holders of our Class A common
        shares are governed by English law, including the provisions of the U.K. Companies Act 2006, or the U.K. Companies Act, and by our Articles of Association. These rights differ in certain respects from the rights of shareholders in typical U.S.
        corporations organized in Delaware. The principal differences are set forth in "Certain U.K. Company Considerations."</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">31</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">U.S. investors may have difficulty enforcing civil liabilities against the Company, our directors or
        members of senior management and the experts named in this annual report.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are incorporated under the laws of England and Wales. Several of our directors reside outside the
        United States, and all or a substantial portion of the assets of such persons are located outside the United States. As a result, it may be difficult for you to serve legal process on us or our directors or have any of them appear in a U.S. court.
        The United States and the United Kingdom do not currently have a treaty providing for the recognition and enforcement of judgments, other than arbitration awards, in civil and commercial matters. The enforceability of any judgment of a U.S. federal
        or state court in the United Kingdom will depend on the laws and any treaties in effect at the time, including conflicts of laws principles (such as those bearing on the question of whether a U.K. court would recognize the basis on which a U.S.
        court had purported to exercise jurisdiction over a defendant). In this context, there is doubt as to the enforceability in the United Kingdom of civil liabilities based solely on the federal securities laws of the United States. In addition,
        awards for punitive damages in actions brought in the United States or elsewhere may be unenforceable in the United Kingdom. An award for monetary damages under the U.S. securities laws would likely be considered punitive if it did not seek to
        compensate the claimant for loss or damage suffered and was intended to punish the defendant.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Civil liabilities based upon the securities and other laws of the United States may not be
        enforceable in original actions instituted in England or in actions instituted in England to enforce judgments of U.S. courts.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Civil liabilities based upon the securities and other laws of the United States may not be
        enforceable in original actions instituted in England or in actions instituted in England to enforce judgments of U.S. courts. Actions for the enforcement of judgments of U.S. courts might be successful only if the English court confirms the
        jurisdiction of the U.S. court and is satisfied that:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the effect of the enforcement judgment is not manifestly incompatible with English public policy or natural justice;</font></div>
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      <div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the judgment was not obtained on the basis of fraud;</font></div>
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      <div>
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the judgment did not violate the human rights of the defendant;</font></div>
              </td>
            </tr>

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the judgment is final and conclusive;</font></div>
              </td>
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      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b08b86c70f5493d8948cc78b428d1dd">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the judgment is not incompatible with a judgment rendered in England or with a subsequent judgment rendered abroad that might be enforced in England;</font></div>
              </td>
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      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a claim was not filed outside England after the same claim was filed in England, while the claim filed in England is still pending;</font></div>
              </td>
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      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the English courts did not have exclusive jurisdiction to rule on the matter; and</font></div>
              </td>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z374e8aec3dda41a382aad35f5e2bd094">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the judgment submitted to the English court is authentic.</font></div>
              </td>
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        </table>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">English law and provisions in our Articles of Association may have anti-takeover effects that could
        discourage an acquisition of us by others, even if an acquisition would be beneficial to our shareholders, and may prevent attempts by our shareholders to replace or remove our current management.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certain provisions of English law and our Articles of Association may have the effect of delaying or
        preventing a change in control of us or changes in our management. For example, English law and our Articles of Association include provisions that establish an advance notice procedure for shareholder approvals to be brought before a general
        meeting of our shareholders, including proposed nominations of persons for election to our Board of Directors. Such provisions could delay or prevent hostile takeovers and changes in control or changes in our management. In addition, these
        provisions may adversely affect the market price of our Class A common shares or inhibit fluctuations in the market price of our Class A common shares that could otherwise result from actual or rumored takeover attempts.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">32</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The U.K. City Code on Takeovers and Mergers, or the Takeover Code, applies to the Company. If at the
        time of a takeover offer the Takeover Code still applies, we would be subject to a number of rules and restrictions, including - but not limited to - the following: (i) our ability to enter into deal protection arrangements with a bidder would be
        extremely limited; (ii) we might not, without the approval of our shareholders, be able to perform certain actions that could have the effect of frustrating an offer, such as issuing shares or carrying out acquisitions or disposals; and (iii) we
        would be obliged to provide equality of information to all bona fide competing bidders.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Njord Luxco holds over 50% of our voting share capital, and therefore, if the Takeover Panel were to
        determine that we were subject to the Takeover Code, Njord Luxco would be able to increase its aggregate holding in us without triggering the requirement under Rule 9 of the Takeover Code to make a cash offer for the outstanding shares in the
        Company.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The United Kingdom has formally initiated the withdrawal process from the European Union, and the
        implications for the laws and regulations in the United Kingdom and the impact on the global economy are uncertain.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In June 2016, a majority of voters in the United Kingdom elected to withdraw from the European Union
        in a national referendum (informally known as Brexit). The referendum was advisory, and the terms of any withdrawal are subject to a negotiation period that could last two years after the government of the United Kingdom formally initiated the
        withdrawal process by invoking Article 50 of the Treaty on European Union on March 29, 2017. It is not clear what impact this will have on the conduct of cross-border business. The referendum result has created significant uncertainty about the
        future relationship between the United Kingdom and the European Union, including with respect to the laws and regulations that will apply to the United Kingdom in the event of a withdrawal. The UK's exit from the EU could materially change the
        regulatory and tax framework applicable to the Company. These developments have had and may continue to have a material adverse effect on global economic conditions. The withdrawal of the United Kingdom from the EU may lead to a downturn across the
        European economies, and there is a risk that other countries in the European Union will look to hold referendums on whether to stay in or leave the EU. In addition, there are increasing concerns that these events might push the UK, Eurozone and/or
        United States into an economic recession. Although it is too early to anticipate what these developments and impacts will be, the Group considers that the potential effects of Brexit could have unpredictable consequences for financial markets and
        may adversely affect our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are subject to data protection laws under U.K. legislation, and any breaches of such legislation
        could adversely affect our business, reputation, results of operations and financial condition.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our ability to obtain, retain and otherwise manage personal data is governed by data protection and
        privacy requirements and regulatory rules and guidance. In the UK, we must comply with the Data Protection Act 1998 in relation to processing certain personal data. The application of data privacy laws is often uncertain, and as business practices
        are challenged by regulators, private litigants and consumer protection agencies, it is possible that these laws may be interpreted and applied in a manner that is inconsistent with our data protection practices. Additionally, under European data
        protection laws, distributing personal data into the United States may constitute an offense. Any breaches of such legislation could have a material adverse effect on our business, reputation, results of operations and financial condition.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pre-emption rights for U.S. and other non-U.K. holders of shares may be unavailable.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the case of certain increases in our issued share capital, under English law, existing holders of
        shares are entitled to pre-emption rights to subscribe for such shares, unless shareholders disapply such rights by a special resolution at a shareholders' meeting. These pre-emption rights have been disapplied by TORM plc's shareholders in respect
        of certain new issuances, see Item 10. "Additional Information&#8212;A. Share Capital", and we shall propose equivalent resolutions in the future once the initial period of disapplication has expired. In any event, U.S. holders of common shares in U.K.
        companies are customarily excluded from exercising any such pre-emption rights they may have, unless a registration statement under the Securities Act is effective with respect to those rights, or an exemption from the registration requirements
        thereunder is available. We do not intend to file any such registration statement, and we cannot assure prospective U.S. investors that any exemption from the registration requirements of the Securities Act or applicable non-U.S. securities laws
        would be available to enable U.S. or other non-U.K. holders to exercise such pre-emption rights or, if available, that we will utilize any such exemption.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">33</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">We are and will be subject to the UK Bribery Act, the U.S. Foreign Corrupt Practices Act and other
        anti-corruption laws as well as export control laws, customs laws, sanctions laws and other laws governing our operations. If we fail to comply with these laws, we could be subject to civil or criminal penalties, other remedial measures and legal
        expenses, which could adversely affect our business, results of operations and financial condition.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our operations are and will be subject to anti-corruption laws, including the UK Bribery Act 2010, or
        the Bribery Act, the U.S. Foreign Corrupt Practices Act, or the FCPA, and other anti-corruption laws that apply in countries where we do business. The Bribery Act, FCPA and these other laws generally prohibit us and our employees and intermediaries
        from bribing, being bribed or making other prohibited payments to government officials or other persons to obtain or retain business or gain some other business advantage. We and our commercial partners operate in a number of jurisdictions that may
        pose a risk of potential Bribery Act or FCPA violations, and we participate in collaborations and relationships with third parties whose actions could potentially subject us to liability under the Bribery Act, FCPA or local anti-corruption laws. In
        addition, we cannot predict the nature, scope or effect of future regulatory requirements to which our internal operations might be subject or the manner in which existing laws might be administered or interpreted.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are also subject to other laws and regulations governing our international operations, including
        regulations administered by the governments of the United Kingdom and the United States, and authorities in the European Union, including applicable export controls, economic sanctions on countries or persons, customs requirements, anti-boycott
        requirements and currency exchange regulations (collectively, "Trade Control Laws").</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">While we maintain policies and procedures reasonably designed to ensure compliance with applicable
        anti-corruption laws and Trade Control Laws, there is no assurance that we will be completely effective in ensuring our compliance with all applicable anti-corruption laws, including the Bribery Act, the FCPA or other legal requirements, including
        Trade Control Laws. If we are not in compliance with the Bribery Act, the FCPA and other anti-corruption laws or Trade Control Laws, we may be subject to criminal and civil penalties, disgorgement and other sanctions, remedial measures and legal
        expenses, which could have an adverse impact on our business, financial condition, results of operations and liquidity. Likewise, any investigation of any potential violations of the Bribery Act, the FCPA, other anti-corruption laws or Trade
        Control Laws by UK, U.S. or other authorities could also have a material adverse impact on our reputation, our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our tax liabilities may change in the future.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">While we believe that being incorporated in England and Wales and resident for tax purposes in the
        United Kingdom should help us maintain a competitive worldwide effective corporate tax rate, we cannot give any assurance as to what our effective tax rate will be. This is, among other things, because of uncertainties regarding the tax policies of
        all the jurisdictions where we operate our business and uncertainties regarding the application to our structure, which is complex, of the tax laws of various jurisdictions, including, without limitation, Denmark, the United States and the United
        Kingdom. Because of this uncertainty, our actual effective tax rate may vary from our expectation and that variance could be material. The G20 and the Organization for Economic Co-Operation and Development are currently focused on the taxation of
        multinational corporations as part of the Base Erosion and Profit Shifting Project, or BEPS. The implementation of BEPS outcomes in the jurisdictions in which we operate may have an impact on our effective tax rate, which, in turn, could have a
        material adverse effect on our future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM plc and certain of its subsidiaries have entered and may in the future enter into internal
        agreements which must be at market value or on terms no more favorable than would have been agreed if the transaction was not conducted on an intra-group basis.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have global operations, and the functions related to owning and operating a global scale product
        tanker fleet are spread across various subsidiaries, including crewing, technical maintenance, chartering and ownership of vessels. Cross-border business within our foreign subsidiaries and TORM plc can be complicated. We will likely enter into
        further agreements by and among our subsidiaries on the one hand and TORM plc on the other hand in the future. To ensure compliance with transfer pricing regulations, such transactions must in general be conducted on arm's length basis. We believe
        that these transactions are on arm's length terms, but no assurance can be given that we would not have been able to secure more favorable terms from third parties.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">34</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Regarding any cross-border transactions, we may face significant compliance challenges with the
        regulations and administrative requirements around transfer pricing, as they differ from country to country. Tax authorities are increasingly sophisticated in the way they operate and are focusing more closely on transfer pricing in companies that
        transact cross-border business.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax consequences related to the 2015 Restructuring could increase our tax burden and could have a
        material adverse effect on our financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The debt write-down and conversion of debt that occurred as part of the 2015 Restructuring is
        considered a debt forgiveness for Danish tax purposes. The debt forgiveness will not result in taxes being payable by us provided that the debt forgiveness can be classified as a comprehensive agreement between us and our creditors, and provided
        that the debt forgiveness takes place on normal market terms as applied between unrelated parties.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the debt forgiveness is classified as a comprehensive agreement, the gain on the debt forgiveness
        realized by us will not be taxable. If the debt forgiveness is classified as singular debt forgiveness, however, the gain on the debt forgiveness will be taxable to us. This classification determination is based on a number of factors, including
        the percentage of the creditors of the unsecured debt who participated in the debt forgiveness. Because the 2015 Restructuring was a complex transaction, the evaluation of whether it was entered into on normal market terms consequently requires
        judgment.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Management expects that the debt forgiveness will be classified as a comprehensive agreement between
        us and our creditors, and that it is entered into on normal market terms. In the event that this is not the case, it could increase our overall tax burden and could have a material adverse effect on our future performance, results of operations,
        cash flows and financial position.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Danish Tax Authorities may challenge whether TORM plc is entitled to Danish withholding tax
        exemption on dividends from TORM A/S.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc is a tax resident of the United Kingdom and owns 100% of the shares of TORM A/S and should
        as a starting point be entitled to the benefits under the EU Parent/Subsidiary Directive (2011/96/EU) provided TORM plc is the beneficial owner of the dividends and is not subject to Danish anti-abuse rules. It is, however, not currently clear
        whether similar provisions would continue to apply following the United Kingdom's intended departure from the European Union.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">However, TORM plc should be entitled to the benefit of the double tax treaty entered into between
        Denmark and the United Kingdom. The double tax treaty reduces dividend withholding tax to nil for wholly-owned subsidiaries (where the relevant conditions are satisfied), and its protection would, in principle, be available regardless of the United
        Kingdom's departure from the European Union. In order for the double tax treaty to apply, TORM plc must be considered the beneficial owner of the dividends and must not be subject to Danish anti-abuse rules. We believe that the group structure, the
        level of business activity carried out in the United Kingdom by TORM plc, the economic risk of TORM plc and TORM plc's right to dispose of dividends received justify that TORM plc is the beneficial owner of dividends received from TORM A/S, that
        TORM plc is not a conduit entity and that Danish anti-abuse rules should not apply.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consequently, we believe that dividends distributed from TORM A/S to TORM plc should be exempt from
        Danish dividend withholding tax according to either the application of the EU Parent/Subsidiary Directive (2011/96/EU) or the double tax treaty entered into between Denmark and the United Kingdom (so long as a claim is made and the treaty relief is
        granted). If the provisions of the EU Parent/Subsidiary Directive (2011/96/EU) did not apply and not all of the applicable conditions in the double tax treaty between the United Kingdom and Denmark are fulfilled, Danish withholding taxes of 27%
        (potentially reduced to 22%) will be triggered on such dividend distributions.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">35</font></div>
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    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INFORMATION ON THE COMPANY</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">History and Development of the Company</font></div>
              </td>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc is a public limited company incorporated under the laws of England and Wales on October 12,
        2015 under the name Anchor Admiral Limited with company number 09818726. Anchor Admiral Limited was renamed TORM Limited on November 26, 2015, and TORM Limited was renamed TORM plc on January 20, 2016. TORM plc's registered office is at Birchin
        Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom. Our telephone number at this address is +44 203 713 4560. Our main commercial and technical activities are managed out of our office at Tuborg Havnevej 18, DK-2900 Hellerup, Denmark. Our
        telephone number at that address is +45 39 17 92 00. We also have offices located in Mumbai (India), New Delhi (India), Manila (the Philippines), Cebu (the Philippines), Singapore (Singapore) and Houston (Texas, USA). Our website is www.torm.com.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are one of the world's largest carriers of refined oil products. Our activities are primarily the
        transportation of clean petroleum products, such as gasoline, jet fuel, kerosene, naphtha and gas oil, and occasionally dirty petroleum products, such as fuel oil. We are active in all larger vessel segments of the product tanker market from
        Handysize to Long Range 2 (LR2) tankers. For an overview of the specifications of our fleet, reference is made to "TORM Fleet Overview" on pages 143-145 of our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Annual Report 2018</font>.&#160; In addition, as of the date of this annual report, we have nine newbuildings, two LR1 vessels and seven MR vessels, currently under construction. See Item 4. "Information on the Company&#8212;B. Business Overview."</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have an extensive in-house operating and management platform which performs commercial,
        administrative and technical management for our vessels. Through this integrated platform, we handle the commercial management of all our vessels and the technical management of all our owned vessels, other than three vessels managed by an
        unaffiliated third party. In addition, we conduct all vessel sale and purchase activities in-house, leveraging relationships with shipbrokers, shipyards, financial institutions and other shipowners.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2015 Restructuring</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In July 2015, TORM A/S completed a restructuring and recapitalization, which we refer to as the 2015
        Restructuring, pursuant to a restructuring agreement between us, Oaktree Capital Management L.P., or Oaktree, and certain of our pre-2015 Restructuring lenders. The net result of the 2015 Restructuring was that (i) pre-2015&#160; Restructuring lenders
        received approximately 99% of TORM A/S' share capital in consideration for the write-down of certain of our indebtedness (ii) the TORM Group acquired 25 product tankers and contracts for the construction of six MR product tanker newbuildings
        (subsequently delivered to us in 2015 and 2016), from Njord in exchange for TORM A/S shares, this part of the 2015 Restructuring referred to as the Combination and (iii) Njord Luxco became our majority shareholder.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exchange Offer, Redomiciliation and Current Corporate Structure</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In April 2016, TORM established a new corporate structure of the TORM Group including the insertion
        of a publicly-held parent company incorporated under the laws of England and Wales, TORM plc., which we refer to as the Redomiciliation.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To effect the Redomiciliation, we commenced an Exchange Offer, pursuant to which TORM plc effectively
        acquired all of the outstanding securities of TORM A/S in exchange for the securities of TORM plc. TORM plc&#8217;s Class A common shares were listed on Nasdaq Copenhagen on April 19, 2016, and TORM A/S&#8217; Danish A shares were delisted from Nasdaq
        Copenhagen on April 26, 2016. For more information on our share capital, see Item 10. "Additional Information&#8212;A. Share Capital".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Listing on Nasdaq New York</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In December 2017, we effected a direct listing of our Class A common shares on Nasdaq New York. Our
        Class A common shares commenced trading on Nasdaq New York under the symbol "TRMD" on December 11, 2017. As a result of our listing on Nasdaq New York, our Class A common shares may be traded on both Nasdaq New York and Nasdaq Copenhagen. All of
        our outstanding Class A common shares are identified by CUSIP G89479 102 and ISIN GB00BZ3CNK81. Reference is made to "Chairman&#8217;s Statement&#11835;US Listing and Sarbanes-Oxley Reporting" on page 6 of the <font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-style: italic;">Annual Report 2018</font> for a description of the U.S. listing.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">36</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Private Placement</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times,
          serif;">In January 2018, we completed a private placement of 11,920,000 Class A common shares for gross proceeds of approximately $100 million, or the Private Placement. Njord Luxco fully backstopped this offering and purchased approximately $70
          million of our Class A common shares in the Private Placement. Following the Private Placement and as of the date of this prospectus, Njord Luxco owns approximately 64.4% of our outstanding Class A common shares and our one outstanding C share,
          the voting rights associated with which relate to election and dismissal of members of the Board of Directors and certain amendments to our Articles of Association.</font></font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recent and Other Developments</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the first quarter of 2019, TORM entered into an agreement to sell the MR vessel TORM Amazon (built
        in 2002). The vessel was delivered to the new owners during the first quarter of 2019.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88e574ca3a0d4f61abdb224b48b18b63">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business Overview</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our Fleet</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets forth summary information regarding our fleet of owned product tankers,
        including the vessels that we charter in as of the date of this annual report.</font></div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="ze6a06a3175474290b577983b9b6ba62e">

        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel Name</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Type</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">DWT</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Year Built</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Shipyard<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="width: 100%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Owned On-the-Water Product Tankers</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Kristina</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">99,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Halla</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Gudrun</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">99,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Ingeborg</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">99,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Samho</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Valborg</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">99,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Samho</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Marina</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">109,672</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2007</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Dalian New</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Maren</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">109,672</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2008</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Dalian New</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Mathilde</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">109,672</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2008</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Dalian New</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Herdis</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">114,000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2018</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Hermia</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">114,000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2018</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Hellerup</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">114,000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2018</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Hilde</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">114,000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2018</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Sara</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">72,718</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Samsung</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Estrid</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">74,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2004</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Emilie</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">74,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2004</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Ismini</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">74,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2004</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Signe</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">72,718</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2005</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Samsung</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Sofia</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">72,660</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2005</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Samsung</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Venture</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">73,700</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2007</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">New Century</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Gunhild</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">44,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Halla</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Cecilie</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">44,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2001</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM San Jacinto</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">47,038</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2002</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Onomichi</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Gertrud</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">45,990</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2002</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Gerd</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">45,960</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2002</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Caroline</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">44,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2002</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Moselle</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">47,024</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Onomichi</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Rosetta</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">47,015</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Onomichi</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Carina</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,219</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Freya</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">45,990</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">37</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z12a74df2bb0242929ada2aaac0b98250">

        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Thyra</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">45,950</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Camilla</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">44,990</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2003</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Horizon</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,955</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2004</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Resilience</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2005</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Thames</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">47,036</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2005</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Helvig</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,187</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2005</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Ragnhild</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,187</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2005</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Eric</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">44,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2006</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Platte</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,959</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2006</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Kansas</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,955</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2006</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Republican</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,955</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2006</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Loke</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">51,372</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2007</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">SLS</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Hardrada</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">45,983</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2007</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Shin Kurushima</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Lene</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2008</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Laura</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2008</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Lotte</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2009</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Louise</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2009</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Lilly</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2009</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Alice</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2010</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Alexandra</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2010</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Aslaug</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2010</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Agnete</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2010</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Almena</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2010</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Atlantic</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2010</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Agnes</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2011</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Amalie</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2011</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Arawa</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2012</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Anabel</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2012</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Astrid</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2012</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Thor</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,842</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2015</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Sungdong</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Timothy</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,842</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2015</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Sungdong</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Thunder</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,842</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2015</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Sungdong</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Titan</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,842</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2016</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Sungdong</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Torino</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,842</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2016</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Sungdong</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Troilus</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,842</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2016</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Sungdong</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Sovereign</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">50,000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2017</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Supreme</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">50,000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2017</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Garonne</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Handysize</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">37,178</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2004</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Loire</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Handysize</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">37,106</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2004</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Saone</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Handysize</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">36,986</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2004</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Tevere</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Handysize</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">37,383</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2005</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Gyda</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Handysize</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">36,207</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2009</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai Mipo</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Chartered-in Product Tankers</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Helene<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR2</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">99,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1997</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hyundai</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Vita<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,350</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2002</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM Mary<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">46,350</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2002</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">STX</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255); text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Newbuildings</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121140</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">75,000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2019</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121141</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">LR1</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">75,000</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2019</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121034</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2019</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121035</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2019</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121036</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2019</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121037</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2019</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121038</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2019</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121039</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2019</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull no. 15121040</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">MR</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49,999</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Exp. 2020</font></div>
          </td>
          <td style="width: 20%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">GSI</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">_______________________</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> As used in this annual report, Hyundai refers to Hyundai Heavy Industries Co. Ltd.; Halla refers to Halla Engineering &amp;
        Heavy Industries, South Korea; Samho refers to Hyundai Samho Heavy Industries Co. Ltd.; Dalian New refers to Dalian Shipbuilding Industry, China; New Century refers to New Century Shipbuilding Co. Ltd.; Onomichi refers to Onomichi Dockyard, Japan;
        Daedong refers to Daedong Shipbuilding, South Korea; STX refers to STX Offshore and Shipbuilding Co. Ltd.; Hyundai Mipo refers to Hyundai Mipo Dockyard Co. Ltd.; Shin Kurushima refers to Shin Kurushima Dockyard Co. Ltd., Japan; SLS refers to SLS
        Shipbuilding Co. Ltd. Tongyeong, South Korea; and GSI refers to Guangzhou Shipyard International Co., Ltd.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;(2)</sup> Vessels were sold and leased back on bareboat charter with a contract expiration in 2022. We have a purchase option for the
        individual vessels. The vessels are accounted for as financial lease.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">38</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fleet Development</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Vessel Acquisitions</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During 2018, we took delivery of four LR2 newbuildings, or the LR2 Product Tanker Newbuildings, and
        in connection with the delivery of these vessels we have incurred borrowing of $115 million under our secured term loan facility with the Export-Import Bank of China, or the CEXIM Facility. During 2018, we ordered an additional three MR vessels
        from GSI, bringing the total remaining newbuilding program to seven MR vessels, the MR Product Tanker Newbuildings, and two LR1 vessels, the LR1 Product Tanker Newbuildings, with expected deliveries during 2019 and the first quarter of 2020. To
        finance the LR1 Product Tanker Newbuildings, we entered into a new secured loan agreement with ABN AMRO for up to $70 million, and subject to documentation we have secured a loan with Kreditanstalt f&#252;r Wiederaufbau, or KfW, for up to $46 million to
        finance two of the MR Product Tanker Newbuildings. All of the remaining newbuildings are being constructed with scrubbers, and as of December 31, 2018 we had a remaining CAPEX commitment of $258 million relating to these vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We plan to finance the four MR Product Tanker Newbuildings that we ordered in 2017 under a new
        tranche of borrowings which will be consolidated with our existing facility with Danish Ship Finance A/S, or DSF (as amended and restated, the DSF Facility). In 2017, we agreed with Hyundai Mipo to acquire the construction contracts for two MR
        vessels then under construction at Hyundai Mipo, or the Hyundai Mipo MR Resale Vessels. We financed the purchase price of the Hyundai Mipo MR Resale Vessels, which were delivered to us in September 2017, with cash from operations and borrowings
        under our secured term loan facility with ING Bank NV, or the ING Facility.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information about our financing agreements and the financing agreements into which we expect to
        enter, see Item 5. "Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Our Financing Agreements".</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Vessel Dispositions</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During 2017, we sold TORM Anne<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">&#160;</font>(built in 1999), TORM Madison<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>(built in 2000), TORM Trinity<font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-style: italic;">&#160;</font>(built in 2000), TORM Fox (built in 2005) and TORM Rhone (built in 2000). We sold these five vessels for aggregate proceeds of $39 million, and we delivered the first four vessels to
        their respective buyers in 2017 and the last vessel to its buyer in the first quarter of 2018.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In October 2018, TORM entered into an agreement to sell TORM Clara (built in 2000), and in the third
        quarter TORM entered into agreements to sell two other vessels: TORM Neches (built in 2000) and TORM Ohio (built in 2001).&#160; The three vessels were sold for a total consideration of approximately $20 million and the sale proceeds were used to repay
        approximately $12 million of indebtedness secured by these vessels.&#160; All three vessels have been delivered to the new owners.&#160; In December 2018, TORM entered into an agreement to sell TORM Charente (built in 2001), which was delivered to its buyer
        in the first quarter of 2019. In January 2019, entered into an agreement to sell TORM Amazon (built in 2002), which was delivered to the new owners in the first quarter of 2019.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Scrubber Investments</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the fourth quarter of 2018, TORM established a joint venture with ME Production, a leading
        scrubber manufacturer, and Guangzhou Shipyard International, which is part of the China State Shipbuilding Corporation group. The joint venture, named ME Production China, will manufacture scrubbers in China and deliver them to a range of maritime
        industry customers for both newbuildings and retrofitting. TORM holds an ownership stake of 27.5% in the new joint venture. In connection with the establishment of the joint venture, TORM has ordered a number of scrubbers from ME Production China.
        With these orders, TORM has committed to install scrubbers on 21 vessels and signed a letter of intent for installations up to a total of 39 vessels, or approximately half of TORM&#8217;s fleet.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sale and Leaseback Transactions</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the first and second quarters of 2017, we entered into sale and leaseback agreements and
        bareboat charters for the LR2 tanker, TORM Helene<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">, </font>and two MR tankers, TORM Mary and TORM Vita, pursuant to which we sold the vessels to three
        buyers not affiliated with us from which we concurrently chartered-in the three vessels each for a period of 58 months from the delivery date plus 50 more days at our option. These three sale and leaseback transactions are treated as financial
        leases but have no purchase obligation attached. We have an option to purchase TORM Mary and TORM Helene at the expiration of their respective charter-in agreements at fixed option prices. We have the option to purchase TORM Vita at the fourth
        anniversary of its delivery date and again at the expiration of the charter-in agreement at fixed option prices.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information about our financing agreements, see Item 5. "Operating and Financial Review and
        Prospects&#8212;B. Liquidity and Capital Resources&#8212;Our Financing Agreements".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Employment of Our Product Tanker Fleet</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our current strategy is to employ our vessels worldwide primarily in the spot market. We believe that
        this will enable us to take advantage of potential increases in product tanker hire rates in the near term. We may seek to employ some of our vessels on longer-term time charter contracts, if customer needs and expected returns make this more
        attractive. Employing vessels on longer-term contracts may provide us with the benefits of stable cash flows and high utilization rates. In addition, from time to time, we may employ our vessels on shorter-term charters and under COAs. Reference is
        made to the Glossary on page 146 of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font> for the definitions of Spot Market, Time Charter, COA and Bareboat Charter.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Coverage</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information on the coverage of our Fleet, including the definitions of certain key terms related
        to the coverage of our Fleet, reference is made to "Outlook 2019" on pages 12-14 of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font> and to the Glossary on page 146 of
        the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018.</font></font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Management of Our Fleet</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information on management of our fleet, reference is made to "Strategic Ambition and Business
        Model&#8212;One TORM&#8212;Strong Integrated Operating Platform" on page 19 of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Customers</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We generate revenue by charging customers for the transportation of refined oil products and crude
        oil. Many of our largest customers in the product tanker segment are companies operating in the oil industry such as major oil companies, state-owned oil companies and international trading houses.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Customer Concentration</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During 2018, our 20 largest customers accounted for approximately 75% of our total revenue. None of
        our other customers accounted for more than 2% of our total revenues.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our Business Strategy</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information on our business strategy, reference is made to "Strategic Ambition and Business
        Model" on pages 17-19 and "Value Chain in Oil Transportation" on page 21 of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Product Tanker Industry</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information on the product tanker industry, reference is made to "The Product Tanker Market" on
        pages 22-25 of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>. For information on the risks associated with operating within the product tanker market, see Item 3.
        "Key Information&#8212;D. Risk Factors&#8212; Risks Related to Our Business and Our Industry."</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental and Other Regulations in the Shipping Industry</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Government regulation and laws significantly affect the ownership and operation of our fleet. We are
        subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the
        storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements
        entails significant expenses, including vessel modifications and implementation of certain operating procedures.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A variety of government and private entities subject our vessels to both scheduled and unscheduled
        inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard (&#8220;USCG&#8221;), harbor masters or equivalent), classification societies, flag state administrations (countries of
        registry) and charterers, particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals
        could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of the vessels in our product tanker fleet or lead to the invalidation or reduction of our insurance coverage. We believe that the
        heightened levels of environmental and quality concerns among insurance underwriters, regulators and charterers have led to greater inspection and safety requirements on all vessels and may accelerate the recycling of older vessels throughout the
        industry.&#160; Each of our vessels is inspected by a surveyor of the classification society in three surveys of varying frequency and thoroughness: every year for the annual survey, every two to three years for intermediate survey and every four to
        five years for special surveys. Should any defects be found, the classification surveyor generally issues a notation or recommendation for appropriate repairs, which have to be made by the shipowner within the time limit prescribed. Vessels may be
        required, as part of the annual and intermediate survey process, to be dry-docked for inspection of the underwater parts of the vessel and for necessary repair stemming from the inspection. Special surveys frequently require dry-docking.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Increasing environmental concerns have created a demand for product tankers that conform to the
        stricter environmental standards. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with applicable local,
        national, and international regulations. We believe that the operation of our vessels is in substantial compliance with applicable environmental laws and regulations, and that our vessels have all material permits, licenses, certificates or other
        authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or
        the impact of these requirements on the resale value or useful lives of our vessels. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could
        negatively affect our profitability.</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">International Maritime Organization</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The IMO is a specialized agency of the United Nations responsible for setting global standards for
        the safety, security and environmental performance of vessels engaged in international shipping. The IMO's primary objective is to create a regulatory framework for the shipping industry that is fair and effective, and universally adopted and
        implemented. The IMO has adopted several international conventions that regulate the international shipping industry, including, but not limited to, the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by
        different Protocols in 1976, 1984 and 1992, and amended in 2000, or the CLC, the International Convention on Civil Liability for Bunker Oil Pollution Damage of 2001, or the Bunker Convention, the International Convention for the Prevention of
        Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as &#8220;MARPOL,&#8221; adopted the International Convention for the Safety of Life at Sea of 1974 (&#8220;SOLAS Convention&#8221;), and
        the International Convention on Load Lines of 1966 (the &#8220;LL Convention&#8221;). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious liquids and the
        handling of harmful substances in packaged forms.&#160; MARPOL is applicable to dry bulk and LNG carriers as well as oil tankers, and is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage or
        spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to air emissions. Annex VI
        was separately adopted by the IMO in September of 1997.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2013, the IMO&#8217;s Marine Environmental Protection Committee, or the &#8220;MEPC,&#8221; adopted a resolution
        amending MARPOL Annex I Condition Assessment Scheme, or &#8220;CAS.&#8221; These amendments became effective on October 1, 2014, and require compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers
        and Oil Tankers, or &#8220;ESP Code,&#8221; which provides for enhanced inspection programs. CAS is not applicable to our vessels. For ships older than 15 years we carry our voluntary CAP ( Condition Assessment program)&#160; rating along with ESP. We may need to
        make certain financial expenditures to maintain CAP Rating.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Air Emissions</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In September 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels.
        Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of
        volatile compounds from cargo tanks and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur
        emissions, as explained below.&#160; Emissions of &#8220;volatile organic compounds&#8221; from certain tankers and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or PCBs),
        are also prohibited.&#160; We believe that all our vessels are currently compliant in all material respects with these regulations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The MEPC adopted amendments to Annex VI regarding emissions of sulfur oxide,
        nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010.&#160; The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of
        sulfur contained in any fuel oil used on board ships. On October 27, 2016, at its 70th session, the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%) starting from January 1, 2020.&#160; This limitation can be
        met by using low-sulfur compliant fuel oil, alternative fuels or certain exhaust gas cleaning systems.&#160; Once the cap becomes effective, ships will be required to obtain bunker delivery notes and International Air Pollution Prevention (&#8220;IAPP&#8221;)
        Certificates from their flag states that specify sulfur content.&#160; Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur on ships were adopted and will take effect on March 1, 2020.&#160; These regulations
        subject ocean-going vessels to stringent emissions controls and may cause us to incur substantial costs.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sulfur content standards are even stricter within certain &#8220;Emission Control Areas,&#8221; or (&#8220;ECAs&#8221;). As
        of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1%. Amended Annex VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including
        specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean area.&#160; Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. Other
        certain areas including areas in China that are subject to local regulations also impose stricter emission controls. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines
        or port operations by vessels are adopted by the U.S. Environmental Protection Agency (&#8220;EPA&#8221;) or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our
        operations.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions
        standards for marine diesel engines, depending on their date of installation. At the MEPC meeting held from March to April 2014, amendments to Annex VI were adopted which address the date on which Tier III Nitrogen Oxide (NOx) standards in ECAs
        will go into effect.&#160; Under the amendments, Tier III NOx standards apply to ships that operate in the North American and U.S. Caribbean Sea ECAs designed for the control of NOx with a marine diesel engine installed and constructed on or after
        January 1, 2016.&#160; Tier III requirements could apply to areas that will be designated for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built after January 1,
        2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in late 2009.&#160; As a result of these designations or similar future designations, we may be required to incur additional operating or other costs.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI became
        effective as of March 1, 2018 and requires ships above 5,000 gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection commencing on January 1, 2019.&#160; The IMO intends to use
        such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships, as discussed further below.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of January 1, 2013, MARPOL made mandatory certain measures relating to energy
        efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency Management Plans (&#8220;SEEMPS&#8221;), and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the
        Energy-Efficiency Design Index (&#8220;EEDI&#8221;).&#160; Under these measures, by 2025, all new ships built will be 30% more energy efficient than those built in 2014.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We may incur costs to comply with these revised standards. Additional or new conventions, laws and
        regulations may be adopted that could require the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Safety Management System Requirements</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training
        drills.&#160; The Convention of Limitation of Liability for Maritime Claims (the &#8220;LLMC&#8221;) sets limitations of liability for a loss of life or personal injury claim or a property claim against shipowners. We believe that our vessels are in substantial
        compliance with SOLAS and LL Convention standards.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe
        Operation of Ships and for Pollution Prevention (the &#8220;ISM Code&#8221;), our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety
        management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We
        rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased
        liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel
        they operate. This certificate evidences compliance by a vessel&#8217;s management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of
        compliance, issued by each flag state, under the ISM Code. We have obtained applicable documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The
        document of compliance and safety management certificate are renewed as required.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Regulation II-1/3-10 of the SOLAS Convention governs ship construction and
        stipulates that ships over 150 meters in length must have adequate strength, integrity and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July 1, 2016
        set for application to new oil tankers and bulk carriers.&#160;&#160; The SOLAS Convention regulation II-1/3-10 on goal-based ship construction standards for bulk carriers and oil tankers, which entered into force on January 1, 2012, requires that all oil
        tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based
        Ship Construction Standards for Bulk Carriers and Oil Tankers (GBS Standards). All our vessels comply with these requirements as applicable.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting
        dangerous goods and require those vessels to be in compliance with the International Maritime Dangerous Goods Code (&#8220;IMDG Code&#8221;). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting
        the latest provisions from the International Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous goods, and (3) new mandatory training requirements.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The IMO has also adopted the International Convention on Standards of Training,
        Certification and Watchkeeping for Seafarers (&#8220;STCW&#8221;).&#160; As of February 2017, all seafarers are required to meet the STCW standards and to be in possession of a valid STCW certificate.&#160; Flag states that have ratified SOLAS and STCW generally employ
        the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Pollution Control and Liability Requirements</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The IMO has negotiated international conventions that impose liability for pollution in international
        waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted an International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments (the &#8220;BWM Convention&#8221;) in 2004. The BWM
        Convention entered into force on September 9, 2017.&#160; The BWM Convention requires ships to manage their ballast water to remove, render harmless or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water
        and sediments.&#160; The BWM Convention&#8217;s implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast
        water record book and an international ballast water management certificate.&#160;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On December 4, 2013, the IMO Assembly passed a resolution revising the application dates of the BWM
        Convention so that the dates are triggered by the entry into force date and not the dates originally in the BWM Convention.&#160; This, in effect, makes all vessels delivered before the entry into force date &#8220;existing vessels&#8221; and allows for the
        installation of ballast water management systems on such vessels at the first International Oil Pollution Prevention (IOPP) renewal survey following entry into force of the convention. The MEPC adopted updated guidelines for approval of ballast
        water management systems (G8) at MEPC 70. At MEPC 71, the schedule regarding the BWM Convention&#8217;s implementation dates was also discussed, and amendments were introduced to extend the date existing vessels are subject to certain ballast water
        standards.&#160; Ships over 400 gross tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in open seas and away from coastal waters.&#160; The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed
        to be discharged, and compliance dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey, existing vessels must comply with the D-2 standard on or after September 8, 2019. For most ships, compliance with the
        D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms.&#160; Ballast water management systems, which include systems that make use of chemical, biocides, organisms or biological mechanisms, or
        which alter the chemical or physical characteristics of the ballast water, must be approved in accordance with IMO Guidelines (Regulation D-3).&#160; Costs of compliance with these regulations may be substantial.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Once mid-ocean ballast water exchange become mandatory under the BWM Convention, the cost of
        compliance could increase for ocean-going carriers, which may have a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction
        of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast water exchange, or undertake some alternate measure, and to comply with certain
        reporting requirements.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as
        amended by different Protocols in 1976, 1984, and 1992, and amended in 2000 (&#8220;the CLC&#8221;). Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel&#8217;s registered owner may be
        strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions.&#160; The 1992 Protocol changed certain limits on liability expressed using the International
        Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised.&#160; The right to limit liability is forfeited under the CLC, where the spill is caused
        by the shipowner&#8217;s actual fault, and under the 1992 Protocol, where the spill is caused by the shipowner&#8217;s intentional or reckless act or omission, where the shipowner knew pollution damage would probably result.&#160; The CLC requires ships over 2,000
        tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner&#8217;s liability for a single incident. We have protection and indemnity insurance for environmental incidents. P&amp;I Clubs in the
        International Group issue the required Bunkers Convention &#8220;Blue Cards&#8221; to enable signatory states to issue certificates. All of our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in
        force.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover
        an incident. In jurisdictions, such as the United States, where the CLC or the Bunker Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability
        basis.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">In 1996, the IMO created the International Convention on Liability and
        Compensation for Damage in Connection with the Carriage of Hazardous and Noxious substances by Sea, or the HNS Convention. The HNS Convention aims to ensure adequate, prompt and effective compensation for damage that may result from shipping
        accidents involving hazardous and noxious substances. The HNS Convention has not yet entered into force, but if it does, compliance with the HNS Convention could entail additional capital expenditures or otherwise increase the costs of our
        operations. The HNS Convention will enter into effect 18 months after its ratification.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In November 2014 and May 2015, the IMO's Maritime Safety Committee and MEPC, respectively, each
        adopted relevant parts of the International Code for Ships Operating in Polar Water, or the Polar Code. The Polar Code entered into force on January 1, 2017. The Polar Code covers design, construction, equipment, operational, training, search and
        rescue as well as environmental protection matters relevant to ships operating in the waters surrounding the two poles. It also includes mandatory measures regarding safety and pollution prevention as well as recommendatory provisions. Ships
        intending to operate in the applicable areas must have a Polar Ship Certificate. This requires an assessment of operating in said waters and includes operational limitations, additional safety equipment and plans or procedures, necessary to respond
        to incidents involving possible safety or environmental consequences. A Polar Water Operational Manual is also needed on board the ship for the owner, operator, master, and crew to have sufficient information regarding the ship to assist in their
        decision-making process. The Polar Code applies to new ships constructed after January 1, 2017. After January 1, 2018, ships constructed before January 1, 2017 are required to meet the relevant requirements by the earlier of their first
        intermediate or renewal survey.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Anti&#8209;Fouling Requirements</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2001, the IMO adopted the International Convention on the Control of Harmful Anti&#8209;fouling Systems
        on Ships, or the &#8220;Anti&#8209;fouling Convention.&#8221; The Anti&#8209;fouling Convention, which entered into force on September&#160;17, 2008, prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of
        vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial survey before the vessel is put into service or before an International Anti&#8209;fouling System Certificate is issued for the first
        time; and subsequent surveys when the anti&#8209;fouling systems are altered or replaced. We have obtained Anti&#8209;fouling System Certificates for all of our vessels that are subject to the Anti&#8209;fouling Convention.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Wreck Removal</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Nairobi Convention on the Removal of Wrecks, or the Wreck Removal Convention, entered into force
        on April 14, 2015 and contains obligations for shipowners to effectively remove wrecks located in a member state's exclusive economic zone or equivalent 200 nautical miles zone. The Wreck Removal Convention places strict liability, subject to
        certain exceptions, on a vessel owner for locating, marking and removing the wreck of any owned vessel deemed to be a hazard due to factors such as its proximity to shipping routes, traffic density and frequency, type of traffic and vulnerability
        of port facilities as well as environmental damage. It also makes government certification of insurance, or other form of financial security for such liability, compulsory for ships of 300 gross tonnage and above.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Member states may intervene in certain situations. They can remove, or have removed, wrecks that pose
        a danger or impediment to navigation or that may be expected to result in major harmful consequences to the marine environment, or damage to the coastline or related interests, of one or more member states. The same applies for a ship that is
        about, or may reasonably be expected, to sink or to strand as set forth in the Wreck Removal Convention. The cost of such removal and other measures falls on the vessel owner.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Should one of our vessels become a wreck subject to the Wreck Removal Convention, substantial costs
        may be incurred in addition to any losses suffered as a result of the loss of the vessel.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The IMO continues to review and introduce new regulations. It is impossible to predict what
        additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Compliance Enforcement</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-compliance with the ISM Code or other IMO regulations may subject the shipowner or bareboat
        charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels
        not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S. and European Union ports, respectively.&#160; As of the date of this report, each of our vessels is ISM Code certified. However, there can be no
        assurance that such certificates will be maintained in the future<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">.</font>&#160; The IMO continues to review and introduce new regulations. It is impossible
        to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">United States Regulations</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and
        Liability Act</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OPA established an extensive regulatory and liability regime for the protection and clean-up of the
        environment from oil spills. OPA affects all &#8220;owners and operators&#8221; whose vessels trade or operate within the United States, its territories and possessions or whose vessels operate in United States waters, which includes the United States&#8217;
        territorial sea and its 200 nautical mile exclusive economic zone around the United States.&#160; The United States has also enacted the Comprehensive Environmental Response, Compensation and Liability Act (&#8220;CERCLA&#8221;), which applies to the discharge of
        hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define &#8220;owner and operator&#8221; in the case of a vessel as any person owning, operating or chartering by demise, the vessel.&#160; Both OPA
        and CERCLA impact our operations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under OPA, vessel owners and operators are &#8220;responsible parties&#8221; and are jointly, severally and
        strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their
        vessels, including bunkers (fuel).&#160; OPA defines these other damages broadly to include:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">injury to, or economic losses resulting from, the destruction of real and personal property;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">loss of subsistence use of natural resources that are injured, destroyed or lost;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property or
        natural resources;</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(v)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(vi)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from
        fire, safety or health hazards, and loss of subsistence use of natural resources.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OPA contains statutory caps on liability and damages; such caps do not apply to direct clean-up
        costs.&#160; Effective December 21, 2015, the USCG adjusted the limits of OPA liability for an oil tanker, other than a single-hull oil tanker, over 3,000 gross tons liability to the greater of $2,200 per gross ton or $18,796,800 (subject to periodic
        adjustment for inflation).&#160; These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a
        person acting pursuant to a contractual relationship), or a responsible party's gross negligence or willful misconduct. Similarly, the limitation on liability does not apply if the responsible party fails or refuses to (i) report the incident where
        the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water
        Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for
        clean-up, removal and remedial costs as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing same, and health assessments or health effects studies. There is no
        liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels
        carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat
        of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations.&#160; The limitation on liability also does
        not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort
        law.&#160; OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be
        subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We plan to comply with the USCG&#8217;s financial responsibility
        regulations by providing applicable certificates of financial responsibility.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The 2010 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Deepwater Horizon</font> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling and
        a pilot inspection program for offshore facilities.&#160; However, several of these initiatives and regulations have been or may be revised.&#160; For example, the U.S. Bureau of Safety and Environmental Enforcement&#8217;s (&#8220;BSEE&#8221;) revised Production Safety
        Systems Rule (&#8220;PSSR&#8221;), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR.&#160; Additionally, the BSEE released proposed changes to the Well Control Rule, which could roll back certain
        reforms regarding the safety of drilling operations, and the U.S. President proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling, expanding the U.S. waters that are available for such activity over the next
        five years.&#160; The effects of these proposals are currently unknown.&#160; Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could impact the cost of our operations and adversely
        affect our business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OPA specifically permits individual states to impose their own liability regimes with regard to oil
        pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA, and some states have enacted legislation providing for unlimited liability for oil spills.&#160; Many U.S. states
        that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance.&#160; These laws may be more
        stringent than U.S. federal law.&#160; Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not
        yet issued implementing regulations defining tanker owners&#8217; responsibilities under these laws. The Company intends to comply with all applicable state regulations in the ports that the Company&#8217;s vessels call.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We currently maintain pollution liability coverage insurance in the amount of $1
        billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance coverage, it could have an adverse effect on our business and results of operation.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other United States Environmental Initiatives</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) (&#8220;CAA&#8221;) requires the EPA
        to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our vessels are subject to vapor control and recovery requirements for certain cargos when loading, unloading, ballasting, cleaning and
        conducting other operations in regulated port areas. The CAA also requires states to draft State Implementation Plans, or SIPs, designed to attain national health-based air quality standards in each state. Although state-specific SIPs may include
        regulations concerning emissions resulting from vessel loading and unloading operations by requiring the installation of vapor control equipment. Our vessels operating in such regulated port areas with restricted cargos are equipped with vapor
        recovery systems that satisfy these existing requirements.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The U.S. Clean Water Act (&#8220;CWA&#8221;) prohibits the discharge of oil, hazardous
        substances and ballast water in U.S. navigable waters, unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges.&#160; The CWA also imposes substantial liability for
        the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA.&#160; In 2015, the EPA expanded the definition of &#8220;waters of the United States&#8221; (&#8220;WOTUS&#8221;), thereby expanding federal authority under the CWA.&#160;
        Following litigation on the revised WOTUS rule in December 2018, the EPA and Department of the Army proposed a revised, limited definition of &#8220;waters of the United States.&#8221;&#160; The agencies are accepting public comment on the proposal. The public
        comment period is expected to close on 15 April 2019.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The EPA and the USCG have also enacted rules relating to ballast water discharge,
        compliance with which requires the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or
        otherwise restrict our vessels from entering U.S. Waters.&#160; The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental
        Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018 and will replace the 2013 Vessel General Permit (&#8220;VGP&#8221;) program (which authorizes discharges incidental to operations of commercial vessels and contains numeric ballast water
        discharge limits for most vessels to reduce the risk of invasive species in U.S. waters, stringent requirements for exhaust gas scrubbers, and requirements for the use of environmentally acceptable lubricants) and current Coast Guard ballast water
        management regulations adopted under the U.S. National Invasive Species Act (&#8220;NISA&#8221;), such as mid-ocean ballast water exchange programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S.
        ports or entering U.S. waters.&#160; VIDA establishes a new framework for the regulation of vessel incidental discharges under Clean Water Act (CWA), requires the EPA to develop performance standards for those discharges within two years of enactment
        and requires the U.S. Coast Guard to develop implementation, compliance and enforcement regulations within two years of EPA&#8217;s promulgation of standards.&#160; Under VIDA, all provisions of the 2013 VPG and USCG regulations regarding ballast water
        treatment remain in force and effect until the EPA and U.S. Coast Guard regulations are finalized.&#160; Non-military, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission
        of a Notice of Intent (&#8220;NOI&#8221;) or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of
        ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial cost or may otherwise restrict our vessels from entering U.S. waters.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In order to comply with IMO and USCG ballast water regulations, we are required to install ballast
        water treatment plants on all of our vessels from December 2018 to September 2024. The cost of compliance per vessel for us is estimated to be between $1.0 and $1.3 million, depending on size of the vessel. Significant investments in ballast water
        treatment systems may have a material adverse effect on our future performance, results of operations, cash flows and financial position. We have performed due diligence in this regard and have established a project group that is carrying out
        technical feasibility of the available plants. We are also carrying out pilot projects to minimize risks in the future implementation process for all vessels.</font></div>
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">European Union Regulations</font></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In October 2009, the European Union amended a directive to impose criminal
        sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the
        quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human
        safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims.&#160; Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015
        (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report
        carbon dioxide emissions annually starting on January 1, 2018, which may cause us to incur additional expenses.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The European Union has adopted several regulations and directives requiring, among other things, more
        frequent inspections of high-risk ships, as determined by type, age and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a
        definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty
        payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC)
        introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in EU ports.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Greenhouse Gas Regulations</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Currently, the emissions of greenhouse gases from international shipping are not
        subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force in 2005, and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas
        emissions with targets extended through 2020.&#160; International negotiations are continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more than 27
        nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions.&#160; The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which
        entered into force on November 4, 2016 and does not directly limit greenhouse gas emissions from ships.&#160; On June 1, 2017, the U.S. President announced that the United States intends to withdraw from the Paris Agreement.&#160; The timing and effect of
        such action has yet to be determined, but the Paris Agreement provides for a four-year exit process.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy
        for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved. In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from
        ships.&#160; The initial strategy identifies &#8220;levels of ambition&#8221; to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through implementation of further phases of the EEDI for new ships; (2) reducing carbon
        dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050
        compared to 2008 while pursuing efforts towards phasing them out entirely.&#160; The initial strategy notes that technological innovation, alternative fuels and/or energy sources for international shipping will be integral to achieve the overall
        ambition.&#160; These regulations could cause us to incur additional substantial expenses.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The EU made a unilateral commitment to reduce overall greenhouse gas emissions from
        its member states from 20% of 1990 levels by 2020. The EU also committed to reduce its emissions by 20% under the Kyoto Protocol&#8217;s second period from 2013 to 2020.&#160; Starting in January 2018, large ships calling at EU ports are required to collect
        and publish data on carbon dioxide emissions and other information.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the United States, the EPA issued a finding that greenhouse gases endanger the
        public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources and proposed regulations to limit greenhouse gas emissions from large stationary sources. However, in March 2017, the U.S. President signed
        an executive order to review and possibly eliminate the EPA&#8217;s plan to cut greenhouse gas emissions.&#160; The EPA or individual U.S. states could enact environmental regulations that would affect our operations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the
        U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement that restricts emissions of greenhouse gases could require us to make significant financial expenditures
        which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maritime Labor Convention</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The ILO is a specialized agency of the UN with headquarters in Geneva, Switzerland. The ILO adopted
        the MLC 2006, which entered into force on August 20, 2013. A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance are required to ensure compliance with the MLC 2006 for all ships above 500 gross tons in international trade.
        These documents will provide prima facie evidence that the vessels are in compliance with the requirements of the MLC 2006. The Maritime Labor Certificate and Declaration of Maritime Labor Compliance will be subject to inspection by port state
        control when vessels enter the ports of other countries that have ratified the MLC 2006. In addition, vessels flying the flag of countries that have not ratified the MLC 2006 are also subject to inspection with respect to working and living
        conditions for seafarers when those vessels enter in port of countries where the MLC 2006 is in force. Amendments to MLC 2006 were adopted in 2014 and 2016.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There are costs associated with complying with the MLC 2006, and the methods to be used by port state
        control to check and ensure compliance are currently unclear. Given the uncertain interpretation of the MLC 2006 and the local legislation enacting it in various countries, there are risks associated with ensuring proper compliance.</font></div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Vessel Security Regulations</font></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of
        initiatives intended to enhance vessel security such as the U.S. Maritime Transportation Security Act of 2002 (&#8220;MTSA&#8221;). To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security
        requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and
        port authorities and mandates compliance with the International Ship and Port Facilities Security Code (&#8220;the ISPS Code&#8221;). The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel
        must attain an International Ship Security Certificate (&#8220;ISSC&#8221;) from a recognized security organization approved by the vessel&#8217;s flag state. Ships operating without a valid certificate may be detained, expelled from or refused entry at port until
        they obtain an ISSC.&#160; The various requirements, some of which are found in the SOLAS Convention, include for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related
        information from among similarly equipped ships and shore stations, including information on a ship&#8217;s identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel
        but only alert the authorities on shore; the development of vessel security plans; ship identification number to be permanently marked on a vessel&#8217;s hull; a continuous synopsis record kept onboard showing a vessel's history including the name of
        the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their
        registered address; and compliance with flag state security certification requirements.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The USCG regulations, intended to align with international maritime security standards, exempt
        non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that attests to the vessel&#8217;s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a
        significant financial impact on us.&#160; We intend to comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inspection by Classification Societies</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Every seagoing vessel must be "classed" by a classification society. The classification society
        certifies that the vessel is "in-class,'' signifying that the vessel has been built and maintained in accordance with the rules of the classification society. In addition, where surveys are required by international conventions and corresponding
        laws and ordinances of a flag state, the classification society will undertake them on application or by official order, acting on behalf of the authorities concerned and will certify that such vessel complies with applicable rules and regulations
        of the vessel's country of registry and the international conventions of which that country is a member.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The classification society also undertakes on request other surveys and checks that are required by
        regulations and requirements of the flag state. These surveys are subject to agreements made in each individual case and/or to the regulations of the country concerned.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For maintenance of the class, regular and extraordinary surveys of hull, machinery, including the
        electrical plant, and any special equipment classed are required to be performed as follows:</font></div>
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      <div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Surveys.</font> For seagoing ships, annual surveys are
                    conducted for the hull and the machinery, including the electrical plant, and where applicable for special equipment classed, within three months before or after each anniversary date of the date of commencement of the class period
                    indicated in the certificate.</font></div>
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              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Intermediate Surveys.</font> Extended annual surveys are
                    referred to as intermediate surveys and are to be carried out either at or between the second and third Annual Surveys after Special Periodical Survey No. 1 and subsequent Special Periodical Surveys. Those items which are additional to
                    the requirements of the Annual Surveys may be surveyed either at or between the second and third Annual Surveys. After the completion of the No. 3 Special Periodical Survey, the following Intermediate Surveys are of the same scope as
                    the previous Special Periodical Survey.</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Special Periodical Surveys (or Class Renewal Surveys). </font>Class

















                    renewal surveys, also known as Special Periodical Surveys, are carried out for the ship's hull, machinery, including the electrical plant, and for any special equipment classed, and should be completed within five years after the date
                    of build or after the crediting date of the previous Special Periodical Survey. At the special survey, the vessel is thoroughly examined, including ultrasonic-gauging to determine the thickness of the steel structures. Should the
                    thickness be found to be less than the minimum class requirements, the classification society would prescribe steel renewals. A Special Periodical Survey may be commenced at the fourth Annual Survey and be continued with completion by
                    the fifth anniversary date. Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As mentioned above, for vessels that are more than 15 years old, the Intermediate Survey may also
        have a considerable financial impact.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At an owner's application, the surveys required for class renewal (for tankers only the ones in
        relation to machinery and automation) may be split according to an agreed schedule to extend over the entire five-year period. This process is referred to as continuous survey system. All areas subject to survey as defined by the classification
        society are required to be surveyed at least once per class period, unless shorter intervals between surveys are prescribed elsewhere. The period between two subsequent surveys of each area must not exceed five years.</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Most vessels are subject also to a minimum of two examinations of the outside of a vessel's bottom
        and related items during each five-year special survey period. Examinations of the outside of a vessel's bottom and related items are normally to be carried out with the vessel in dry-dock, but an alternative examination while the vessel is afloat
        by an approved underwater inspection may be considered. Such an examination is to be carried out in conjunction with the Special Periodical Survey, and in this case the vessel must be in dry-dock. For vessels older than 15 years (after the 3rd
        Special Periodical Survey), the bottom survey must always be in the dry-dock. In all cases, the interval between any two such examinations is not to exceed 36 months.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In general during the above surveys, if any defects are found, the classification surveyor will
        require immediate repairs or issue a ''recommendation'' which must be rectified by the shipowner within prescribed time limits.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Most insurance underwriters make it a condition for insurance coverage that a vessel be certified as
        "in-class" by a classification society which is a member of the International Association of Classification Societies, or IACS. All our vessels are certified as being "in-class" by American Bureau of Shipping, Lloyds Register or Bureau Veritas who
        are all members of IACS. All new and second-hand vessels that we purchase must be certified prior to their delivery under our standard purchase contracts and memoranda of agreement. If the vessel is not certified on the scheduled date of closing,
        we have no obligation to take delivery of the vessel.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Risk of Loss and Liability Insurance</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">General</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The operation of any cargo vessel includes risks such as mechanical failure, physical damage,
        collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil
        spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which in certain circumstances imposes virtually unlimited liability upon shipowners, operators and bareboat
        charterers of any vessel trading in the exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made liability insurance more expensive for shipowners and operators trading in the United States
        market. We carry insurance coverage as customary in the shipping industry. However, not all risks can be insured, specific claims may be rejected, and we might not be always able to obtain adequate insurance coverage at reasonable rates.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Marine and War Risks Insurance</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have in force marine hull and machinery and war risks insurance for all of our vessels. Our marine
        hull and machinery insurance covers risks of particular and general average and actual or constructive total loss from collision, fire, grounding, engine breakdown and other insured named perils up to an agreed amount per vessel. Our war risks
        insurance covers the risks of particular and general average and actual or constructive total loss from acts of war and civil war, terrorism, piracy, confiscation, seizure, capture, vandalism, sabotage and other war-related named perils. We have
        also arranged coverage for increased value for each vessel. Under this increased value coverage, in the event of total loss of a vessel, we will be able to recover amounts in excess of those recoverable under the hull and machinery policy in order
        to compensate for additional costs associated with replacement of the loss of the vessel. Each vessel is covered up to at least its fair market value at the time of the insurance attachment and subject to a fixed deductible per each single accident
        or occurrence, but excluding actual or constructive total loss.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Protection and Indemnity Insurance</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Protection and indemnity insurance is provided by mutual protection and indemnity associations, or
        P&amp;I Associations, and covers our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage
        to cargo, damage to other third-party property, pollution arising from oil or other substances, and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance,
        extended by protection and indemnity from mutual associations, or &#8220;clubs.&#8221;</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">52</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our current protection and indemnity insurance coverage for pollution is $ 1 billion per vessel per
        incident. The 13 P&amp;I Associations that comprise the International Group insure approximately 90% of the world&#8217;s commercial tonnage and have entered into a pooling agreement to reinsure each association&#8217;s liabilities. The International Group&#8217;s
        website states that the Pool provides a mechanism for sharing all claims in excess of US$ 10 million up to, currently, approximately US$ 8.2 billion. As a member of a P&amp;I Association, which is a member of the International Group, we are subject
        to calls payable to the associations based on our claim records as well as the claim records of all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International Group.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Permits and Authorizations</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are required by various governmental and quasi-governmental agencies to obtain certain permits,
        licenses and certificates with respect to our vessels. The permits, licenses and certificates that are required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the
        vessel's crew and the age of the vessel. We have obtained all permits, licenses and certificates currently required to permit our vessels to operate.&#160; Additional laws and regulations, environmental or otherwise, may be adopted, which could limit
        our ability to do business or increase the cost of us doing business.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Competition</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We operate in markets that are highly competitive. We compete for charters on the basis of price,
        vessel location, size, age and condition of the product tankers as well as our reputation as an operator. We compete primarily with owners and operators of product tankers in the Handysize, MR, LR1 and LR2 fleets. We believe that the ownership of
        product tankers is fragmented and divided among major oil companies and independent product tanker owners. The fragmented competitive landscape can be illustrated by our market position. Although we have one of the largest owned fleets, according
        to industry sources, our owned fleet constitutes approximately 2% of the existing global product tanker fleet (in dwt terms).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Organizational Structure</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc (formerly Anchor Admiral Limited and TORM Limited) is a public limited company incorporated
        on October 12, 2015 under the laws of England and Wales under the name TORM Limited with company number 9818726. Anchor Admiral Limited was renamed TORM Limited on November 26, 2015 and TORM Limited was renamed TORM plc on January 20, 2016.
        Following the closing of the Exchange Offer (discussed herein) and the listing of TORM plc's Class A common shares on Nasdaq Copenhagen on April 19, 2016, TORM plc became the publicly listed parent company of TORM A/S, which is now our wholly-owned
        subsidiary. The Group is engaged in the business of owning and operating product tankers to transport refined petroleum products. We, TORM A/S and other subsidiaries, own each of the vessels in our product tanker fleet (including eight newbuildings
        and other than five vessels that we charter in) and expect to own each additional vessel that we acquire in the future, through separate wholly-owned subsidiaries. The management of our fleet, including vessels that we charter in, is performed by
        our wholly-owned subsidiaries. We have offices in the United Kingdom, Denmark, Mumbai (India), New Delhi (India), Manila (the Philippines), Cebu (the Philippines), Singapore (Singapore) and Houston (Texas, USA).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A list of our significant subsidiaries is filed herewith as Exhibit 8.1.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">D.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Property, Plants and Equipment</font></div>
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      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We own no properties other than our vessels. We lease office space in various jurisdictions and had
        the following material leases in place as of December 31, 2018:</font></div>
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      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">London, United Kingdom, located at Birchin Court 20, Birchin Lane, EC3V 9DU with 1 employee at this location;</font></div>
              </td>
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      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">53</font></div>
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      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Hellerup, Denmark, located at Tuborg Havnevej 18, with approximately 129 employees at this location;</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9270219ee1454078a50faaf99332bca0">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore, Singapore, located at 6 Battery Road #27-02, with approximately 14 employees at this location;</font></div>
              </td>
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      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Houston, Texas, USA, located at Suite 710, 2500 City West Boulevard, with approximately 7 employees at this location;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2c3927c41f64622af4d1befa02948b2">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Manila, the Philippines, located at 7th Floor Salcedo Towers, 169 HV dela Costa Street, with approximately 37 employees at this location;</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf222fa7670b242b59b56182f9b3b2e9e">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cebu, the Philippines, located at 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor Park Centrale Bld, Jose Maria del Mar St., Corner Abad St., with 2 employees at this location;</font></div>
              </td>
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      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mumbai, India, located at 2nd Floor, Leela Business Park, Andheri-Kurla Road, with approximately 116 employees at this location; and</font></div>
              </td>
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    </div>
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      <div>
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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">New Delhi, India, located at 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, Caddle Commercial Tower, Aerocity, with 3 employees at this location.</font></div>
              </td>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Patents, Licenses and Trademarks</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have no material patents and do not use any licenses other than ordinary information technology
        licenses.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have trademark registered the rights to our Company's name (TORM) and logo (the TORM flag) in all
        relevant jurisdictions including Denmark, the European Union, Bahrain, Brazil, Singapore, the United Arab Emirates and the United States.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have registered our primary domains: www.torm.com, www.torm.dk and www.torm.eu.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 4A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UNRESOLVED STAFF COMMENTS</font></div>
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      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">None.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;The following presentation of management's discussion and analysis of results of operations and
        financial condition should be read in conjunction with our audited consolidated financial statements and related notes. You should also carefully read the following discussion with the sections of this annual report entitled &#8220;Cautionary Statement
        Regarding Forward-Looking Statements", "Explanatory Note and Presentation of Our Financial and Operating Data", Item 3. "Key Information&#8212;D. Risk Factors", Item 4. "Information on the Company&#8212;B. Business Overview". This discussion contains
        forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors
        such as those set forth in Item 3. "Key Information&#8212;D. Risk Factors" and elsewhere in this annual report.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The audited consolidated financial statements as of and for the years ended December 31, 2018, 2017
        and 2016 have been prepared in accordance with IFRS as issued by the IASB. The financial statements are presented in U.S. Dollar millions unless otherwise indicated.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">54</font></div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Non-IFRS measures</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certain non-IFRS measures included in our financial and operating data have been derived from amounts
        calculated in accordance with IFRS but are not themselves IFRS measures. They should not be viewed in isolation as alternatives to the equivalent IFRS measure, rather they should be read in conjunction with the equivalent IFRS measure. These
        include Time Charter Equivalent or TCE earnings, Adjusted gross profit (net earnings from shipping), Adjusted EBITDA (earnings before financial income and expense, depreciation and amortization, taxes and impairments), loan-to-value ratio and net
        interest-bearing debt. The computation of Adjusted EBITDA includes an adjustment for financial income and expenses which we deem to be equivalent to "interest" for purposes of presenting Adjusted EBITDA. Financial expenses consist of interest on
        bank loans, losses on foreign exchange transactions and bank charges, and financial income consists of interest income and gains on foreign exchange transactions. The term Adjusted EBITDA as used in this annual report has the same meaning and
        corresponds to all references to the term EBITDA as used in our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018.</font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There are a number of non-IFRS measures included in the <font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font> on pages 148-151. Only those non-IFRS measures listed herein are considered to form part of the annual report on Form 20-F.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Management believes that these non-IFRS measures are both useful and necessary to present in our
        financial and operating data, because they are used by management for internal performance analysis, the presentation of these measures facilitates an element of comparability with other companies, although management's measures may not be
        calculated in the same way as similarly titled measures reported by other companies, and because these measures are useful in connection with discussions with the investment community.</font></div>
    <table cellspacing="0" cellpadding="0" id="z5ae2e06304bf4196b1b8fabb2436fdbd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="11" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
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          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Time charter equivalent (TCE) earnings</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">352.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">397.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">458.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted gross profit (Net earnings from shipping activities)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">169.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">200.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">241.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted EBITDA</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">120.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">157.6</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">200.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net interest-bearing debt</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">627.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">619.7</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">609.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loan-to-value (LTV)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52.9</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">55.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Time
          Charter Equivalent (TCE) earnings</font>. We define TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions and freight and bunker derivatives. We report TCE earnings, a non-IFRS measure, because we believe it
        provides additional meaningful information to investors in conjunction with revenue, the most directly comparable IFRS measure, given it is a standard shipping industry performance measure used primarily to compare period-to-period changes in a
        shipping company's performance irrespective of changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Below is presented a reconciliation from
        revenue to TCE earnings.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">55</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zafa1a2a244334e4c8793877ec20b5525" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td colspan="12" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" rowspan="1">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Year ended</font></div>
            <div style="margin: 0px 0px 0px;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">December 31,</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reconciliation to revenue</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Revenue</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">635.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">657.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">680.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Port expenses, bunkers and commissions</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(283.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(259.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(221.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time charter equivalent (TCE) earnings</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">352.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">397.1</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">458.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Adjusted

















          gross profit (Net earnings from shipping activities)</font>. We define Adjusted gross profit (net earnings from shipping activities) as operating profit/(loss) before depreciation, impairment losses on tangible and intangible assets, other
        operating expenses, administrative expenses and profit from sale of vessels. We report Adjusted gross profit (net earnings from shipping activities), a non-IFRS measure, because we believe it provides additional meaningful information to investors
        to assess our operating performance from our shipping activities. Adjusted gross profit is also provided as an operating performance measure in the internal management reporting.</font></div>
    <table cellspacing="0" cellpadding="0" id="zc55a82ec385243f3b63d226157227c67" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="10" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reconciliation to operating profit/(loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operating profit/(loss)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(107.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">122.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Impairment losses on tangible and intangible assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.6</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">185.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other operating expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Administrative expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">47.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">45.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Profit from sale of vessels</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.8</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
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          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share of profit from joint ventures <br>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">(0.2 <br>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">) <br>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">0.0 <br>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">(0.2<br>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">) <br>
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          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Adjusted gross profit (net earnings from shipping activities)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">169.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">200.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">241.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Adjusted

















          EBITDA</font>. We define Adjusted EBITDA as net profit/(loss) for the period before tax expense, financial income, financial expenses, depreciation and impairment losses on tangible and intangible assets. The computation of Adjusted EBITDA refers
        to financial income and expenses, which we deem to be equivalent to "interest" for purposes of presenting Adjusted EBITDA. Financial expenses consist of interest on bank loans, losses on foreign exchange transactions and bank charges. Financial
        income consists of interest income and gains on foreign exchange transactions.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted EBITDA is used as a supplemental financial measure by management and external users of
        financial statements, such as our lenders, to assess our operating performance as well as our compliance with the financial covenants and restrictions contained in our financing agreements. We believe that Adjusted EBITDA assists our management and
        investors by increasing comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects between periods of interest, depreciation, amortization and taxes, which items
        are affected by various and possibly changing financing methods, capital structure and historical cost basis, which items may significantly affect results of operations between periods. We believe that including Adjusted EBITDA as an operating
        measure benefits investors in (a) selecting between investing in us or other investment alternatives and (b) monitoring our ongoing operational strength in assessing whether to continue to hold common units.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">56</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted EBITDA excludes some, but not all, items that affect profit/(loss), and these measures may
        vary among other companies. Therefore, Adjusted EBITDA as presented below may not be comparable to similarly titled measures of other companies. The following table reconciles Adjusted EBITDA to net profit/(loss), the most directly comparable IFRS
        financial measure, for the periods presented:</font></div>
    <table cellspacing="0" cellpadding="0" id="zf4b3ea67feb0416098850f01a19ed873" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="11" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reconciliation to net profit/(loss)</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net profit/(loss) for the year</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(34.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(142.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tax expense</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial income</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">122.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Impairment losses on tangible and intangible assets</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">185.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjusted EBITDA</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">120.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">157.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">200.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Net
          interest-bearing debt</font>. Net interest-bearing debt is defined as mortgage debt and bank loans (current and non-current), finance lease liabilities (current and non-current), amortized bank fees, less cash and cash equivalents. Net
        interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance our investments. As such, we believe that net interest-bearing debt is a
        relevant measure, which management uses to measure the overall development of our use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" rowspan="1" colspan="11">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;" rowspan="1" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);" colspan="3"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">2016</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net interest-bearing debt</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="3">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="3">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="3">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: top;" colspan="3">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="3">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="3">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mortgage debt and bank loans (current and non-current)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">724.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">720.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">669.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance lease liabilities (current and non-current)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amortized bank fees</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(127.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(134.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(76.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net interest-bearing debt</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">627.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">619.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">609.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Loan-to-value

















          (LTV) ratio. </font>Loan-to-value (LTV) ratio is defined as vessel values divided by net borrowings of the vessels. LTV describes the net debt ratio of our vessels and is used by us to describe the financial situation, the liquidity risk as well
        as to express the future possibilities to raise new capital by new loan facilities.</font></div>
    <table cellspacing="0" cellpadding="0" id="z25f19b0d184c449f93c55fa38b0cddad" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="11" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loan-to-value (LTV)</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vessel values, including newbuildings (broker values)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,675.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,661.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total (value)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,675.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,661.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1,445.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outstanding debt</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">754.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">753.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">685.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Committed CAPEX on newbuildings</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">258.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">306.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">148.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(127.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(134.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(76.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total (loan)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">885.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">926.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">758.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loan-to-value (LTV) ratio</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">52.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">%</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">55.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">%</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">52.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">%</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">57</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc39b1a5956754d39be537215dbd1bad7">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operating Results</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Primary Factors Affecting Results of Operations</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to "Financial Review 2018&#11835;Primary Factors Affecting Results of Operations" on pages
        51-52 of our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Important Financial and Operational Terms and Concepts of TORM plc</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company uses a variety of other financial and operational terms and concepts. These include the
        following:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za632e6eec5744bfc9caea45572d270f5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Voyage expenses.</font> Voyage expenses are all expenses
                    related to a particular voyage, including any bunker fuel expenses, port expenses, cargo loading and unloading expenses, canal tolls and agency fees. These expenses are subtracted from shipping revenues to calculate Time Charter
                    Equivalent Rates.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z46d1d16ce947429ea96fbb2621dba582">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Vessel operating costs</font>. Vessel operating costs include
                    crewing, repairs and maintenance (excluding capitalized dry-docking), insurance, consumable stores, lube oils, communication expenses and technical management fees. The largest components of our vessel operating costs are generally
                    crewing and repairs &amp; maintenance. Expenses for repairs &amp; maintenance tend to fluctuate from period to period because most repairs &amp; maintenance typically occur during periodic dry-dockings. We expect these expenses to
                    increase as our fleet matures and to the extent that it expands.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd69e59a33cdc4c349721e46f3186ecac">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Charter hire</font>. Charter hire consists of (i) money paid
                    to the vessel owner by a charterer for the use of a vessel under a time charter or bareboat charter and (ii) amortization of the fair value of time charter contracts acquired. Such payments to vessel owners are usually made during the
                    course of the charter every 30 days in advance or in arrears by multiplying the daily charter rate by the number of days and, under a time charter only, subtracting any time the vessel was deemed to be off-hire. Under a bareboat charter
                    such payments are usually made monthly and are calculated on a 360 or 365-day calendar year basis.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4fe4c7fa45334d9b9901b09291f7cb11">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Dry-docking</font>. We must periodically dry-dock each of our
                    vessels for inspection and any modifications to comply with industry certification or regulatory requirements. Generally, each vessel is dry-docked every 30-60 months.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd683dea1419b44abb3ac976e1179fd32">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Depreciation</font>. Depreciation expenses typically consist
                    of charges related to the depreciation of the historical cost of our fleet (less an estimated residual value and any impairment losses recognized) over the estimated useful lives of the vessels and charges related to the depreciation of
                    upgrades to vessels which are depreciated over the shorter of the vessel's remaining useful life or the life of the renewal or upgrade. Dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period
                    until the next dry-docking.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Factors You Should Consider When Evaluating the Results of TORM plc</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company faces a number of risks associated with our industry and must overcome a variety of
        challenges to utilize our competitive strengths in order to profitably implement our business strategy. These risks include, among other things: the highly cyclical tanker industry, dependence on spot market voyage charters, fluctuating charter
        values, increase in fuel prices, changing economic, political and governmental conditions affecting our industry and business, international sanctions, embargoes, import and export restrictions, nationalizations and wars, material changes in
        applicable laws and regulations, full performance by counterparties, particularly charterers, maintaining customer relationships, delay in deliveries or non-deliveries from shipyards, piracy attacks, maintaining sufficient liquidity, financing
        availability and terms and management turnover. See Item 3. "Key Information&#8212;D. Risk Factors".</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">58</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Results of Operations of TORM plc</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We operate within one segment, the product tanker segment, and thus the analysis has not been broken
        out into segments.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The financial highlights for TORM plc for the years ended December 31, 2018, 2017 and 2016 in this
        section have been extracted or derived from TORM plc's audited consolidated financial statements as of and for the years ended December 31, 2018, 2017 and 2016. As such, the information below should be read in conjunction with TORM plc's audited
        consolidated financial statements as of and for the years ended December 31, 2018, 2017 and 2016 and section of this annual report entitled "Explanatory Note and Presentation of Our Financial and Operating Data". Some of the information contained
        in this section, including information about TORM plc's plans and strategies for our business and our expected sources of financing, contains forward-looking statements that involve risks and uncertainties. Potential investors should read Item 3.
        "Key Information&#8212;D. Risk Factors" for information on certain factors that may have a material adverse effect on TORM plc's future performance, results of operations, cash flows and financial position.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc operates in a global industry where, among other things, freight rates are denominated and
        settled in United States dollars, and a majority of the cost base of TORM plc is denominated and settled in United States dollars. Consequently, TORM plc's financial reporting is in United States dollars.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial highlights for TORM plc</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to "Key Figures" on page 7 and "Highlights" on pages 9-11 of our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Consolidated financial statements as of and for the years ended December 31, 2018, 2017 and 2016</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Income statement</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The table below presents financial information derived from TORM plc's income statement for the years
        ended December 31, 2018, 2017 and 2016, which reflects a continuation of the historical financial information of Njord.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Income statement for TORM plc for the years ended December 31, 2018, 2017 and 2016</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">352.4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">169.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">200.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">241.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted EBITDA</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating profit/(loss)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(142.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total revenue for the year ended December 31, 2018 was $635 million, which represents a decrease of
        $22 million compared to the year ended December 31, 2017. This decrease in revenue is primarily due to a decrease in the freight rates in the spot market.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total port expenses, bunkers and commissions for the year ended December 31, 2018 were $283 million,
        which represents an increase of $23 million compared to the year ended December 31, 2017. Bunkers amounted to 61%, port expenses to 32%, and commissions and other voyage expenses to 7% respectively of the total port expenses, bunkers and
        commissions for the year ended December 31, 2018. Bunkers amounted to 55%, port expenses to 37%, and commissions and other voyage expenses to 8% of the total port expenses, bunkers and commissions for the year ended December 31, 2017. The increase
        in port expenses, bunkers and commissions was primarily due to increased bunker prices during the year.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">59</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TCE earnings for the year ended December 31, 2018 were $352 million corresponding to a decrease of
        $45 million compared to the year ended December 31, 2017. The decrease in TCE earnings was primarily due to a decrease in freight rates equating to a decrease in earnings of $48 million. This was mainly due to lower freight rates for the year ended
        December 31, 2018, compared with the year ended December 31, 2017.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted gross profit (net earnings from shipping activities) and Adjusted EBITDA were $169 million
        and $121 million, respectively, for the year ended December 31, 2018 compared to an Adjusted gross profit (net earnings from shipping activities) and Adjusted EBITDA of $200 million and $158 million, respectively, for the year ended December 31,
        2017. The decrease was mainly driven by the lower freight rates for the year ended December 31, 2018 compared to the year ended December 31, 2017.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating profit was $3 million for the year ended December 31, 2018 compared to an operating profit
        of $40 million for the year ended December 31, 2017. The decrease was mainly driven by the lower freight rates for the year ended December 31, 2018 compared to the year ended December 31, 2017.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc reported a net loss for the year ended December 31, 2018 of $35 million, compared to a net
        profit of $2 million for the year ended December 31, 2018, a decrease of $37 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total revenue for the year ended December 31, 2017 was $657 million, which represents a decrease of
        $23 million compared to the year ended December 31, 2016. This decrease in revenue is primarily due to a decrease in the number of available earning days as well as a decrease in freight rates.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total port expenses, bunkers and commissions for the year ended December 31, 2017 were $260 million,
        which represents an increase of $38 million compared to the year ended December 31, 2016. Bunkers amounted to 55%, port expenses to 37%, commissions and other voyage expenses to 8% respectively of the total port expenses, bunkers and commissions
        for the year ended December 31, 2017. Bunkers amounted to 50%, port expenses to 40%, commissions and other voyage expenses to 10% of the total port expenses, bunkers and commissions for the year ended December 31, 2016. The increase in port
        expenses, bunkers and commissions was primarily due to a 31% increase in bunker expenses as a result of the increased bunker prices during the year.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TCE earnings for the year ended December 31, 2017 were $397 million corresponding to a decrease of
        $61 million compared to the year ended December 31, 2016. The decrease in TCE earnings was primarily due to a decrease in freight rates equating to a decrease in earnings of $41 million. This was mainly due to lower freight rates for the year ended
        December 31, 2017, compared with the year ended December 31, 2016.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Adjusted gross profit (net earnings from shipping activities) and Adjusted EBITDA were $200 million
        and $158 million, respectively, for the year ended December 31, 2017 compared to an adjusted gross profit (net earnings from shipping activities) and Adjusted EBITDA of $242 million and $200 million, respectively, for the year ended December 31,
        2016. The decrease was mainly driven by the decrease in available earning days combined with lower freight rates for the year ended December 31, 2017 compared to the year ended December 31, 2016.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating profit was $40 million for the year ended December 31, 2017 compared to an operating loss
        of $107 million for the year ended December 31, 2016. The increase in operating profit was primarily due to an impairment charge of $185 million in the year ended December 31, 2016.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc reported a net profit for the year ended December 31, 2017 of $2 million compared to a net
        loss of $143 million for the year ended December 31, 2016, an increase of $145 million.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">60</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Revenue and port expenses, bunkers and commission (TCE earnings)</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TCE earnings for TORM plc for the years ended December 31, 2018 and 2017</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4cd3656cdfa34a98b72d1ab9ce8cf278" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> LR2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LR1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MR</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Handy</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year-end 2017</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Available TCE earning days&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,419</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,483</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,995</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,263</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27,160</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TCE earnings per earning day, USD&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,304</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,771</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,850</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,239</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14,621</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: middle; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TCE earnings, USD million</font>&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">55.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">267.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">397.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year-end 2018</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Available TCE earning days&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,027</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,484</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18,182</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,450</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27,141</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change</font>&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">18</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(25</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">%</font></div>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TCE earnings per earning day, USD&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15,425</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,982</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,847</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,970</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12,982</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(13</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(19</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(11</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">%)</font></div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: middle; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect on TCE earnings from change in the available TCE earning days, USD million&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: middle; width: 40%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect on TCE earnings from change in TCE earnings per earning day, USD million&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(36.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(47.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 40%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TCE earnings, USD million</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">62.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">32.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">233.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">352.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The majority of 2018 was challenging for the product tanker segment, although the year ended with a
        significant recovery across the broader tanker market.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the first half of the year, product tanker freight rates remained at a level similar to the
        rates seen in the same period in 2017. The year started out with healthy trading volumes. Exports from the US Gulf showed particularly strong growth, supported by increasing demand from Mexico and South America. Nevertheless, the positive impact of
        higher trading volumes was offset by shorter trading distances, partly as a result of the continued stock draw in some of the key importing regions.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, an increasing number of newbuilt crude tankers opted for a clean cargo on their maiden
        voyage, reducing demand for product tankers in the East. Crude cannibalization intensified in the second quarter, driven by a depressed crude tanker market.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the third quarter, product tanker freight rates declined further, and some of the benchmarks
        reached historically low levels, as higher oil prices and weaker currencies in several emerging market economies weighed negatively on oil demand and reduced trading volumes. Crude cannibalization continued at a high level in the third quarter. On
        top of the pressure from crude tankers, a backwardated oil price structure favored shorter hauls throughout the first three quarters of the year.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From the middle of the fourth quarter, product tanker freight rates started to pick up and reached
        levels not seen since late 2015/early 2016. Key interregional product arbitrage spreads, which had been closed for most of the year, widened and lifted demand for product tankers. Both the price spreads for gasoline and naphtha between West and
        East as well as spreads for diesel and jet fuel between East and West became supportive for product flows.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Product prices also turned from backwardation into contango, incentivizing floating storage of
        products. In addition, a stronger crude tanker market led to lower market cannibalization and encouraged a significant number of LR2s to shift from the clean market to the dirty market, effectively reducing tonnage supply.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">According to industry sources, asset prices on second-hand product tankers remained relatively flat
        during 2018 but saw an increase towards the end of the year. The end-of-year increase in asset prices was mainly driven by a combination of improved freight rates, a relatively low supply of vessels for sale and a shrinking order book. The value of
        TORM's fleet measured by broker values decreased by 4% during 2018 (when excluding vessels acquired and sold during 2018).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2018, TORM achieved a gross profit of $169 million (2017: $200 million) with the reduction from
        2017 driven by lower freight rates. TORM&#8217;s product tanker fleet realized TCE earnings of $/day 12,982, down 11% year on year, with the LR2 class at $/day 15,425, the LR1 class at $/day 12,982, the MR class at USD/day 12,847 and the Handysize class
        at $/day 9,970.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">61</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During 2018, TORM took delivery of four LR2 vessels from GSI with the last of the four vessels being
        equipped with a scrubber. During 2018, TORM ordered an additional three MR vessels from GSI, thereby bringing the total newbuilding program to nine vessels covering seven MR and two LR1 vessels. The newbuildings are expected to be delivered through
        2019 and the first quarter of 2020.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At the end of 2018, TORM operated a fleet of 75 vessels on the water of which 72 are fully owned and
        three are financial leasebacks.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the LR2 fleet, the number of available earning days increased by 18% from the year ended December
        31, 2017 and ended at 4,027 earning days for the year ended December 31, 2018. The increase was driven by the four newbuildings being delivered during 2018. The average LR2 freight rate for the year ended December 31, 2018 was $15,425 per day
        resulting in earnings of $62 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the LR1 fleet, the number of available earning days were unchanged from the year ended December
        31, 2017 compared to the year ended December 31, 2018, both years at 2,483 earning days. The average LR1 freight rates for the year ended December 31, 2018 were $12,982 per day resulting in earnings of $32 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc sold two MR vessels during 2018. The number of available earning days for the MR fleet
        remained at the same level from the year ended December 31, 2017 to the year ended December 31, 2018, by increasing 1%, because TORM plc took delivery of 2 MR vessels in the summer 2017 thereby offsetting the effect of the two sales. The average MR
        freight rate for the year ended December 31, 2018 was $12,847 per day resulting in earnings of $234 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc sold two Handysize vessels during 2018. Accordingly, the number of available earning days
        for the Handysize fleet decreased by 25% from the year ended December 31, 2017 to the year ended December 31, 2018 resulting in an increase in earnings to a total of $24 million.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TCE earnings for TORM plc for the years ended December 31, 2017 and 2016</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zecbd846591624b9a8587d5401b52586d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> LR2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LR1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MR</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Handy</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Not Allocated</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year-end 2016</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Available TCE earning days</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,490</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TCE earnings per earning day, USD</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TCE earnings, USD million</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">48.0</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">458.3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year-end 2017</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Available TCE earning days</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,419</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,483</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,995</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,263</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27,160</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(2</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(4</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(15</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TCE earnings per earning day, USD</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16,304</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,771</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,850</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,239</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14,621</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 28%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(23</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(27</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">%)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">%)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect on TCE earnings from change in the available TCE earning days, USD million</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(7.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(20.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect on TCE earnings from change in TCE earnings per earning day, USD million</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(16.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(12.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(40.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect on TCE earnings from other</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 28%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TCE earnings, USD million</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">55.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">267.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">397.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Despite a healthy consumer-driven demand for refined oil products, the record high clean petroleum
        product inventory levels globally that were built up during 2015 and the first part of 2016 had a negative impact on the product tanker market in 2017.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">62</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the majority of 2017, the general product tanker freight market was challenged, as local
        production and stocks could satisfy demand for clean petroleum products in most of the world. Global clean petroleum product stocks decreased by a volume equivalent to a loss of potential trade of 5%. Despite the overall inventory drawdown trend,
        every quarter had its own regional spike in freight rates showing that the market for product tankers improved instantly when inventory levels retracted locally.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the first half of 2017, product tanker freight rates remained at weak levels, similar to the
        fourth quarter of 2016. The exception was two freight rate spikes in March and June, primarily driven by increased demand for clean petroleum products in the western markets.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The second half of 2017 started out soft until late August where freight rates for transatlantic MR
        cargos spiked sharply following Hurricane Harvey's arrival on the U.S. Gulf Coast. However, the spike proved temporary and lasted approximately one week.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">More importantly, the transatlantic spike was followed by a significant increase in transpacific
        voyages. The strengthening in the transpacific market proved more robust than the initial transatlantic spike and carried a positive momentum into the fourth quarter.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Despite positive demand for LR vessels, the overall freight market for larger vessels in the second
        half of 2017 was negatively impacted by an increased supply of product tanker and crude tanker newbuildings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the LR2 fleet, the number of available earning days decreased by 2% from the year ended December
        31, 2016 and ended at 3,419 earning days for the year ended December 31, 2017. The average LR2 freight rates for the year ended December 31, 2017 were $16,304 per day resulting in earnings of $56 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the LR1 fleet, the number of available earning days decreased by 3% from the year ended December
        31, 2016 and ended at 2,483 earning days for the year ended December 31, 2017. The average LR1 freight rates for the year ended December 31, 2017 were $13,771 per day resulting in earnings of $34 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc sold 3 Handysize vessels during 2017. Accordingly, the number of available earning days for
        the Handysize fleet decreased 15% from the year ended December 31, 2016 to the year ended December 31, 2017, resulting in an increase in earnings to a total of $40 million.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjusted gross profit (net earnings from shipping activities)</font></div>
    <table cellspacing="0" cellpadding="0" id="z655ec250cbd04df3a4dbf2c279e3e791" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Year ended December 31, 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Year ended December 31, 2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Year ended December 31, 2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TCE earnings</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">352.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">397.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">458.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Charter hire</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(8.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(21.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Operating expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(180.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(188.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(195.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjusted gross profit (net earnings from shipping activities)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">169.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">200.2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">241.5</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
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    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's Adjusted gross profit (net earnings from shipping activities) for the year ended December
        31, 2018 was $169 million compared to $200 million for the year ended December 31, 2017 corresponding to a decrease of $31 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total costs related to charter hire decreased by $6 million for the year ended December 31, 2018
        compared to the year ended December 31, 2017 mainly due to the redelivery of two remaining vessels in 2018.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2018, operating expenses for vessels decreased by $8 million to $180. Average operating expenses
        per day ended at $6,389 for the year ended December 31, 2018 compared to $6,673 for the year ended December 31, 2017 reflecting a decrease of 4%.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">63</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's Adjusted gross profit (net earnings from shipping activities) for the year ended December
        31, 2017 was $200 million compared to $242 million for the year ended December 31, 2016 corresponding to a decrease of $42 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total costs related to charter hire decreased by $13 million for the year ended December 31, 2017
        compared to the year ended December 31, 2016 mainly due to the redelivery of two vessels in the beginning of 2017.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2017, operating expenses for vessels decreased by $7 million to $188million primarily due to an
        decrease in the number of operating days of 5%. Average operating expenses per day ended at $6,673 for the year ended December 31, 2017 compared to $6,772 for the year ended December 31, 2016 reflecting a decrease of 1%.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjusted EBITDA</font></div>
    <table cellspacing="0" cellpadding="0" id="z30ffba163ab94a3897daf3ad748a20d0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjusted gross profit (net earnings from shipping activities)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">169.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">200.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">241.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Administrative expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(47.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(45.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(41.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other operating expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Profit from sale of vessels</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share of profit from joint ventures</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjusted</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EBITDA</font></font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">120.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">157.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">200.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's Adjusted EBITDA for the year ended December 31, 2018 was $121 million compared to $158
        million for the year ended December 31, 2017 corresponding to a decrease of $37 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total administrative expenses and other operating expenses increased from $45 million for the year
        ended&#160; December 31, 2017 to $50 million for the year ended December 31, 2018 because of a higher number of FTEs.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's Adjusted EBITDA for the year ended December 31, 2017 was $158 million compared to $200
        million for the year ended December 31, 2016 corresponding to a decrease of $42 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total administrative expenses and other operating expenses increased from $42 million for the year
        ended&#160; December 31, 2016 to $45 million for the year ended December 31, 2017 because of a higher number of FTEs.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operating profit/(loss)</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z9ecaf9945b53469582a8e9e4fb6e8810">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: top;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Adjusted</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EBITDA</font></font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">120.5</font></td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">157.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">200.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Impairment charges</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(185.0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(114.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(114.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(122.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operating profit/(loss)</font></div>
          </td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(107.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's operating profit for the year ended December 31, 2018 was $3 million compared to an
        operating loss of $40 million for the year ended December 31, 2017 corresponding to a decrease of $37 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The impairment charge amounted to $3 million for the year ended December 31, 2018 compared to $4
        million for the year ended December 31, 2017 and was related to impairments regarding vessels sold during the year.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation amounted to $115 million for both the year ended December 31, 2018 and the year ended
        December 31, 2017.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">64</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's operating profit for the year ended December 31, 2017 was $40 million compared to an
        operating loss of $107 million for the year ended December 31, 2016 corresponding to an increase of $147 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The impairment charge amounted to $4 million for the year ended December 31, 2017 and was related to
        impairments regarding vessels sold during the year. In comparison, the impairments amounted to $185 million for the year ended December 31, 2016 due to an impairment of the tanker segment and related goodwill in the fourth quarter of 2016. See Note
        8 and Note 23 to the audited consolidated financial statements of TORM plc for the year ended December 31, 2017.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation amounted to $115 million for the year ended December 31, 2017 compared to $122 million
        for the year ended December 31, 2016 driven by a slightly smaller fleet on average for the year ended December 31, 2017 compared with the year ended December 31, 2016.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Profit/(loss) before tax</font></div>
    <table cellspacing="0" cellpadding="0" id="z37d72118323c4db2a9948912b9870cd4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31, 2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operating profit/(loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(107.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial income</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(39.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(40.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(37.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Profit/(loss) before tax</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(33.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(141.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's loss before tax for the year ended December 31, 2018 was $33 million compared to a profit
        of $3 million for the year ended December 31, 2017 corresponding to a decrease of $36 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial expenses for the year ended December 31, 2018 decreased to $39 million from $41 million for
        the year ended December 31, 2017. Financial income for the year ended December 31, 2018 decreased to $3 million from $4 million for the year ended December 31, 2017.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's profit before tax for the year ended December 31, 2017 was $3 million compared to a loss
        of $142 million for the year ended December 31, 2016 corresponding to an increase of $145 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial expenses for the year ended December 31, 2017 increased to $41 million from $37 million for
        the year ended December 31, 2016. This was mainly due to the new loan agreements entered into during the year. Financial income for the year ended December 31, 2017 increased to $4 million from $3 million for the year ended December 31, 2016.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Balance sheet</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets as of December 31, 2018 were $1,714 million corresponding to an increase of $67 million
        compared to December 31, 2017.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The increase in total assets from December 31, 2017 to December 31, 2018 was primarily driven by an
        increase in vessels and capitalized dry-docking of $102 million offset by a decrease in prepayments on vessels of $43 million related to the delivery of the vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The carrying value of vessels, newbuildings, capitalized dry-docking and prepayments on vessels as of
        December 31, 2018 amounted to $1,442 million compared to $1,382 million as of December 31, 2017. In total, the investments for 2018 amounted to $202 million compared to $148 million for 2017. Depreciation on the fleet amounted to $114 million for
        2018 compared to $114 million for 2017. No impairment charges were recognized in 2018.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">65</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total equity as of December 31, 2018 was $847 million corresponding to an increase of $56 million
        compared to December 31, 2017. The increase in equity was mainly due to the Private Placement completed in January 2018&#160; and the offsetting effect of the net loss for the year 2018. For more information about the Private Placement, please see Item
        7. "Major Shareholders and Related Party Transactions&#8212;B. Related Party Transactions."</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's liabilities increased by $11 million from $856 million as of December 31, 2017 to $867
        million as of December 31, 2018. The increase in liabilities was mainly attributable to minor fluctuations in the current liabilities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets as of December 31, 2017 were $1,647 million corresponding to an increase of $76 million
        compared to December 31, 2016.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The increase in total assets from December 31, 2016 to December 31, 2017 was primarily driven by an
        increase in cash and cash equivalents of $58 million and an increase in prepayments on vessels of $44 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The carrying value of vessels, newbuildings, capitalized dry-docking and prepayments on vessels as of
        December 31, 2017 amounted to $1,383 million compared to $1,388 million as of December 31, 2016. In total, the investments for 2017 amounted to $148 million compared to $117 million for 2016. Depreciation on the fleet amounted to $114 million for
        2017 compared to $120 million for 2016. No impairment charges were recognized in 2017.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total equity as of December 31, 2017 was $791 million corresponding to an increase of $10 million
        compared to December 31, 2016. The increase in equity was mainly due to the net profit from 2017 and changes in fair values of hedges used as hedge accounting.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc's liabilities increased by $66 million from $790 million as of December 31, 2016 to $856
        million as at December 31, 2017. The increase in liabilities was mainly attributable to new mortgage debt and bank loan facilities, primarily in connection with obtaining the new Term Facility 2 (defined below).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Critical Accounting Estimates and Judgments of TORM plc</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The preparation of financial statements in conformity with IFRS requires estimates and assumptions
        that influence the value of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the value of revenue and expenses during the reporting period. These estimates and assumptions
        are affected by the accounting policies applied. An accounting estimate is considered critical if the estimate requires the executive management's position on matters that are subject to significant uncertainty, if different estimates could
        reasonably have been applied, or if changes in the estimate that would have a material impact on the financial position or results of operations are reasonably likely to occur from financial period to financial period. Our management believes that
        the accounting estimates employed for the historical financial statements for TORM plc are appropriate and the resulting balance sheet items are reasonable. However, future results of TORM plc could differ from original estimates requiring
        adjustments to balance sheet items in future periods.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our management believes that the most significant accounting estimates and judgments relate to the
        assessment of whether vessels are impaired. Management changed their method of estimating one of the key assumptions utilized in the impairment assessment during the year ended December 31, 2018.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to "Financial Review 2018&#8212;Assessment of Impairment of Assets", Note 1&#8212;" Accounting
        policies, critical accounting estimates and judgements" and Note 7&#8212;"Impairment Testing" in the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Implications of Being an Emerging Growth Company</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We had less than $1 billion in revenue during our last fiscal year, which means that we are an
        "emerging growth company" as defined in the Jumpstart Our Business Startups Act, or JOBS Act. An emerging growth company may take advantage of specified reduced public company reporting requirements that are otherwise applicable generally to public
        companies. These provisions include:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">66</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d562419cc634284bd86dd374e07013d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exemption from the auditor attestation requirement of management's assessment of the effectiveness of the emerging growth company's internal controls over
                    financial reporting pursuant to Section 404(b) of Sarbanes-Oxley; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf6ce65613785467d8b7c49732f38dcb2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm
                    rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and financial statements.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We may choose to take advantage of some or all of these reduced reporting requirements. We may take
        advantage of these provisions until the end of the fiscal year following the fifth anniversary of the date we first sell our common equity securities pursuant to an effective registration statement under the Securities Act or such earlier time that
        we are no longer an emerging growth company. We will cease to be an emerging growth company if we have more than $1 billion in "total annual gross revenues" during our most recently completed fiscal year, if we become a "large accelerated filer"
        with a public float of more than $700 million, or as of any date on which we have issued more than $1 billion in non-convertible debt over the three-year period prior to such date. For as long as we take advantage of the reduced reporting
        obligations, the information that we provide to shareholders may be different from information provided by other public companies.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take
        advantage of the extended transition period for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to
        private companies. We currently prepare our consolidated financial statements in accordance with IFRS, as issued by the IASB, which do not have separate provisions for publicly traded and private companies. However, in the event we convert to
        accounting principles generally accepted in the United States while we are still an emerging growth company, we may be able to take advantage of the benefits of this extended transition period and, as a result, during such time that we delay the
        adoption of any new or revised accounting standards, our consolidated financial statements may not be comparable to other companies that comply with all public company accounting standards. See Item 3. "Key Information&#8212;D. Risk Factors&#8212; We are an
        "emerging growth company" and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Class A common shares less attractive to investors."</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83b877ae9dfe4424afe034c564c8ff25">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Liquidity and Capital Resources</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Overview</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our primary application of cash relates to operating expenses, financial expenses (interest payment
        and debt repayment) and capital expenditures, primarily investments in ships. Payment of amounts outstanding under our Financing Agreements (more fully discussed below) along with payment of charter hire for chartered-in vessels and all other
        commitments that we have entered into are made from the cash available to us. Our primary sources of cash are cash flows from operations, our Financing Agreements (more fully discussed below), new debt or equity financings and sale of vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, the Group had available liquidity in the form of cash and cash equivalents
        of $127 million and the undrawn Working Capital Facility of $75 million (discussed below). All of our credit facilities carry variable interest rates. The credit facilities are dedicated to the ongoing financing of the operation of existing
        vessels. The Company uses interest rate swaps to hedge parts of the variable interest rate risk associated with the credit facilities. As of December 31, 2018, we had hedged the interest rate on approximately 50% of our outstanding interest-bearing
        debt at an interest rate of 2.04% plus margin.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, we had no short-term loans other than any short-term part of the facilities
        included in the table entitled below. See "ITEM 5&#8212; B. Liquidity and Capital Resources&#8212;Our Financing Agreements" for a description of the repayment schedule. As part of our day-to-day operations, we have accounts payables.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">67</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We plan to fund our operations as well as aggregate capital expenditures of $357 million, as of
        December 31, 2018, from internally generated cash flow and our borrowing under our Financing Agreements. The capital expenditures are primarily related to our obligations under the newbuilding contracts for the construction of product tanker
        newbuildings as well as purchase and installation of scrubbers and ballast water treatment systems.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are of the opinion that our working capital is adequate to meet our present requirements for the
        next twelve months following the date of this annual report.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The table below gives an overview of our long-term bank loans and finance leases.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financing Agreements, including long-term and short-term mortgage debt, bank loans and finance leases
        as of December 31, 2018 of TORM plc.</font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z484fb14b71114b3bbb24372a5ab19a77">

        <tr>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facility</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lenders</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Maturity</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Outstanding Debt as of</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">December 31,&#160; 2018<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>(USD millions)</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Undrawn Amount</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">as of December 31, 2018</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(USD millions)</font></div>
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        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Term Facility 1</font></div>
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          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">HSH Nordbank 33.1%</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SEB 13.9%</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DBS 9.7%</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">HSBC 6.8%</font></div>
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          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">July 13, 2021</font></div>
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          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">331.3</font></div>
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          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
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        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Working Capital Facility</font></div>
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          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danske Bank 46.2%</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">HSH Nordbank 24.3%</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SEB 13.3%</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DBS 11.1%</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">HSBC 5.1%</font></div>
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          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">July 13, 2021</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.0</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">75.0</font></div>
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        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CEXIM Facility</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CEXIM</font></div>
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          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">November 26, 2030</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">111.7</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Term Facility 2</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danske Bank 25.0%</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABN Amro 25.0%</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ING 25.0%</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DVB 25.0%</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">March 31, 2022</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">103.7</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF Facility</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">June 15, 2026</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">140.7</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">87.8</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ING Facility</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ING</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">September 8,&#160;2024</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">42.0</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABN Facility</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABN AMRO</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">December 31, 2024</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0.0</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">70.0</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total debt under the Debt Agreements</font></div>
          </td>
          <td style="width: 4%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">729.4</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">232.8</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance lease - TORM Helene</font></div>
          </td>
          <td style="width: 4%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Flora Co., Ltd.</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">March 22, 2022</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">7.0</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance lease - TORM Mary</font></div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Grange Co., Ltd.</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">March 22, 2022</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9.1</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 17%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance lease - TORM Vita</font></div>
          </td>
          <td style="width: 4%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Jellicoe Co., Ltd.</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">April 26, 2022</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9.2</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 16%; vertical-align: bottom;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total debt under the Debt Agreements and finance leases</font></div>
          </td>
          <td style="width: 17%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;</font></div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><br>
            </div>
          </td>
          <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">754.7</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
                </font></div>
            </div>
          </td>
          <td style="width: 4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;"><br>
            </div>
          </td>
          <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">232.8</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> As of December 31, 2018, we had secured commitment, subject to loan documentation, for
        borrowings of up to $46 million from KfW, which we expect to use to partially finance the purchase price of the MR Product Tanker Newbuildings. This amount is not reflected in this table.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">68</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our Financing Agreements</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The DSF Facility</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In April 2014, certain of TORM plc's vessel-owning subsidiaries, as borrowers, entered into a $150
        million secured credit facility, or the DSF Facility, with Danish Ship Finance A/S, or DSF, to partially finance the purchase price of 13 of the Njord Acquisition Vessels, or the DSF Vessels (Tranche 1). The DSF Facility was amended and restated in
        September 2015 to increase the aggregate loan amount available to the borrower to $196 million in order to finance three of the OCM Newbuildings (Tranche 2) and again in November 2016 to increase the aggregate loan amount to $207 million to
        partially finance two of our MR tankers, TORM Loke and TORM Troilus (Tranche 3). On September 20, 2017, we amended and restated the DSF Facility for additional borrowings of up to $81 million to partially finance the aggregate purchase of the GSI
        MR Resale Newbuildings (Tranche 4), which will serve as additional collateral vessels under the facility agreement, as amended and restated. On July 20, 2018, the DSF Facility was further amended and restated to include additional borrowings of up
        to $7 million to finance the purchase and installation of scrubbers on the GSI MR Resale Newbuildings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 5, 2018, the maturity of Tranche 1 was extended from June 2019 to December 2021.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest under the DSF Facility is payable quarterly in arrears at the aggregate of the applicable
        margin (2.5% <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">per annum</font> in respect of the Tranche 1 and Tranche 2; 2.6% <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">per annum</font> in respect of the Tranche 3; 2.35% <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">per annum</font> in respect of Tranche 4) and LIBOR. The DSF
        Facility matures in June 2026, and the loan principal is expected, as of December 31, 2018, to have the following repayment profile: 2019: $24 million; 2020: $22 million; 2021: $90 million; 2022: $22 million; 2023: $5 million; 2024: $5 million;
        2025: $5 million; 2026: $55 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The DSF Facility is secured by:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z158ad9cdf5764a3fb41e006df857eaa2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first priority mortgages over the (i)&#160; nine Njord Acquisition Vessels (four of the initial 13 have since been sold), (ii) three OCM Newbuildings, which were
                    delivered to us between October and November 2015, (iii) TORM Loke and TORM Troilus, and (iv) the GSI MR Resale Newbuildings ((i)-(iv) together, the DSF Collateral Vessels);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4011fc0543d14f238b8704280c7f57a0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a joint and several guarantee from the vessel-owning subsidiaries of the DSF Collateral Vessels and certain related parties;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc5a1e4c287ed49eca30d148ee0aed37e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">assignment of the insurances, earnings, charters and requisition compensation of the DSF Collateral Vessels;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z15e0b65a8fbc4594a7ad330a5ee9bdbb">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an account security agreement in respect of all amounts standing to the credit of the deposit accounts and reserve account opened in the name of the borrower;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb9f57743b3b9465081eb841518d2d5df">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">charges of all the issued shares of the vessel-owning subsidiaries of the DSF Collateral Vessels;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z61a3f51a42054790bd03583f6e9ba48c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">assignment and subordination of any inter-company indebtedness between the relevant obligors under the DSF Facility.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The DSF Facility contains, among other things, the following financial and other covenants:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z14c901d8a3b947ae892cd9dfc82ec98e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Loan-to-value</font>. If at any time the aggregate market
                    value of the vessels and the value of any additional security is less than 133% of the loan amount less amounts on credit in the deposit accounts and reserve account and the value of any additional security, the borrower and guarantors
                    shall, within 30 days of a written request, post additional security or prepay the loan to reduce the excess to zero.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">69</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b115f55bb6940c2bf6f8b5ad1de7798">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Free Liquidity</font>. Minimum unencumbered cash and cash
                    equivalents and, for so long as the availability period under the Working Capital Facility ends at least six months after the calculation date, the undrawn commitments under the Working Capital Facility that are available for
                    utilization, of the higher of $75 million and 5% of our total debt, of which $40 million is required to be unencumbered cash and cash equivalents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfefb8035e1434fdab9f7f9547b5713fd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Equity Ratio</font>. The ratio of market value adjusted
                    shareholders' equity to total market value adjusted assets shall be at least 25%.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e6eeb95f38641b1a5ea37bc9da8b326">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Dividends</font>. We are restricted from making any
                    distributions, including payment of dividends and repayments of shareholders loans, except those distributions made after the first half of each of its financial years, of up to 75% of the borrower's net income (based on our June 30 or
                    year-end financial statements, as the case may be) for that half year period, provided that, after giving effect to such distributions, the Company would not be in breach of its financial covenants contained in the DSF Facility
                    agreement and would not cause an event of default otherwise under the facility agreement. The restrictions on dividends cease to apply at any time (i) the Group's loan-to-value ratio of the sum of the Group's borrowings less cash and
                    cash equivalents to the aggregate market value of the Company's fleet is 50% or below.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The DSF Facility provides for voluntary prepayment, certain mandatory prepayment events and
        representations, general covenants and events of default provisions, including the following:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc901344fc4654ff9baee524fbbf33c96">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mandatory Prepayment.</font> The DSF Facility provides for
                    mandatory prepayment following certain events including a change of control, TORM plc being delisted from Nasdaq Copenhagen or a sale or total loss of vessels.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z67a37deafc0a421e96a4f2529f7e6663">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Events of default.</font> The DSF Facility contains certain
                    events of default, including, among other things (i) non-payment of principal and interest (subject to a three-business-day grace period), (ii) breach of financial covenants, certain insurance and security undertakings and certain
                    mandatory prepayment provisions, (iii) breach of other obligations (subject to a 10 business-day grace period if the breach is deemed capable of remedy), (iv) default of the borrower, any guarantor or any other security party on any
                    financial indebtedness (subject to a $10 million aggregate default threshold), (v) any expropriation, attachment, sequestration, distress or execution affects the assets of the borrower, any guarantor or any other security party with an
                    aggregate value of $10 million, (vi) change in ownership or control of a guarantor, (vii) reduction of capital in a guarantor and (viii) material adverse change. After the occurrence of an event of default which is continuing, the agent
                    under the DSF Facility may, and shall if so directed by 66 2/3% of the lenders by notice cancel the loan commitments, declare all amounts outstanding immediately due and payable and/or exercise its rights under the security documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Term Facility 1</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On July 13, 2015, or the Restructuring Completion Date, we entered into a $561 million six-year term
        loan facility with the Participating Lenders, certain other lenders and Danske Bank as agent and security agent, or the Term Facility 1. This facility provides for quarterly fixed amortizations and matures in July 2021 with an expected payment
        profile as of December 31, 2018: 2019: $48 million; 2020: $48 million; and 2021: $235 million.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This facility bears interest at LIBOR plus a margin of 2.5% <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">per annum</font>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In January 2016, we received consent from our lenders to amend this facility in accordance with the
        terms of an amendment and waiver letter. See "&#8212;Amendments to the Term Facility 1 and the Working Capital Facility", below.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">70</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Working Capital Facility</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Restructuring Completion Date, we entered into the Working Capital Facility with certain
        Participating Lenders to obtain financing for general corporate purposes. This $75 million facility has an initial term of six years. This facility bears interest at LIBOR plus a margin of 2.50% <font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-style: italic;">per annum</font>. The Working Capital Facility is secured by the same assets as the Term Facility I but ranks ahead of the Term Facility I with respect to the collateral proceeds. For a description
        of the Term Facility security, see "&#8212;Our Financing Agreements&#8212;Term Facility 1". A commitment fee equal to 40% of the margin is payable by us with respect to any unutilized amounts under the facility and any accrued commitment fee will be payable
        quarterly in arrears.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Term Facility 1 and the Working Capital Facility, which we refer to collectively as the
        "Restructuring Financing Agreements", are secured by:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z77200e9017564c00a495d05203b4c8ff">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">mortgages over 41 vessels in our fleet, or the security vessels;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4e2e27bb6f4467e9672ed2f6308c7c4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">guarantees from each of the entities that own the vessels securing this facility and their holding companies, which we refer to collectively as the "NTF
                    Guarantors";</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z40c718e97cf1422a98fd097bec0d1213">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first priority charges of all the issued shares of the entities that own the vessels and certain Danish holding companies;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z92b805a55e094dac9bf19f9907787262">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first priority assignment of the insurances, earnings and requisition compensation relating to the security vessels.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Restructuring Financing Agreements have, among other things, financial covenants, which are
        tested on a semi-annual basis:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f9d13a0029b4995bb9ce82f8ab07ad8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum liquidity requirement</font>. Minimum liquidity of
                    the higher of $75 million and, on and after six months following the Restructuring Completion Date, 5.0% of our total debt in available cash of which $20 million is required to be cash-on-hand;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd13f544c0bd945c39723e6f0360ec19c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum leverage ratio</font>. The ratio of market value
                    adjusted shareholders' equity to total market value adjusted assets shall be at least 25%; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf218c2542e9e4e02b3607bb9628e70ec">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum collateral maintenance requirements</font>. The
                    aggregate fair market value of the secured vessels shall be at least 125% of all outstanding debt under the Restructuring Financing Agreements. The borrower and guarantors shall, within 30 days of a written request, post additional
                    security or prepay the loan to reduce the excess to zero. The fair market value of the secured vessels shall be determined to be the average of two recent appraisals from Approved Brokers based on an arm's length charter-free
                    transaction between a willing and able buyer and a seller not under duress.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Restructuring Financing Agreements also contain the following covenants and default provisions
        including, among other things:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z26b18c34427146e4826e78cbdc8cac07">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mandatory prepayment</font>. The Restructuring Financing
                    Agreements provide for mandatory prepayment following certain events including a change of control, sale or total loss of vessels;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcb9526571ef84d32b1a4c65710977e56">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Events of default.</font> The agreed events of default, which
                    we consider to be standard for facilities of this type and nature, include (i) non-payment, (ii) breach of covenant, (iii) cross-default (subject to a $10 million threshold), (iv) insolvency or bankruptcy, (v) arrest and detention of a
                    mortgaged vessel for a period of more than 30 days, (vi) misrepresentation, (vii) breach of a material contract, (viii) cessation of business and (ix) material adverse change. After the occurrence of an event of default which is
                    continuing, the agents may, and shall if so directed by the 66.67% or more of the lenders cancel the loan commitments, declare all amounts outstanding immediately due and payable and/or exercise its rights under the security documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">71</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Restructuring Financing Agreements also restrict our ability to:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b9f9538ca654900a24e8019a4ac8af3">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Charter-in vessels.</font> Our aggregate exposure for
                    chartering-in vessels (including exposure under FFAs entered into for speculative purposes) for a remaining term that exceeds six months shall not exceed an amount equal to a charter-in day rate of $25,000 payable on 50% of all vessels
                    owned by us for a period of 24 months (for example, if we time chartered-in vessels at an average rate of $25,000 per day over a 24-month period, we would be able to charter-in 38 vessels, including the MR Acquisition Vessels and the
                    OCM Newbuildings); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In January 2016, we obtained the consent of the applicable lenders under the Term Facility 1 and the
        Working Capital Facility to amend certain provisions in the facilities to permit, among other things: (i) the non-mandatory transfer by Njord Luxco of its current stake in TORM A/S to TORM plc in advance of completion of the Exchange Offer, (ii)
        the completion of the Exchange Offer, (iii) the subsequent delisting of TORM A/S from Nasdaq Copenhagen, conditioned upon the listing of TORM plc on Nasdaq Copenhagen, (iv) the transfer by TORM A/S to TORM plc of the three unencumbered newbuilding
        contracts of TORM A/S and six unencumbered vessels either by way of a direct transfer or indirectly via a transfer of the relevant TORM A/S subsidiary owning such vessel, (v) the payment of dividends, subject to the satisfaction of certain
        conditions, including notice to the facility agent under such facilities and the repayment of pre-agreed amount under the Term Facility 1 and (vi) applicable amendments to the two facilities to reflect, among other things, (i) through (v), above.
        We refer to these amendments, collectively, as the "Facility Amendments".</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In connection with the Facility Amendments, the borrowings under the Term Facility 1 provided to us
        by certain lenders that did not consent to the Facility Amendments, or the Objecting Lenders, were transferred to Danske Bank under the Term Facility 1, and the Objecting Lenders were repaid in full in the amount of $21 million by Danske Bank. In
        connection with this transaction, we repaid $21 million of our outstanding borrowings under our $27 million facility with Danske Bank, or the Danske Bank Facility, on January 13, 2016. The purpose of this was to keep our outstanding borrowings
        under the Term Facility 1 unchanged and to reduce our outstanding borrowings under the Danske Bank Facility by $21 million, which we repaid in full on June 30, 2016.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In August 2016, we obtained the consent of the applicable lenders under the Restructuring Financing
        Agreements to amend certain provisions therein to reflect a permitted intercompany reorganization, which did not constitute a sale of any vessels mortgaged thereunder, pursuant to which Njord ceased to be a guarantor under the Restructuring
        Financing Agreements.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The CEXIM Facility</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On July 8, 2016, one of our vessel-owning subsidiaries, as borrower, entered into a $115 million
        secured term loan facility with the Export-Import Bank of China, or the CEXIM Facility, which provides us with borrowings of up to $29 million per vessel to finance the purchase price of each of the LR2 Product Tankers Newbuildings under contract
        with GSI, which are expected to be delivered in the first half of 2018. The CEXIM Facility is guaranteed by TORM A/S and TORM plc and bears interest at a rate of LIBOR plus a margin of 2.25% <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">per annum</font>. Borrowings under each of the four vessel tranches are repayable in 48 equal consecutive quarterly installments and a balloon payment on November 26, 2030. The CEXIM Facility is secured
        by a first priority fleet mortgage over each of the LR2 Product Tanker Newbuildings, first priority share security in the shares of our vessel-owning subsidiary, account security over the earnings accounts of the borrower, charter assignments and
        charterer's assignments and undertakings in favor of the security agent relating to the LR2 Product Tanker Newbuildings.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The CEXIM Facility has the following financial covenants tested on a semi-annual basis which require
        us to maintain, among other things:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7bea1cde9d5e4bf5914f1e0f028d8ab8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Equity Ratio. </font>A ratio of equity to total assets of no
                    less than 25%; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a3991b0082646dca4953d570b4061f3">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum liquidity requirement</font>. A minimum liquidity
                    greater than or equal to the higher of $75 million and 5% of the Group's total debt, of which at least $20 million of such liquidity shall, at all times, consist of the Group's cash and cash equivalents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">72</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Term Facility 2</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 6, 2017, we entered into a $130 million syndicated term loan facility, or the Term
        Facility 2, with Danske Bank A/S as Agent and Security Agent and ABN AMRO NV, DVB Bank SE and ING Bank NV as arrangers and lenders. TORM plc is the borrower under this facility, which is guaranteed by TORM A/S and VesselCo 10 Pte. Ltd., our
        wholly-owned subsidiary and owner of the nine of our MR product tanker vessels which serve as collateral under the facility. The Term Facility 2 was entered into to partially refinance nine MR product tanker collateral vessels and for general
        corporate purposes. The Term Facility 2 is secured by first priority mortgages over the nine MR collateral vessels as well as first priority assignments in respect of each of the vessel's insurances, earnings, requisition compensation, bareboat
        charters, share security in the shares of our vessel-owning subsidiary, hedging contract assignments and intra-group loan assignments. The facility bears interest at a rate of LIBOR plus a margin of 2.75% <font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-style: italic;">per annum </font>and matures on March 31, 2022. The Term Facility 2 was fully utilized on January 27, 2017, when we drew down $126 million. Borrowings under each of the nine vessel tranches
        are repayable in 20 equal consecutive quarterly installments of $3 million each with a balloon payment of $70 million due on the maturity date.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The facility has the following financial covenants tested on a semi-annual basis which require us to
        maintain, among other things:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb84dec4618b4801976701e7a0fb8555">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Equity Ratio</font>. A ratio of equity to total assets of no
                    less than 25%; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z996e6f369fa14269a076b83629ef5aa5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum liquidity requirement</font>. A minimum liquidity
                    greater than or equal to the higher of $75 million and 5% of our total debt, of which cash and cash equivalents shall make up the greater of $40 million or 5% of our total debt.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">ING Facility</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On September 8, 2017, we entered into a secured term loan facility with ING Bank NV, or the ING
        Facility, which provides us with borrowings of up to $47 million which we have used to finance the purchase of the Hyundai Mipo MR Resale Newbuildings, or the Newbuilding Tranche, and to partially refinance outstanding indebtedness of our
        2002-built MR product tanker <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">TORM </font>Amazon, or the Refinancing Tranche. TORM plc is the borrower under the ING Facility, and TORM A/S and our
        wholly-owned subsidiary which owns the security vessels serve as guarantors. The ING Facility has a term of seven years, bears interest at a rate of LIBOR plus a margin of 2.05% <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">per annum</font> and is repayable in quarterly installments and a balloon payment on September 4, 2024. The ING Facility is secured by first priority mortgages over the security vessels as well as first priority
        assignments in respect of each of the vessel's insurances, earnings and accounts, share security in the shares of our vessel-owning subsidiary and irrevocable joint and several guarantees from the guarantors. The ING Facility contains substantially
        the same financial covenants, default provisions, undertakings and restrictions as contained in the Term Facility 2, described above.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">ABN Facility</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On May 7, 2018, we entered into a secured term loan facility with ABN AMRO Bank NV, or the ABN
        Facility, which provides us with borrowings of up to $70 million to finance the purchase of the two LR1 Product Tankers Newbuildings and one MR Product Tanker Newbuilding under contract with GSI. The three newbuildings are expected to be delivered
        in the second half of 2019. TORM plc is the borrower under the ABN Facility, and TORM A/S and our wholly-owned subsidiary which owns the security vessels serve as guarantors. The ABN Facility has a term of five years, bears interest at a rate of
        LIBOR plus a margin of 2.10% <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">per annum</font> and is repayable in quarterly installments and three balloon payments five years after the drawdown on
        each tranche. The ABN Facility is secured by first priority mortgages over the security vessel, as well as first priority assignments in respect of each of the vessel's insurances, earnings and accounts, share security in the shares of our
        vessel-owning subsidiary and irrevocable joint and several guarantees from the guarantors. The ABN Facility contains substantially the same financial covenants, default provisions, undertakings and restrictions as contained in the Term Facility 2,
        described above.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">73</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Finance Leases</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the first and second quarters of 2017, we entered into sale and leaseback agreements and
        bareboat charters for the LR2 tanker, TORM Helene, and two MR tankers, TORM Mary and TORM Vita, pursuant to which we sold the vessels to Flora Co., Ltd., Grange Co Pte. Ltd, Singapore and Jellicoe Co., Ltd., respectively, and concurrently we
        chartered in the three vessels each for a period of 58 months from the delivery date plus 50 more days at our option. These three sale and leaseback transactions are treated as financial leases but have no purchase obligation attached. We have the
        option to purchase TORM Mary and TORM Helene at fixed option prices upon the expiration of the charter-in agreements on January 23, 2022 (assuming no exercise of our option to extend the charter-in period by 50 days), provided we give the
        respective owners prior written notice on or before November 15, 2021. We have an option to purchase TORM Vita at a fixed option price at the fourth anniversary of the delivery date, upon prior written notice on or before January 17, 2021, and
        again at the expiration of the charter-in period, upon prior written notice to the owner on or before January 12, 2022.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, we were in compliance with the financial covenants contained in our debt
        facilities.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash flow</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Consolidated cash flow for the years ended December 31, 2018, 2017 and 2016</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For a discussion of cash flows for the year ended December 31, 2018 compared to December 31, 2017,
        reference is made to "Financial Review 2018&#11835;Liquidity and Cash Flow" on page 47 and to our Consolidated Cash Flow Statement for the Year Ended December 31, 2018 and 2017 on page 95 of our <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For a discussion of cash flows for the year ended December 31, 2017 compared to December 31, 2016,
        reference is made to "Financial Review 2017 &#8211; "Liquidity and Cash Flow" on page 47 and to our Consolidated Cash Flow Statement for the Year Ended December 31, 2017 and 2016 on page 94 of our <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Annual Report 2017</font>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There are no material restrictions on the ability of subsidiaries with material cash amounts to
        transfer funds to TORM plc.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Capital Expenditures of TORM plc</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The table below presents our capital expenditures for the years ended December 31, 2018, 2017 and
        2016.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital Expenditures</font></div>
    <table cellspacing="0" cellpadding="0" id="z2485a8484cc444fa98e1e2ef74fc2d60" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="11" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year ended December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2016</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Capital Expenditures</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(USD million)</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Acquisition of vessels and capitalized dry-docking</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">162.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">103.1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40.8</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prepayments on newbuildings</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">44.3</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">76.9</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">201.6</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">147.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">117.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures for the years ended December 31, 2018, 2017 and 2016 consisted primarily of
        investments in vessels and capitalized dry-docking and newbuildings. For the year ended December 31, 2018, TORM's prepayments on newbuildings amounted to $45 million compared to $88 and $44 million for the years ended December 31, 2017 and 2016,
        respectively. For 2018, TORM plc's investments related to vessels and capitalized dry-docking amounted to $163 million compared to $103 and $41 million in 2017 and 2016, respectively. TORM invested a total of $202 million during 2018 compared to
        $147 and $118 million invested during 2017 and 2016, respectively.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0a096152e4bb441aa136ee49db94355c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Research and Development, Patents and Licenses, etc.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">74</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b94b2f1f6ec45208d2245113103443d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">D.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trend Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to "The Product Tanker Market" on pages 22-25 of the <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font> and to Item 3. "Key Information&#8212;D. Risk Factors&#8212; Risks Related to Our Business and Our Industry".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3471386404b94598a9e57409afd87125">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">E.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Off-Balance Sheet Arrangements</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, other than the ones described in "Contractual Obligations" below, we have no
        off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity or capital resources.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze75b6690c2dc478a9ac86773e31cd0dc">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">F.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tabular Disclosure of Contractual Obligations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to Note 17 &#8212; "Contractual Obligations" in our <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb7aeab507969460ca603062c1c6008af">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3319c9d0fa014256b12af62639aaade3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Directors and Senior Management</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Set forth below are the names, ages and positions of the Directors, Board Observers and Senior
        Management Team of TORM plc. Except for the B Director, who is appointed by the holder of our Class B share and is not subject to annual re-election, and who may be replaced at any time by the trustee acting on the instructions of the holders of
        our Class A common shares (other than Njord Luxco and its affiliates), each Director holds office for a two-year term or until his successor has been duly elected and qualified, except in the event of his death, resignation, removal or the earlier
        termination of his term of office. At the end of the two-year term, a Director may seek re-election.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The business address of each of our Directors and Senior Management is TORM plc, Birchin Court, 20
        Birchin Lane, London, EC3V 9DU, United Kingdom.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z6585f15d1ee64afa9f22d16430797f00">

        <tr>
          <td style="width: 30.17%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Age</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Position</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Date of expiry of current term</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(for Directors)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Christopher Helmut Boehringer</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">48</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chairman</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020 Annual General Meeting</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">David Neil Weinstein</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">59</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deputy Chairman (appointed by the holder of the B Share)</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Serves until removed by the B shareholder</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Torben Janholt</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">72</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Board Member</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020 Annual General Meeting</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">P&#228;r G&#246;ran Trapp</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">57</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Board Member</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2020 Annual General Meeting</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rasmus Johannes Skaun Hoffman</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">41</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Board Observer (Employee Representative)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lars Bj&#248;rn Rasmussen</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">53</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Board Observer (Employee Representative)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jeffrey Scott Stein</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Minority B Share Board Observer<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Serves until removed by the B shareholder</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jacob Balslev Meldgaard</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">50</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Executive Director and Chief Executive Officer of TORM A/S</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Christian S&#248;gaard-Christensen<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">40</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Financial Officer of TORM A/S</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lars Christensen</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">52</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Senior Vice President and Head of Projects of TORM A/S</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.17%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jesper S&#248;ndergaard Jensen</font></div>
          </td>
          <td style="width: 0.96%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 6.62%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">49</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 39.6%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Senior Vice President and Head of Technical Division of TORM A/S</font></div>
          </td>
          <td style="width: 0.94%; vertical-align: bottom; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 20.76%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> Board Observers are appointed by the Company's Directors and may be removed by the Directors at any time for any reason. Board
        Observers can attend and speak at meetings of the Board of Directors but cannot vote.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2) </sup>In the fourth quarter of 2018, Christian S&#248;gaard-Christensen resigned as Chief Financial Officer of TORM
        A/S and principal financial officer of TORM.&#160; Mr. S&#248;gaard-Christensen will continue his normal duties as Chief Financial Officer for a period ending no later than November 2019.&#160; TORM plans to initiate a recruitment process for a new Chief
        Financial Officer.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">75</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Biographical information concerning the Directors and our Senior Management Team is set forth below.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Christopher

















          Helmut Boehringer</font> serves and has served as Chairman of our Board of Directors since August 2015. In addition, Mr. Boehringer is Chairman of TORM&#8217;s Nomination Committee and the Remuneration Committee and a member of&#160; the Risk Committee. Mr.
        Boehringer is also Managing Director of Oaktree Capital Management (Intl) Limited and has held various executive positions within Oaktree since 2006.&#160; Mr. Boehringer also serves as a member of the Board of Directors of, Life Company Consolidation
        Group Limited and Eolia Renovables de Inversiones. Mr. Boehringer holds a Bachelor of Arts in Economics from Harvard University and a Masters of Business Administration from INSEAD.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">David
          Neil Weinstein</font> serves and has served as a member and Deputy Chairman of our Board of Directors since August 2015. Mr. Weinstein is in addition a member of TORM&#8217;s Audit Committee, Nomination Committee and Remuneration Committee. Mr.
        Weinstein is a capital markets, governance and reorganization specialist. Mr. Weinstein has had a number of Board leadership positions in inter alia Seadrill Ltd., The Oneida Group, Horizon Lines, Inc., Interstate Bakeries Corporation, Pioneer
        Companies, Inc. and York Research Corporation and has served as Managing Director of Calyon Securities Inc., BNP Paribas, Bank of Boston and Chase Securities Inc. Other Board directorships: Pacific Drilling S.A. Mr. Weinstein holds a Bachelor of
        Arts in Economics from Brandeis University and a Juris Doctor from Columbia University School of Law.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Torben

















          Janholt</font> serves and has served as a member of our Board of Directors since August 2015. In addition, Mr. Janholt is a member of TORM&#8217;s Audit Committee, Risk Committee and Remuneration Committee. Mr. Janholt also serves as chief executive
        officer of Pioneer Marine Inc., chief executive officer of Pioneer Marine Hellas S.A., chief executive officer of Just Water ApS, chairman of the board of directors of Otto Suenson &amp; Co. A/S, and member of the board of directors of Pioneer
        Marine Inc. Singapore, Pioneer Marine Hellas S.A., A/S United Shipping &amp; Trading Company, Bunker Holding A/S, Uni-Chartering A/S and Uni-Tankers A/S. Mr. Janholt has served as chairman of the board of directors of Lauritzen Tankers A/S,
        Lauritzen Ship Owner A/S, LB Ship Owner A/S, LK Ship Owner A/S, Shipinvest A/S, Lauritzen Offshore Services A/S and LT Ship Owner A/S and member of the board of directors of KRK 4 ApS, Shipping Holding A/S, A/S Dan-bunkering Ltd., Shipping.dk
        Chartering A/S, Ship-ping.dk A/S, Shipping.dk K&#248;ge A/S, Gren&#229; Stevedore- og Pakhusforretning ApS, Fin-Trans A/S, A/S Global Risk Management Ltd., S&#248;nderjyllands-Terminalen A/S, Bunker Holding Estate A/S, Jyllands-Terminalen A/S, Shipping.dk
        Aabenraa A/S, CVR: 87137511, Brilliant Maritime Services S.A. ApS, Lauritzen Tankers Ship Owner A/S, Axis Offshore A/S, Shipping.dk Road Division A/S, Lauritzen Reefers A/S, CVR nr.: 15251549, Shipping.dk Middelfart A/S, Outforce A/S, Shipping.dk
        Kalundborg A/S, LB Ship Owner II A/S, KPI Bridge Oil A/S and Lloyd Copenhagen ApS. In addition, Mr. Janholt has served as a member of the executive management of KRK 4 ApS, Axis Offshore A/S, Lauritzen Reefers A/S, CVR: 15251549, LB Ship Owner II
        A/S, Lauritzen Offshore Services A/S and J. Lauritzen A/S. Mr. Janholt holds a Certificate in Business Administration from Niels Brock Business College, Denmark and has attended Executive Management Programs at IESE in Spain, Harvard Board
        education course in Copenhagen, IMD in Switzerland and CEDEP/INSEAD Management School in France.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">P&#228;r
          G&#246;ran Trapp</font> serves and has served as a member of our Board of Directors since August 2015. In addition Mr. Trapp is Chairman of TORM&#8217;s Audit Committee and Risk Committee. Mr. Trapp was with Morgan Stanley from 1992 to 2013 where he started
        as crude oil trader, then became Head of Oil Products Trading Europe &amp; Asia, Global Head of Oil Trading and Head of Commodities EMEA. Prior to joining Morgan Stanley, Mr. Trapp was crude oil trader at Statoil. Other Board directorships:
        Chairman of Madrague Capital Partners AB, Board member of Energex Partners Ltd. Mr. Trapp holds a Master of Science degree in Economics and Business Administration from the Stockholm School of Economics.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Rasmus

















          Johannes Skaun Hoffmann </font>is and has been<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>a Board Observer since April 2016 and before that time served as a member of our Board of
        Directors since April 2011. Mr. Hoffman has been employed with us since 2003 and serves as chief engineer. Mr. Hoffman also serves on the Board of Directors of TORM A/S.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">76</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lars
          Bj&#248;rn Rasmussen</font> is and has been a Board Observer since July 2017. Mr. Rasmussen has been employed with us since 1999 and serves as chief engineer. Mr. Rasmussen also serves on the Board of Directors of TORM A/S.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jeffrey

















          Scott Stein</font> is and has been a Board Observer since November 2015. Mr. Stein is the founder of Stein Advisors LLC where he has served as Managing Partner since 2010. Prior to 2010, Mr. Stein co-founded and served as a Principal at Durham
        Asset Management LLC, as a Managing Director and Co-Director of Research at The Delaware Bay Company, Inc. and as an Associate/Assistant Vice President at Shearson Lehman Brothers. Mr. Stein also serves as the Chairman of Ambac Financial Group, Inc
        and as a board member of Dynegy Inc. and Westmoreland Coal Company. Mr. Stein holds a Bachelor of Arts in Economics from Brandeis University and a Masters of Business Administration from New York University, Stern School of Business in the United
        States.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jacob
          Balslev Meldgaard</font> serves and has served as the Chief Executive Officer of TORM A/S since April 2010. Prior to joining the Company, Meldgaard served as executive vice president and as a member of the executive management of
        Dampskibsselskabet NORDEN A/S. Mr. Meldgaard is also a member of the Board of Directors of the Danish Shipping, Danish Ship Finance A/S, Syfoglomad Limited and the TORM Foundation. Mr. Meldgaard holds a Bachelor of Commerce degree in international
        trade from Copenhagen Business School, Denmark and attended the Advanced Management Program at Wharton Business School and Harvard Business School in the United States.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Christian

















          S&#248;gaard-Christensen </font>serves and has served as the Chief Financial Officer of TORM A/S since May 2016. Mr. S&#248;gaard-Christensen joined TORM in March 2010 and before serving as Chief Financial Officer he served as Senior Vice President and
        Head of Corporate Support. Prior to joining the Company, Mr. S&#248;gaard-Christensen served as a consultant at McKinsey &amp; Company. Mr. S&#248;gaard-Christensen also serves as the Chairman of the board of directors of TORM A/S and is a member of the
        board of directors of Intertec Africa Limited. Mr. S&#248;gaard-Christensen holds a Bachelor of Science in Philosophy and Business Administration from Copenhagen Business School, Denmark, a Master of Science in International Business from Copenhagen
        Business School, Denmark and has attended Executive Management Programs at London Business School, England and Harvard Law School in the United States. In December 2018, Mr. S&#248;gaard-Christensen tendered his resignation as Chief Financial Officer in
        TORM A/S; however, he will continue his normal duties during a transition period.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lars
          Christensen</font> serves and has served as the Senior Vice President and Head of Projects of TORM A/S since May 2011. Prior to joining the Company, Mr. Christensen served as Managing Director of Navitaship, Vice President of Maersk Broker,
        Manager at Maersk K.K and Shipbroker at EA Gibson Shipbrokers. Mr. Christensen holds a Certificate in international trade from Copenhagen Business School in Denmark, a Masters of Business Administration from IMD in Switzerland and attended the
        Executive Management Program at Columbia Business School in the United States.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jesper

















          S&#248;ndergaard Jensen</font> serves and has served as the Senior Vice President and Head of Technical Division of TORM A/S since September 2014. Prior to joining the Company, Mr. Jensen served as Senior Vice President and Technical Manager at
        Clipper Group and Fleet Group Manager, Manager and Chief Engineer at Maersk Group. Mr. Jensen holds a Bachelor of Technology Management degree in Marine Engineering from the Maritime and Polytechnic College in Denmark and an Executive Masters of
        Business Administration from Henley Business School in the United Kingdom.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze046cbf6cf7443a495f7b066467ada70">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compensation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At the general meeting held on April 12, 2018, our shareholders approved an updated remuneration
        policy, with effect from the date of the meeting, which includes overall guidelines for incentive pay for the Board of Directors and our Senior Management Team (defined below). The Company is required, under the UK Companies Act 2006, to prepare a
        Remuneration Report for each financial year.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information about compensation to our non-executive directors, reference is made to page 77 of
        the "Annual Report on Remuneration" in the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">77</font></div>
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    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Executive Management Compensation</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Senior Management Team, which is comprised of Jacob Meldgaard, our Executive Director and
        principal executive officer of TORM plc and the Chief Executive Officer of TORM A/S, Christian S&#248;gaard-Christensen, our principal financial officer and the Chief Financial Officer of TORM A/S, Jesper Jensen, the Head of the Technical Division of
        TORM A/S and Lars Christensen, the Head of Projects of TORM A/S, receive compensation consisting of a fixed base salary, cash-based bonus incentives paid out in 2018 under our performance bonus program, discussed below, and customary executive
        fringe benefits. We have not granted loans, issued guarantees or undertaken similar obligations to or on behalf of members of our Senior Management Team. Christian S&#248;gaard-Christensen tendered his resignation as Chief Financial Officer (CFO) in
        TORM A/S, however, he will continue his normal duties as CFO during a transition period.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2018, the aggregate compensation paid by the Group to Jacob Meldgaard for his role as Executive
        Director and principal executive officer of TORM plc and as the Chief Executive Officer of TORM A/S amounted to $ 1,535,000, which includes the fee payable to Mr. Meldgaard for his service on the Board of Directors. We have not allocated funds to
        provide pension, retirement or similar benefits to Mr. Meldgaard.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2018, the aggregate compensation paid by the Group to the other members of our Senior Management
        Team (excluding Mr. Meldgaard) was $ 2,186,679, which includes an aggregate of $ 125,959 allocated for pensions for these individuals.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Incentive Schemes</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Compensation of our Senior Management Team includes the eligibility to participate in a variable
        incentive-based pay with a combination of share options, restricted share units and other share-based awards. We have in place a Long-Term Incentive Plan, or the LTIP, pursuant to which our Board of Directors may grant certain employees and
        executive officers share options, restricted share units, or RSUs, in the form of restricted stock options, or other share-based awards. See Item 10. "Additional Information".</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information on RSUs granted to Mr. Meldgaard pursuant to the LTIP, reference is made to the
        "Annual Report on Remuneration&#8212;Long-Term Incentive Plan&#8212;Restricted Share Units Granted" on page 76 of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During 2018, the members of our Senior Management Team other than Mr. Meldgaard were granted an
        aggregate of 340,267 RSUs as part of each executive's annual grant. Each RSU entitles the other members of our Senior Management Team to acquire one Class A common share, subject to a three-year vesting period, with one third of the grant amount
        vesting at each anniversary date. Vested RSUs may be exercised at a price of DKK 53.7 per Class A common share for a period of twelve months after the vesting date. Assuming 100% vesting and based on the Black-Scholes model, the aggregate RSU grant
        in 2018 to the other members of our Senior Management Team would be approximately $ 606,564.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Performance Bonus Program 2018</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For information on the cash performance bonus received by Mr. Meldgaard for the financial year 2018,
        reference is made to the "Annual Report on Remuneration&#8212;Performance Bonus 2018" on page 75 of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the financial year 2018, the members of our Senior Management Team other than Mr. Meldgaard
        received cash performance bonuses in an aggregate amount of $714,940 which is directly linked to the fulfillment of specific performance metrics, which include developments in the price of our shares and our cost base (up to 50% of the base salary
        of each executive).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">78</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z03b94f41fd6c4d69adbd78a836536163">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board Practices</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Board of Directors maintains overall responsibility for the Company and its strategy and is
        entrusted with various tasks including appointment and supervision of our Executive Director, Mr. Jacob Meldgaard, and establishment of strategic, accounting, organizational and financial policies.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Board of Directors has delegated the day-to-day management of our business to our Executive
        Director. This includes our operational development and responsibility for implementing the strategies and overall decisions approved by the Board of Directors. The Executive Director also serves the position as Chief Executive Officer of TORM A/S,
        our largest subsidiary. Transactions of an unusual nature or of major importance may only be effected by our Executive Director on the basis of a special authorization granted by our Board of Directors. In the event that certain transactions cannot
        await approval by our Board of Directors, taking into consideration the best interests of the Company, our Executive Director, to the extent possible, shall obtain the approval of the Chairman of our Board of Directors and ensure that the Board of
        Directors is subsequently given notice of such transactions passed. Transactions of an unusual nature or of major importance are defined in our board guidelines for our Board of Directors and include, among other things, the acquisition and
        disposal of vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For a description and terms of reference of the committees of our Board of Directors, reference is
        made to "Corporate Governance&#8212;Board Committees"&#160;on page 57 and the individual reports of our Audit Committee, Risk Committee, Nomination Committee and Remuneration Committee on pages 61-80 of our <font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Employment Agreements</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mr. Jacob Meldgaard</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We may dismiss Mr. Meldgaard with twelve months' notice to the end of a month, and Mr. Meldgaard may
        terminate his contract with six months' notice to the end of a month. Mr. Meldgaard is not entitled to other kinds of remuneration resulting from a retirement from the Company other than performance bonuses earned, if any.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Meldgaard is subject to global non-competition and non-solicitation clauses for a period of
        twelve months. For the effective period of these clauses, Mr. Meldgaard is entitled to a monthly compensation corresponding to 100% of his base salary. The non-competition clause may be terminated with one month's notice. However, whether one or
        both of the non-competition and non-solicitation clauses are effective, the compensation only becomes payable once.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In case of a change of control, as further defined in Mr. Meldgaard's service agreement, Mr.
        Meldgaard may, within three months from the date of the change, terminate his employment with six months' notice, in which case certain non-competition and non-solicitation clauses will be shortened.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under mandatory Danish law, non-competition clauses cannot be enforced after expiry of the notice
        period if the termination is effected by the Company without Mr. Meldgaard having given reasonable cause for the dismissal.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other Members of the Senior Management Team</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We may dismiss the other members of the Senior Management Team (excluding Mr. Meldgaard) with nine to
        twelve months' notice (varying length depending on position and seniority) to the end of a month. Each of these executives may all terminate his contract with four to six months' notice (varying length depending on position) to the end of a month.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on the current seniority, these current members of our Senior Management Team are not entitled
        to other kinds of remuneration upon retirement from the Company, other than performance bonuses earned, if any.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">79</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These other members of the Senior Management Team are subject to global non-competition clauses for a
        period of up to twelve months (depending on position). For the effective period of the clauses, these other members of the Senior Management Team are entitled to a monthly compensation corresponding to 100% of their respective base salary.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The non-competition clauses may be terminated. Under mandatory Danish law, non-competition clauses
        cannot be enforced after expiry of the notice period if the termination is effected by the Company without the members of the Senior Management Team having given reasonable cause for their dismissal.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z06e7990ceee741fd8cdd326cc4a9020c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">D.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Employees</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, we employed approximately 307 people in our offices in Denmark, India, the
        Philippines, Singapore and the United States, excluding seafarers, who work on our vessels.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z539c2ab74dc34d17a61945cf7e06b196">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">E.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Share Ownership</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The table below shows, in relation to each of our directors and members of our Senior Management
        Team, the total number of shares owned and the total number of Restricted Share Units, or RSUs, held as of March 5, 2019. The RSUs granted to our Executive Director, Jacob Meldgaard, were received for his role as Chief Executive Officer of TORM
        A/S.</font></div>
    <table cellspacing="0" cellpadding="0" id="z5a0455cafaf84000996ff738824cb903" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Directors and Executive officers</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Unvested RSUs</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Christopher H. Boehringer</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21,204</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">David Weinstein</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">G&#246;ran Trapp</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,820</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Torben Janholt</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jacob Meldgaard</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">66</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">510,690</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">255,345</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 64%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All other executive officers in the aggregate</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">333,178</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">297,734</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">*Our remaining executive officers individually each own less than 1% of our outstanding shares.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z047ec15830744d2296cb391d6db07dfd">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeedb943ba94744b2a63332205231b51b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Major Shareholders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets forth the beneficial ownership of our Class A common shares, par value $0.01
        per share, as of the date of this annual report, by beneficial owners of 5% or more of the common shares. All of our shareholders, including the shareholders listed in the table below, are entitled to one vote for each share held (excluding the B
        share and the C share).</font></div>
    <table cellspacing="0" cellpadding="0" id="z3cbd52928875497683dec1f5786d3de2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="7" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Class A Common Shares</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Beneficially Owned</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name</font></div>
          </td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="3" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Percentage<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Njord Luxco<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(4)(5)</sup></font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">47,600,172</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">64.4</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DW Partners, LP <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)(4)</sup></font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,177,652</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">_________________________</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c76c869d6744ca6995765c707a18d38">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Calculated based on 73,905,975 common shares (excluding treasury shares) outstanding as of December 31, 2018 (and assuming no Consideration Warrants or
                    Restricted Share Units (RSUs) are exercised).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">80</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z98e93531490a414993c97df4af95e324">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">According to the Schedule 13D filed with the SEC on February 5, 2018, the business address of Njord Luxco is OCM Njord Holdings S.&#224;.r.l, 26A, Boulevard Royal
                    L-2449, Luxembourg, Luxembourg. The majority shareholder of Njord Holdings is OCM Luxembourg OPPS IX S.&#224;.r.l.&#160; The majority shareholder of OCM Luxembourg OPPS IX S.&#224;.r.l is Oaktree Opportunities Fund IX, L.P.&#160; The general partner of
                    Oaktree Opportunities Fund IX, L.P. is Oaktree Opportunities Fund IX GP, L.P.&#160; The general partner of Oaktree Opportunities Fund IX GP, L.P. is Oaktree Opportunities Fund IX GP, Ltd.&#160; The sole director of Oaktree Opportunities Fund IX
                    GP, Ltd. is Oaktree Capital Management, L.P.&#160; The general partner of Oaktree Capital Management, L.P. is Oaktree Holdings, Inc. The sole shareholder of Oaktree Holdings, Inc. is Oaktree Capital Group, LLC. The duly appointed manager of
                    Oaktree Capital Group LLC is Oaktree Capital Group Holdings GP, LLC. The members of the executive committee of Oaktree Capital Group Holdings GP, LLC are Howard S. Marks, Bruce A. Karsh, Jay S. Wintrob, John B. Frank and Sheldon M.
                    Stone who, by virtue of their membership on the executive committee, may be deemed to share voting and dispositive power with respect to the shares of TORM plc held by Njord Holdings. The address for all of the entities and individuals
                    identified above is c/o Oaktree Capital Management, L.P., 333 S. Grand Avenue, 28th Floor, Los Angeles, California 90071.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f4eb394f3864f26bcdfe04845072f0d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">According to the Schedule 13G filed with the SEC on February 14, 2019, DW Partners, LP (&#8220;DW&#8221;) and DW Investment Partners, LLC, the general partner of DW
                    (&#8220;DWIP&#8221;) beneficially own 4,177,652 Class A common shares.&#160; DW, as the investment adviser to the ultimate beneficial owners of such common shares (the &#8220;Funds&#8221;), may direct the voting and disposition of the 4,177,652 common shares held
                    by the Funds.&#160; DWIP, as the general partner of DW, may direct DW as to the voting and disposition of the 4,177,652 Common Shares held by the Funds.&#160; The business address of DW and DWIP is 590 Madison Avenue, 13th Floor, New York, NY
                    10022.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd31147f3849343babf309c50aabfef3c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Njord Luxco is the holder of the sole outstanding Class C share. The Class C share has 350,000,000 votes at the general meeting in respect of specified
                    matters, including election of members to our Board of Directors (other than the Deputy Chairman) and certain amendments to the Articles of Association. See Item 10. "Additional Information&#8212;A. Share Capital &#8212;Our Shares&#8212;Class C Share".</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, we had 4,711,953 warrants outstanding with each warrant being convertible
        into one Class A common share, par value $0.01 per share, and which can be exercised until July 13, 2020. As of December 31, 2018, we have a total of 2,719,042 RSUs outstanding. Subject to vesting, each RSU entitles the holder to acquire one Class
        A common share. Assuming the exercise of all of our outstanding warrants and full vesting and exercise of our outstanding RSUs, this would result in the issuance of 7,430,995 additional Class A common shares representing approximately 9% of our
        issued and outstanding Class A common shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The sole outstanding B share is held by a trustee on behalf of non-Oaktree shareholders to provide
        certain minority protections. The B Share has one vote at the general meeting and the right to elect the Deputy Chairman of our Board of Directors and one Board Observer, both of which have been elected. See Item 10. "Additional Information&#8212;A.
        Share Capital &#8212;Our Shares&#8212;Class B Share".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf0a77e1eef6e4d76b311d57c629ef2da">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Related Party Transactions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Remuneration of our directors and executive management is disclosed in Item 6. "Directors, Senior
        Management and Employees&#8212;B. Compensation".</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mr. Boehringer is a partner and a managing director of Oaktree Capital Management (U.K.) LLP. Oaktree
        affiliates manage (indirectly) the Company's controlling shareholder, Njord Luxco. Oaktree has interests in numerous businesses, including businesses which may compete directly or indirectly with the group. Mr. Boehringer may from time to time be
        involved in influencing the business or strategy of such businesses.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;On January 26, 2018, we completed a Private Placement of 11,920,000 Class A common shares for gross
        proceeds of approximately $100 million. The Private Placement was fully backstopped by Njord Luxco, which purchased approximately $70 million of our Class A common shares in the Private Placement. Following the Private Placement and as of the date
        of this annual report, Njord Luxco owns approximately 64.4% of our outstanding Class A Common Shares.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">81</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In connection with the $100 million equity raise completed in January 2018, Oaktree Capital
        Management, an entity affiliated with TORM&#8217;s largest shareholder, OCM Njord Holdings S.&#224; r.l., received a fee of $1.25 million from us in return for fully backstopping the transaction.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To our knowledge, there have been no other transactions with related parties during the periods
        required to be presented.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab15eb73db3640418a9fca84ee128954">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest of Experts and Counsel</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a92acc14700444583d81b47ff8ce3b2">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FINANCIAL INFORMATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb004fd5a5dd54800827f74783b29d1ee">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Consolidated Statements and other Financial Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Please see the section of this annual report on Form 20-F entitled Item 18 &#8211; "Financial Statements".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Legal Proceedings</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We are from time to time and currently a party to various legal proceedings arising in the ordinary
        course of business. We seek to maintain commercial liability insurance for such cases, and to the extent that we find that a specific claim is covered by insurance, our policy is to make no reservations in our accounts except for other related
        costs such as deductibles payable by us under the insurance policies.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Group is involved in some legal proceedings and disputes. It is management's opinion that the
        outcome of these proceedings and disputes should not have any material impact on the Group's financial position, results of operations and cash flows.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distribution Policy</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to "Investor Information&#8212;Distribution Policy" on page 81 of our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Board of Directors may, in its sole discretion, from time to time, declare and distribute
        dividends in accordance with our Articles of Association and applicable law. Any decision to distribute dividends will be at the sole discretion of the Board of Directors. Dividends which are declared as interim dividends do not need to be approved
        by the shareholders at our annual general meeting.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We can give no assurance that dividends will be declared and paid in the future or the amount of such
        dividends if declared and paid. For a discussion of certain risk factors that may affect our ability to pay dividends, see Item 3. "Key Information&#8212;A. Risk Factors". For a description of the restrictions on the payment of dividends contained in our
        financing agreements, see Item 5. "Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Our Financing Agreements". For a discussion of the material tax consequences regarding the receipt of dividends we may declare, see
        Item 10. "Additional Information&#8212; E. "Taxation".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf107665d7ff9461faee1596724d8e305">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Significant Changes</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">82</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a9895da8b1a4cc58711d8824aba035a">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">THE OFFER AND LISTING</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24bccfe8f038421fb69517a3062838d2">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Offer and Listing Details</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Share History and Markets</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Class A common shares currently trade on Nasdaq Copenhagen A/S under the symbol "TRMD A" and on
        Nasdaq New York under the symbol "TRMD". The B share, C share and warrants are not listed for trading on any exchange. See Item 10. "Additional Information".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f379d0c876149ef9592db0c679d1777">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Plan of Distribution</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e98ed484ec8422cb710d880660c3a0e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Markets</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Class A common shares currently trade on Nasdaq Copenhagen A/S under the symbol "TRMD A" and on
        Nasdaq New York under the symbol "TRMD".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z508a8ad07dbe4c39997ebce39c1c8446">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">D.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Selling Shareholders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ef234b238704e4d91debc37a0f7c993">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">E.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dilution</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb37d940ee818480c94884316fb45d127">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">F.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Expenses of the Issue</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z86d97ca6a67e4f5fab2c9e598f4e7fc3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 10.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ADDITIONAL INFORMATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcb65b2d0d7f8400b804bae34c155f3f8">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Share Capital</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issued and Authorized Capitalization</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018 and as of the date of this annual report, our share capital consists of
        74,218,846 Class A common shares, par value $0.01 per share, one Class B share, par value $0.01 per share, and one Class C share, par value $0.01 per share. As of the date of this annual report, we have 312,871 treasury shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At the Company's 2016 Annual General Meeting of Shareholders, the Board of Directors was granted
        certain authorizations to increase our issued share capital, both with and without pre-emption rights to the existing shareholders. These share authorities expire on March 14, 2021. The Board of Directors did not seek new authorities at the
        Company's 2017 Annual General Meeting, which took place on April 4, 2017. For a description of the share authorities granted to our Board of Directors, reference is made to "Director's Report&#8212;Share Capital" on pages 84-86 of our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018.</font></font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">83</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our Shares</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Class

















          A common shares. </font>Each outstanding Class A common share, par value $0.01 per share, has (i) on a poll, one (1) vote on all matters at the general meeting (other than the election or removal of the Deputy Chairman), (ii) pre-emption rights
        upon any new issue of equity securities (including Class A common shares) for cash (unless otherwise provided by the UK Companies Act or our Articles of Association or as disapplied by the relevant shareholders' resolution) and (iii) the right to
        receive dividends, as well as liquidation proceeds and other distributions, that we may declare from time to time. The Class A common shares are not redeemable, either in full or in part.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Class</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">B share. </font>The one outstanding Class B share, par value $0.01, is held by a trustee on behalf of our minority shareholders (the Class A common
        shareholders other than Njord Luxco or its affiliates) pursuant to the terms of a minority trust deed, which is filed as Exhibit 2.2 to this annual report. The Class B share has (i) one vote at our general meetings, (ii) no pre-emptive subscription
        rights in relation to any issue of new shares of other classes and (iii) effectively carries no right to receive dividends, liquidation proceeds or other distributions from us. The holder of the Class B share has the right to elect one member to
        our Board of Directors (the Deputy Chairman) as well as appoint one Board Observer. Currently, David Weinstein serves as the Class B share elected director, and Jeffrey Stein is the appointed Board Observer. The Class B share may not be transferred
        or pledged, except for a transfer to a replacement trustee or a redemption by us. The Class B share is required to be redeemed when the Class C share is redeemed. The trustee is required to exercise its rights as holder of the Class B share at the
        direction of such minority shareholders. Such minority shareholders are able to direct the trustee as the holder of the Class B share by responding to a directions request distributed to such minority shareholders in accordance with the terms of
        the minority trust deed.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Class

















          C share. </font>The one outstanding Class C share, par value $0.01, is held by Njord Luxco. The holder of the Class C share has 350,000,000 votes at our general meetings on specified matters, described below. Based on Njord Luxco's share
        ownership as of the date of this annual report of 47,600,172 Class A common shares and the C share, Njord Luxco has 397,600,172 votes.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Class C share votes may only be cast on resolutions in respect of the appointment or removal of
        directors (excluding the Deputy Chairman) and certain amendments to the Articles of Association, proposed by the Board of Directors. The Class C share votes may not be cast on resolutions in respect of any amendments to certain reserved matters, as
        specified in our Articles of Association, (unless those reserved matters also constitute changes to our Articles of Association on which the Class C share is entitled to vote), pre-emptive rights of shareholders, rights attached to the Class B
        share and other minority protection rights provisions contained in our Articles of Association.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Class C share has no pre-emption rights in relation to any issue of new shares of other classes
        and effectively carries no right to receive dividends, liquidation proceeds or other distributions from us. The Class C share may not be transferred or pledged, except to an affiliate of Njord Luxco or pursuant to redemption by us. The Class C will
        be automatically redeemed when Njord Luxco and its affiliates cease to beneficially own at least one third of our issued Class A common shares. The voting rights attached to the Class C share have the practical effect of allowing Njord Luxco to
        control the Board of Directors of TORM plc and to make amendments to the Articles of Association proposed by the Board of Directors, other than amendments to the minority protections. Even when Njord Luxco holds only a third of the issued Class A
        common shares, the votes cast by Njord Luxco would represent approximately 88.3% of the votes that may be cast on resolutions on which the Class C share may vote.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The reserved matters set forth in our Articles of Association require either the approval of a
        majority of our Board including our Chairman and Deputy Chairman or the approval of a resolution approved by at least 70% or 86% of the votes capable of being cast. Please see Item. 10. "Additional Information&#8212; B. Memorandum and Articles of
        Association".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Our Share History</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to "Investor Information&#8212;Changes to the Share Capital" on page 81 of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018.</font></font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treasury Shares</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2018, we have 312,871 treasury shares.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">84</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Warrants</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As part of the 2015 Restructuring, TORM A/S issued 7,181,578,089 Consideration Warrants each
        entitling the holder thereof to subscribe for one new Danish A share, par value DKK 0.01, without pre-emption rights for TORM A/S' existing shareholders. Those Consideration Warrants were consolidated on a 1,500 for one basis with effect as of
        September 24, 2015. On closing of the Exchange Offer, each Consideration Warrant that was assented to the Exchange Offer was exchanged for an equivalent warrant in TORM plc. Exchanged Consideration Warrants in TORM A/S were cancelled. As part of
        the Exchange Offer, the Consideration Warrants could be exchanged on a one-for-one basis for an equivalent TORM plc warrant or, if unexercised during the four weeks following the closing of the Exchange Offer, the Consideration Warrants lapsed
        automatically without compensation. As of December 31, 2018, there were 4,711,953 warrants outstanding with each warrant being convertible into one Class A common share, par value $0.01 per share, against payment of a subscription price of DKK
        95.2.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Following the Private Placement in January 2018 and pursuant to the terms of the instrument governing
        our warrants, the number and subscription price of the warrants were adjusted. As of the date of this annual report, there are 4,711,953 warrants outstanding with each warrant being convertible into one Class A common share, par value $0.01 per
        share, against payment of a subscription price of DKK 95.24. The warrants can be exercised until July 13, 2020.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restricted Share Units</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In accordance with TORM&#8217;s Remuneration Policy, the Board of Directors has, as part of the Long-Term
        Incentive Program (LTIP), granted certain employees Restricted Share Units (RSUs) in the form of restricted stock options. The RSUs aim at retaining and incentivizing the employees to seek to improve the performance of TORM and thereby the TORM
        share price for the mutual benefit of themselves and the shareholders of TORM. Each RSU granted under the LTIP entitles its holder to acquire one Class A common share, subject to vesting.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2016, the Board agreed to grant a total of 850,667 RSUs to other members of management and an
        additional 1,276,725 RSUs to the Executive Director. The RSUs to other members of management were subject to a three-year vesting period, with one-third of the grant amount vesting at each anniversary date beginning on January 1, 2017. The exercise
        price of each vested RSU, following certain adjustments for dividends, is DKK 93.6 and they have an exercise period of six months. For the Executive Director, the grant was subject to a five-year vesting period and the exercise period was one year
        with the remaining terms being similar to the RSUs granted to the other members of management.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2017, the Board agreed to grant a total of 866,617 RSUs to other members of management on similar
        terms as the 2016 grant with a three-year vesting period, an exercise price of DKK 93.6 and an exercise period of six months.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In 2018 the Board agreed to grant a total of 944,468 RSUs to other members of management and an
        additional 766,035 RSUs to the Executive Director. The RSUs to both other management and the Executive Director were subject to a three-year vesting period, with one-third of the grant amount vesting at each anniversary date beginning on January 1,
        2019. The exercise price of each vested RSU is DKK 53.7, which corresponds to the daily average closing price on Nasdaq Copenhagen across the 90-calendar day period before the date of the General Meeting on April 12, 2018 plus a premium of 15%.
        Vested RSUs may be exercised for a period of 360 days after each vesting date. The grant to the Executive Director represented the unvested portion, or approximately 60%, of the RSUs that he was granted in 2016, which were subject to a five-year
        vesting period, and which he has agreed not to exercise.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of 31 December 2018, 2,719,042 RSUs were outstanding and zero of the 2016, 2017 and 2018 RSUs have
        been exercised. Based on the Black-Scholes model, the theoretical market value of the RSU allocations in 2016, 2017 and 2018, around the time of issuance, was calculated at $5.0 million, $1.0 million, $2.3 million, respectively. See Item 6.
        "Directors, Senior Management and Employees&#8212;B. Compensation" and "&#8212;E. Share Ownership".</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">85</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Memorandum and Articles of Association</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The description of TORM plc's Memorandum and Articles of Association is incorporated by reference to<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>our Registration Statement on Form 20-F (Registration No. 001-38294), as amended, which was filed with the<font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>Securities and Exchange Commission on November 24, 2017, and which we refer to as the 20-F Registration<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">&#160;</font>Statement. The Company's Articles of Association were filed as Exhibit 1.1 to the 20-F Registration Statement and<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>are

















        hereby incorporated by reference into this annual report.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97ed1238a5894c0888c633eddab262fe">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Material Contracts</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attached as exhibits to this annual report are the contracts we consider to be both material and
        outside the ordinary course of business. Descriptions are included within Item 5. "Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Our Financing Agreements" with respect to our credit facilities, and Item 7. &#8220;Major
        Shareholders and Related Party Transactions&#8212;B. Related Party Transactions&#8221; with respect to our related party transactions. Other than these contracts, we have no other material contracts, other than contracts entered into in the ordinary course of
        business, to which we are a party.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff267cf653c04884932f21c761e0b92f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">D.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exchange Controls</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under U.K. law, there are currently no restrictions on the export or import of capital, including
        foreign exchange controls or restrictions, that affect the remittance of dividends, interest or other payments to non-resident holders of our common shares.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">E.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Taxation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">U.S. Federal Income Tax Considerations</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following are the material U.S. federal income tax consequences to us and our U.S. Holders and
        Non-U.S. Holders, each as defined below, of our activities and the ownership and disposition of our common shares. This discussion does not purport to deal with the tax consequences of owning common shares relevant to all categories of investors,
        some of which, such as banks, insurance companies, real estate investment trusts, regulated investment companies, grantor trusts, tax-exempt organizations, dealers in securities or currencies, traders in securities that elect the mark-to-market
        method of accounting for their securities, investors whose functional currency is not the U.S. dollar, investors that are or own our common shares through partnerships or other pass-through entities, investors that own, actually or under applicable
        constructive ownership rules, 10% or more of our common shares, persons that will hold the common shares as part of a hedging transaction, "straddle" or "conversion transaction," persons who are deemed to sell the common shares under constructive
        sale rules, persons required to recognize income for U.S. federal income tax purposes no later than the taxable year in which such income is included on an &#8220;applicable financial statement&#8221;&#160; and persons who are liable for the alternative minimum tax
        may be subject to special rules. The following discussion of United States federal income tax matters is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, judicial decisions, administrative pronouncements, and existing and
        proposed regulations issued by the United States Department of the Treasury, or the Treasury Regulations, all as in effect or in existence on the date of this annual report, and all of which are subject to change, possibly with retroactive effect.
        This discussion does not address any aspect of state, local or any U.S. federal tax considerations other than income taxation, such as estate or gift taxation or unearned income Medicare contribution taxation. This discussion deals only with
        holders who purchase common shares in connection with this offering and hold the common shares as a capital asset. The discussion below is based, in part, on the description of our business as described in this annual report and assumes that we
        conduct our business as described in this annual report. Unless otherwise noted, references in the following discussion to the "Company," "we," "our," and "us" are to TORM plc and its subsidiaries on a consolidated basis.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">86</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">United States Federal Income Taxation of the Company</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Taxation of Operating Income: In General</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We anticipate that substantially all of our gross income will be derived from the use and operation
        of vessels in international commerce, and that this income will principally consist of freights from the transportation of cargos, hire or lease income from voyage or time charters and the performance of services directly related thereto, which we
        refer to as "shipping income". Unless exempt from U.S. federal income taxation under Section 883 of the Code, under Article 8 of the U.S.-United Kingdom Income Tax Treaty or under Article 8 of the U.S.-Denmark Income Tax Treaty, we will be subject
        to U.S. federal income taxation, in the manner discussed below, to the extent our shipping income is considered for U.S. federal income tax purposes to be derived from sources within the United States.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shipping income that is attributable to transportation that begins or ends, but that does not both
        begin and end, in the United States will be considered for U.S. federal income tax purposes to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the United States will
        be considered to be 100% derived from sources within the United States. We are not permitted by law to engage in transportation that gives rise to 100% U.S. source shipping income.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shipping income attributable to transportation exclusively between non-U.S. ports will be considered
        to be 100% derived from sources outside the United States. Shipping income derived from sources outside the United States will not be subject to any U.S. federal income tax.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We do not believe that we or our subsidiaries will qualify for exemption from tax under Section 883,
        although we and our subsidiaries may qualify in the future if there is a change in our capital structure. See below for a discussion of the requirements for qualification under Section 883.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We and/or one or more of our subsidiaries (collectively referred to as "we" for purposes of this
        paragraph) may qualify for exemption from tax under the terms of the U.S.-UK Income Tax Treaty or U.S.-Denmark Income Tax Treaty. Whether we so qualify depends, among other things, on whether we satisfy the Limitation on Benefits article of the
        applicable U.S. income tax treaty. In particular, we would generally satisfy the Limitation on Benefits article if we can establish that we are engaged in the active conduct of a trade or business in the UK or Denmark, whichever is applicable, our
        U.S. source shipping income is derived in connection with, or is incidental to, such trade or business, and such trade or business activity in the applicable treaty jurisdiction is substantial in relation to our trade or business activity in the
        United States. Additionally, we may also be able to satisfy the Limitation on Benefits article of the U.S.-Denmark Income Tax Treaty if we can establish that our principal class of shares is regularly traded on a recognized stock exchange, such as
        Nasdaq Copenhagen. For this purpose, our Class A Common Shares would generally be considered our primary class of shares if the Class A Common Shares represent more than 50% of the voting power and value of the Company. Additionally for this
        purpose, our Class A Common Shares would be treated as regularly traded if the Class A Common Shares are traded in more than de minimis quantities each quarter, and if the aggregate number of Class A Common Shares traded during the prior taxable
        year is at least 6% of the average number of Class A Common Shares during such prior taxable year. Given the legal and factual uncertainties in making the foregoing determination, there can be no assurance that we will qualify for exemption from
        tax under a U.S. income tax treaty, or that the IRS or a court of law will agree with our determination in this regard.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exemption Under Section 883 of the Code</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under Section 883 of the Code and the Treasury Regulations promulgated thereunder, or "Section 883,"
        we and each of our subsidiaries that derives U.S. source shipping income will qualify for exemption from U.S. federal income tax under Section 883 in respect of such shipping income if, in relevant part:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">we and each such subsidiary is organized in a "qualified foreign country" which, as defined, is a foreign country that grants an equivalent exemption from tax
                    to corporations organized in the United States in respect of the shipping income for which exemption is being claimed under Section 883, which we refer to as the "country of organization requirement"; and either</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">87</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb6433ced18034878ac33cfe266c9b255">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">more than 50% of the value of our stock is owned actually or constructively under specified attribution rules by "qualified shareholders" (which as defined
                    includes, among other things, individuals who are "residents" of qualified foreign countries and corporations that are organized in qualified foreign countries and meet the Publicly-Traded Test discussed immediately below), which we
                    refer to as the "50% Ownership Test," or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb02a818da69e4c40a901504d2b2ed185">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">our stock is "primarily" and "regularly" traded on an "established securities market" in our country of organization, in another country that grants an
                    "equivalent exemption" to U.S. corporations or in the United States, which we refer to as the "Publicly-Traded Test".</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As the IRS has recognized the United Kingdom, our country of incorporation, and each of the countries
        of incorporation of our subsidiaries, including Denmark, as a qualified foreign country in respect of the shipping income for which exemption is being claimed under Section 883, we and each of our subsidiaries satisfy the country of organization
        requirement. Therefore, we and each of our subsidiaries will be exempt from U.S. federal income tax with respect to our U.S. source shipping income if we and each of our subsidiaries satisfy either the "50% Ownership Test" or the "Publicly-Traded
        Test" and certain substantiation and reporting requirements are met. We do not anticipate satisfying the 50% Ownership Test. Our ability to satisfy the Publicly-Traded Test is discussed below.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Treasury Regulations provide, in pertinent part, that a class of stock of a foreign corporation
        will be considered to be "primarily traded" on an established securities market in a country (such as Nasdaq Copenhagen) if the exchange is designated under a Limitations on Benefits article in a United States income tax treaty, and if the number
        of shares of such class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares of such class that are traded during that taxable year on established securities markets in
        any other single country. Currently, our shares are primarily traded on Nasdaq Copenhagen for purposes of the &#8220;primarily traded&#8221; test, although this may change in future years.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Treasury Regulations provide further that stock of a foreign corporation will be considered to be
        "regularly traded" on an established securities market only if: (i) one or more classes of stock of the corporation that, in the aggregate, represents more than 50% of the stock of the corporation, by voting power and value, is listed on such
        established securities market, (ii) each such class of stock is traded on such established securities market, other than in de minimis quantities, on at least 60 days during the taxable year, and (iii) the aggregate number of shares of such stock
        traded on such established securities market is at least 10% of the average number of shares of such stock outstanding during such taxable year. Even if this were not the case, the Treasury Regulations provide that the trading frequency and trading
        volume tests will be deemed satisfied with respect to a class of stock that is traded on an established securities market in the United States if such stock is regularly quoted by dealers making a market in such stock. We have a single class of
        stock that is listed on the Nasdaq New York, an established securities market in the United States. Although we do not anticipate satisfying the requirement that our stock be "regularly traded" on an established securities market under the
        quantitative testing rules, our common stock is deemed to be &#8220;regularly traded&#8221; on an established securities market for purposes of satisfying the Publicly-Traded Test.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Treasury Regulations provide, in pertinent part, that a class of stock of a foreign corporation
        will not be considered to be "regularly traded" on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class of stock are owned, within the meaning of the Treasury
        Regulations, on more than half the days during such taxable year by persons who each own 5% or more of the vote and value of the outstanding shares of such class of stock, which persons we refer to as "5% shareholders" and rule as the "5% override
        rule".</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For purposes of identifying our 5% shareholders, we are permitted to rely on Schedule 13G and
        Schedule 13D filings with the SEC.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">88</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event the 5% override rule were triggered with respect to any class of stock for any taxable
        year, the Treasury Regulations provide that the 5% override rule will nevertheless not apply to such class of stock for such taxable year if the foreign corporation can establish that among the closely-held group of 5% shareholders, which we refer
        to as the "5% closely-held group," there are sufficient 5% shareholders that are considered to be qualified shareholders (for purposes of Section 883) to preclude non-qualified 5% shareholders in the 5% closely-held group from owning 50% or more of
        the total value of the shares of such class for more than half the number of days during such taxable year. In order to establish this, a sufficient number of 5% shareholders that are qualified shareholders would have to comply with certain
        documentation and certification requirements designed to substantiate their identity as qualified shareholders. These requirements are onerous, and there is no assurance that we would be able to satisfy them. Currently, OCM Njord Holdings S.&#224;.r.l.
        through its wholly-owned subsidiary, Njord Luxco, owns approximately 64.4% of our outstanding Class A Common Shares. As such, we expect the 5% override rule to be triggered, and that we would not be able to rely on Section 883 for exemption from
        United States federal income taxation on our U.S. source shipping income. Therefore, if we cannot qualify for benefits under an applicable U.S. income tax treaty, we would be subject to United States taxation on our U.S. source shipping income.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">U.S. Federal Income Taxation in the Absence of Section 883 or Treaty Exemption</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">4%
          Gross Basis Tax Regime.</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>To the extent the benefits of Section 883 or an applicable U.S. income tax treaty are
        unavailable, our U.S. source shipping income which is not considered to be "effectively connected" with the conduct of a U.S. trade or business, as discussed below, would be subject to a 4% U.S. federal income tax imposed by Section 887 of the Code
        on a gross basis, without the benefit of deductions, which we refer to as the "4% gross basis tax regime". As under the sourcing rules described above, no more than 50% of our shipping income would be treated as derived from U.S. sources, the
        maximum effective rate of U.S. federal income tax on our shipping income should never exceed 2% under the 4% gross basis tax regime.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Net
          Basis and Branch Tax Regimes. </font>To the extent the benefits of Section 883 or an applicable U.S. income tax treaty are unavailable and our U.S. source shipping income is considered to be "effectively connected" with the conduct of a U.S.
        trade or business, as discussed below, any such "effectively connected" U.S. source shipping income, net of applicable deductions, would be subject to the U.S. federal income tax currently imposed at the corporate rate of 21%. In addition, we may
        be subject to the U.S. branch profits tax, at a rate of 30% or such lower rate as may be provided by an applicable U.S. income tax treaty, on earnings "effectively connected" with the conduct of such U.S. trade or business, as determined after
        allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of their U.S. trade or business.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our U.S. source shipping income will be considered "effectively connected" with the conduct of a U.S.
        trade or business only if:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">we have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zadd0ebef465f4133aa1483693e3a5a55">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">substantially all of our U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a
                    published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We do not intend to have, or permit circumstances that would result in having, substantially all of
        our U.S. source shipping income be attributable to regularly scheduled transportation. Based on the foregoing and on the expected mode of our shipping operations, we believe that none of our U.S. source shipping income will be "effectively
        connected" with the conduct of a U.S. trade or business.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">U.S. Taxation of Gain on Sale of Vessels.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Regardless of whether we qualify for exemption under Section 883 of the Code or the applicable U.S.
        income tax treaty, we do not expect to be subject to U.S. federal income taxation with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles.
        In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any
        sale of a vessel by us will be considered to occur outside of the United States.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">89</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">U.S. Federal Income Taxation of U.S. Holders</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As used herein, the term "U.S. Holder" means a beneficial owner of our common shares that is a U.S.
        citizen or resident, a U.S. corporation or other U.S. entity taxable as a corporation, an estate, the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if (i) a court within the United States is able to
        exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election in effect to be treated as a U.S. person.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a partnership holds our common shares, the U.S. federal income tax treatment of a partner will
        generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our common shares, you are encouraged to consult your own tax advisor.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Distributions</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the discussion of passive foreign investment companies below, any distributions made by us
        with respect to our common shares to a U.S. Holder will generally constitute dividends to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividends paid with respect to our common shares to a U.S. Holder that is an individual, trust or
        estate, which we refer to as a "U.S. Individual Holder", may be eligible for preferential U.S. federal income tax rates provided that (1) we are a "qualified foreign corporation", (2) the U.S. Individual Holder has owned our common shares for more
        than 60 days during the 121-day period beginning 60 days before the date on which our common shares become ex-dividend, (3) we are not a passive foreign investment company for the taxable year of the dividend or the immediately preceding taxable
        year (which we do not believe we are, have been or will be) and (4) the U.S. Individual Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We will be treated as a "qualified foreign corporation" if we qualify for benefits of a comprehensive
        income tax treaty to which the United States is a party, such as the U.S.-UK Income Tax Treaty or the U.S.-Denmark Income Tax Treaty, or if our common shares are readily tradable on an established securities market in the United States. Prior to
        the effectiveness of this annual report, we believe we qualify for the benefits of the U.S.-UK Income Tax Treaty or the U.S.-Denmark Income Tax Treaty, both of which are comprehensive income tax treaties. After the effectiveness of this annual
        report, our common shares will qualify as readily tradable on an established securities market in the United States because they will be listed on Nasdaq New York. Therefore, we believe that any dividends paid by us to a U.S. Individual Holder on
        our common shares should be eligible for these preferential rates. However, certain limitations may apply to any "extraordinary dividends" (generally, a dividend with respect to a common share that is equal to or exceeds 10% of a shareholder's
        adjusted tax basis (or fair market value upon the shareholder's election) or dividends received within a one year period that, in the aggregate, equal or exceed 20% of a shareholder's adjusted tax basis (or fair market value upon the shareholder's
        election) in such common share) paid by us. Any dividends paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a U.S. Holder.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Distributions in excess of our current and accumulated earnings and profits will be treated first as
        a non-taxable return of capital to the extent of the U.S. Holder's tax basis in its common shares on a dollar-for-dollar basis and thereafter as capital gain. U.S. Holders that are corporations will generally not be entitled to claim a dividend
        received deduction with respect to any distributions they receive from us. Dividends paid on our common shares will generally be treated as "passive category income" or, in the case of certain types of U.S. Holders, "general category income", for
        purposes of computing allowable foreign tax credits for U.S. foreign tax credit purposes.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Special rules may apply to any &#8220;extraordinary dividend&#8221; &#8212; generally, a dividend in an amount which is
        equal to or in excess of 10% of a shareholder&#8217;s adjusted basis (or fair market value in certain circumstances) in a share of our common stock &#8212; paid by us. If we pay an &#8220;extraordinary dividend&#8221; on our common shares that is treated as &#8220;qualified
        dividend income&#8221;, then any loss derived by a non-corporate U.S. holder from the sale or exchange of such common shares will be treated as long-term capital loss to the extent of such dividend.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">90</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividends will be generally included in the income of U.S. Holders at the U.S. dollar amount of the
        dividend (including any non-U.S. taxes withheld therefrom), based upon the exchange rate in effect on the date of the distribution. In the case of foreign currency received as a dividend that is not converted by the recipient into U.S. dollars on
        the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss recognized upon a subsequent sale or other disposition of the foreign currency, including the
        exchange for U.S. dollars, will be ordinary income or loss. However, an individual whose realized foreign exchange gain does not exceed U.S. $200 will not recognize that gain, to the extent that there are not expenses associated with the
        transaction that meet the requirement for deductibility as a trade or business expense (other than travel expenses in connection with a business trip or as an expense for the production of income).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sale, Exchange or other Disposition of Our Common Shares</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the discussion of passive foreign investment company status below, a U.S. Holder will
        generally recognize taxable gain or loss upon a sale, exchange or other disposition of our common shares in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S.
        Holder's adjusted tax basis in the common shares. A U.S. Holder's adjusted tax basis in its common shares generally will be the U.S. Holder's purchase price for the common shares, reduced (but not below zero) by the amount of any distribution on
        such common shares that was treated as a nontaxable return of capital to such U.S. Holder. Such gain or loss will be capital gain or loss and will be treated as long-term capital gain or loss if the U.S. Holder's holding period in the common shares
        is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as U.S.-source income or loss, as applicable, for U.S. foreign tax credit purposes. A U.S. Holder's ability to
        deduct capital losses is subject to certain limitations.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Passive Foreign Investment Company Status and Significant U.S. Federal Income Tax Consequences</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Special U.S. federal income tax rules apply to a U.S. Holder that holds stock in a foreign
        corporation classified as a passive foreign investment company, or "PFIC", for U.S. federal income tax purposes. In general, a foreign corporation will be treated as a PFIC with respect to a U.S. shareholder in such foreign corporation if, for any
        taxable year in which such shareholder holds stock in such foreign corporation, either:</font></div>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">at least 75% of the corporation's gross income for such taxable year consists of passive income (for example dividends, interest, capital gains and rents
                    derived from other than in the active conduct of a rental business), or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ba7e0f907a14ef5b3ccdb874c02051e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">at least 50% of the average value of the assets held by the corporation during such taxable year produces, or is held for the production of, passive income,
                    which we refer to as "passive assets".</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For purposes of determining whether we are a PFIC, cash will be treated as an asset held for the
        production of passive income. Income earned or deemed earned by us in connection with the performance of services would not constitute passive income. By contrast, rental income would generally constitute passive income unless we are treated under
        specific rules as deriving the rental income in the active conduct of a rental business. Also, for purposes of determining whether we are a PFIC, we will be treated as owning our proportionate share of the assets and as receiving directly our
        proportionate share of the income of any corporation in which we own at least 25% by value of the stock of such corporation.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on our current operations and future projections, we do not believe that we are, nor do we
        expect to become, a PFIC with respect to any taxable year. Although there is no legal authority directly on point, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive
        or are deemed to derive from the time chartering and voyage chartering activities of us and our subsidiaries should constitute active income from the performance of services rather than passive, rental income. Correspondingly, such income should
        not constitute passive income, and the assets that we or our subsidiaries own and operate in connection with the production of such income, in particular the vessels, should not constitute passive assets for purposes of determining whether we are a
        PFIC. We anticipate that substantially all of our gross income will be derived from time and voyage charters and the performance of services directly related thereto, and that substantially all of the vessels in our fleet will be engaged in such
        activities.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">91</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We believe there is substantial legal authority supporting our position consisting of the Code,
        legislative history, case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is no direct legal authority under the PFIC
        rules addressing our specific method of operation, and there is authority which characterizes time charter income as rental income rather than services income for other tax purposes. In the absence of any legal authority specifically relating to
        the statutory provisions governing PFICs, the IRS or a court could disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC with respect to any taxable year, we cannot assure
        you that the nature or extent of our operations, or the composition of our income or assets, will not change and that we will not become a PFIC in the future.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder
        would be subject to different U.S. federal income taxation rules depending on whether the U.S. Holder makes an election to treat us as a "Qualified Electing Fund", which election we refer to as a "QEF election". As an alternative to making a QEF
        election, a U.S. Holder should be able to make a "mark-to-market" election with respect to our common shares, as discussed below.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If we were to be treated as a PFIC for any taxable year, a U.S. Holder would also be subject to
        special U.S. federal income tax rules in respect of such U.S. Holder's indirect interest in any of our subsidiaries that are also treated as PFICs. Such a U.S. Holder would be permitted to make a QEF election in respect of any such subsidiary, as
        long as we timely provide the information necessary for such election, which we currently intend to do in such circumstances, but such a U.S. Holder would not be permitted to make a mark-to-market election in respect of such U.S. Holder's indirect
        interest in any such subsidiary. In addition, if we were to be treated as a PFIC for any taxable year, and a U.S. Holder actually or constructively own common shares that exceed certain thresholds, a U.S. Holder would be required to file a Form
        8621 with its U.S. federal income tax return for that year with respect to such Holder's common shares. Substantial penalties apply to any failure to timely file a Form 8621, unless the failure is shown to be due to reasonable cause and not due to
        willful neglect. Also, in the event that a U.S. Holder is required to file a Form 8621 and does not do so, the statute of limitations on the assessment and collection of U.S. federal income taxes for such person for the related tax year may not
        close until three years after the date that the Form 8621 is filed. The application of the PFIC rules is complicated, and U.S. Holders are encouraged to consult with their tax advisors regarding the application of such rules in their circumstances.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">U.S. Federal Income Taxation of U.S. Holders Making a Timely QEF Election</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a U.S. Holder makes a timely QEF election, which U.S. Holder we refer to as an "Electing Holder",
        the Electing Holder must report each year for U.S. federal income tax purposes his pro rata share of our ordinary earnings and net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder,
        regardless of whether or not distributions were received by the Electing Holder with respect to its commons shares. No portion of such inclusions of ordinary earnings will be entitled to the preferential U.S. federal income tax rates applicable to
        certain dividends discussed above. Net capital gain inclusions of certain non-corporate U.S. holders may be eligible for preferential capital gains rates. The Electing Holder's adjusted tax basis in the common shares will be increased to reflect
        taxed but undistributed earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a corresponding reduction in the adjusted tax basis in the common shares and will not be taxed again once distributed.
        An Electing Holder would not, however, be entitled to a deduction for its pro rata share of any losses that we incur with respect to any taxable year. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other
        disposition of our common shares. A U.S. Holder would make a QEF election with respect to any taxable year that our company is a PFIC by filing an IRS Form 8621 with his U.S. federal income tax return. If we became aware that we were to be treated
        as a PFIC for any taxable year, we would provide each U.S. Holder with all necessary information in order to make the QEF election described above. A U.S. Holder who is treated as constructively owning shares in any of our subsidiaries which are
        treated as PFICs would be required to make a separate QEF election with respect to each such subsidiary.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">92</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">U.S. Federal Income Taxation of U.S. Holders Making a "Mark-to-Market" Election</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alternatively, if we were to be treated as a PFIC for any taxable year and our common shares are
        treated as "marketable stock", as we believe will be the case, a U.S. Holder would be allowed to make a "mark-to-market" election with respect to our common shares, provided the U.S. Holder completes and files an IRS Form 8621 in accordance with
        the relevant instructions and related Treasury Regulations. If that election is made, the U.S. Holder would generally include as ordinary income in each taxable year the excess, if any, of the fair market value of the common shares at the end of
        the taxable year over such Holder's adjusted tax basis in the common shares. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder's adjusted tax basis in the common shares over its fair value
        at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder's tax basis in its common shares would be adjusted to reflect any such income or loss
        amount. Gain realized on the sale, exchange or other disposition of our common shares would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the common shares would be treated as ordinary loss to
        the extent that such loss does not exceed the net mark-to-market gains previously included in income by the U.S. Holder. A mark-to-market election would likely not be available for any of our subsidiaries that are treated as PFICs.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">U.S. Federal Income Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finally, if we were to be treated as a PFIC for any taxable year, a U.S. Holder who does not make
        either a QEF election or a "mark-to-market" election for that year, whom we refer to as a "Non-Electing Holder," would be subject to special rules with respect to (1) any excess distribution (i.e. the portion of any distributions received by the
        Non-Electing Holder on our common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for
        the common shares) and (2) any gain realized on the sale, exchange or other disposition of our common shares. Under these special rules:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa0411af87e34321b73af65d7520b92f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the excess distribution or gain would be allocated ratably over the Non-Electing Holder's aggregate holding period for the common shares;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z185636c83eb646e5b60ed372c2a6d846">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount allocated to the current taxable year and any taxable year before we became a PFIC would be taxed as ordinary income and would not be entitled to
                    the preferential U.S. federal income tax rates applicable to certain dividends discussed above; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z85108e3e8efc476f8c7ed2e9724c7767">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount allocated to each of the other taxable years would be subject to tax at the highest rate in effect for the applicable class of taxpayer for that
                    year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These adverse U.S. federal income tax consequences would not apply to a pension or profit sharing
        trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of our common shares. If a Non-Electing Holder who is an individual dies while owning our common shares, such Holder's
        successor would generally not receive a step-up in tax basis with respect to such common shares.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">U.S. Federal Income Taxation of "Non-U.S. Holders"</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A beneficial owner of our common shares that is not a U.S. Holder (and not an entity treated as a
        partnership) is referred to herein as a "Non-U.S. Holder".</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Distributions</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-U.S. Holders will generally not be subject to U.S. federal income tax or withholding tax on
        dividends received with respect to our common shares, unless the dividends are "effectively connected" with the Non-U.S. Holder's conduct of a trade or business in the United States or, if the Non-U.S. Holder is entitled to the benefits of an
        applicable U.S. income tax treaty with respect to those dividends, those dividends are attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">93</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sale, Exchange or Other Disposition of Common Shares</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-U.S. Holders will generally not be subject to U.S. federal income tax or withholding tax on any
        gain realized upon the sale, exchange or other disposition of our common shares unless: (i) the gain is "effectively connected" with the Non-U.S. Holder's conduct of a trade or business in the United States or, if the Non-U.S. Holder is entitled to
        the benefits of an applicable U.S. income tax treaty with respect to that gain, that gain is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States or (ii) the Non-U.S. Holder is an individual who is
        present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Non-U.S. Holder is engaged in a U.S. trade or business for U.S. federal income tax purposes,
        the income from the common shares, including dividends on the underlying common shares and the gain from the sale, exchange or other disposition of the common shares that is "effectively connected" with the conduct of that U.S. trade or business,
        will generally be subject to U.S. federal income tax in the same manner as discussed in the previous section relating to the U.S. federal income taxation of U.S. Holders. In addition, in the case of a corporate Non-U.S. Holder, such Non-U.S.
        Holder's earnings and profits that are attributable to the "effectively connected" income, subject to certain adjustments, may be subject to an additional U.S. federal branch profits tax at a rate of 30% or at a lower rate as may be specified by an
        applicable U.S. income tax treaty.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Backup Withholding and Information Reporting</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In general, dividend payments, or other taxable distributions, and payment of the gross proceeds on a
        sale or other disposition of our common shares, made within the United States to you will be subject to information reporting requirements. In addition, such payments will be subject to "backup withholding" if you are a non-corporate U.S. Holder
        and you:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6018c4b7b1249f78b3b187089c52684">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">fail to provide an accurate taxpayer identification number;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04e443bac8154b6998b988239b91d268">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are notified by the IRS that you have failed to report all interest or dividends required to be shown on your U.S. federal income tax returns; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5d6991abb7d249e399584d8e17624f3f">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: Symbol, serif;">&#183;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in certain circumstances, fail to comply with applicable certification requirements.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-U.S. Holders may be required to establish their exemption from information reporting and backup
        withholding by certifying their status on an appropriate IRS Form W-8.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If you sell your common shares to or through a U.S. office of a broker, the payment of the proceeds
        is subject to both U.S. backup withholding and information reporting unless you certify that you are a non-U.S. person, under penalties of perjury, or you otherwise establish an exemption. If you sell your common shares through a non-U.S. office of
        a non-U.S. broker and the sales proceeds are paid to you outside the United States, then information reporting and backup withholding will generally not apply to that payment. However, U.S. information reporting requirements, but not backup
        withholding, will apply to a payment of sales proceeds, including a payment made to you outside the United States, if you sell your common shares through a non-U.S. office of a broker that is a U.S. person or has some other contacts with the United
        States.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Backup withholding is not an additional tax. Rather, you may generally obtain a refund of any amounts
        withheld under backup withholding rules that exceed your U.S. federal income tax liability by filing a refund claim with the IRS.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Individuals who are U.S. Holders (and to the extent specified in the applicable Treasury Regulations,
        certain individuals who are Non-U.S. Holders and certain U.S. entities) who hold "specified foreign financial assets" (as defined in Section 6038D of the Code and the applicable Treasury Regulations) are required to file an IRS Form 8938 (Statement
        of Specified Foreign Financial Assets) with information relating to each such asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable
        year.&#160; Substantial penalties apply to any failure to timely file an IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, the statute of limitations on the assessment and collection
        of U.S. federal income tax with respect to a taxable year for which the filing of an IRS Form 8938 is required may not close until three years after the date on which the IRS Form 8938 is filed.&#160; Specified foreign financial assets would generally
        include our common shares, unless the common shares are held in an account maintained by a U.S. "financial institution" (as defined in Section 6038D of the Code).&#160; U.S. Holders (including U.S. entities) and Non-U.S. Holders are encouraged to
        consult their own tax advisors regarding their reporting obligations under Section 6038D of the Code.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">94</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danish Tax Considerations</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following is a summary of certain Danish tax considerations relating to an investment in TORM
        plc. The summary describes the Danish tax implications pertaining to dividends paid from TORM A/S to TORM plc, and a sale of Class A common shares by TORM plc.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The summary does not purport to constitute exhaustive tax or legal advice. It is specifically to be
        noted that the summary does not address all possible tax consequences relating to an investment in the shares of TORM plc. The summary is based solely upon the tax laws of Denmark in effect on the date of this annual report. Danish tax laws may be
        subject to changes, possibly with retroactive effect.</font><br>
      <div style="margin: 12pt 0px 0px; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Thus, in the case an entity transfers shares in a group-related entity to another group-related entity and the proceeds consist wholly
        or partly of anything other than shares in the purchasing entity or group-related entities, the non-share based part of the proceeds (i.e. cash) is considered a dividend payment. However, if TORM plc receives tax-exempt dividends from TORM A/S as
        described in the section below, the Danish anti-avoidance rules should not apply.</div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sale of Class A common shares by TORM plc</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shareholders not resident in Denmark will normally not be subject to Danish tax on gains realized on
        the sale of shares, irrespective of the ownership period and equity interest. However, Danish anti-avoidance rules should be observed as these rules may, if certain conditions are met, result in a requalification of tax-exempt capital gains into
        dividends, which could trigger Danish withholding taxes. These rules could apply in a number of situations, such as in connection with a related party sale of shares against cash and in unrelated third party transactions in connection with the
        transfer of shares to a new holding company (controlled by a third party) against shares and cash. For example, this could be the case, if dividends from TORM A/S cannot be received tax exempt by TORM plc. The rules should only apply to intra-group
        transactions as well as situations where TORM plc receives an ownership share in the group acquiring the shares in TORM A/S.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dividends distributed to the holders of Class A common shares of TORM A/S to TORM plc</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under Danish tax law, dividends paid on shares in a Danish company to a foreign company are&#160;normally
        subject to dividend withholding tax of 27%. However, the foreign company receiving the dividends will as a main rule be subject to a final Danish withholding tax of 22% provided the recipient reclaims the excess tax from the Danish tax authorities.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividends paid on shares in a Danish company are as a starting point exempt from Danish withholding
        tax when the foreign receiving company owns at least 10% of the Danish distributing company, the foreign receiving company is tax resident within the EU or a state which has a tax treaty with Denmark, and the Danish taxation should be reduced or
        eliminated in accordance with the EU Parent/Subsidiary Directive (2011/96/EU) or in accordance with a tax treaty between Denmark and the state in which the receiving company is domiciled.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">When considering whether the EU Parent/Subsidiary Directive (2011/96/EU) or a tax treaty can be
        applied (thereby enabling exemption from Danish withholding taxes on dividend distributions), the Danish tax authorities do consider a number of other criteria, including whether the foreign receiving company is the beneficial owner, and whether
        the structure can be challenged based on general anti-avoidance rules introduced in 2015.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If these conditions for exemption are not fulfilled, Danish withholding tax&#160;of 27% (potentially
        reduced to 22%) will be triggered on such dividend distributions.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Share transfer tax and stamp duties</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Danish share transfer tax or stamp duties are payable on direct or indirect transfer of the shares
        of TORM A/S.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">95</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">United Kingdom Tax Considerations</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The following statements do not constitute tax advice and are intended only as a
        general guide to current United Kingdom law and HM Revenue and Customs ("HMRC") published practice, which may not be binding on HMRC, as at the date of this document (which are both subject to change at any time, possibly with retrospective
        effect). They relate only to certain limited aspects of the United Kingdom tax treatment of the beneficial owners of the Class A common shares. They are intended to apply only to shareholders who are resident only in the United Kingdom for United
        Kingdom tax purposes (unless the context requires otherwise) and, if individuals, who are domiciled in the United Kingdom and to whom split-year treatment does not apply. The statements below only relate to persons who are and will be the absolute
        beneficial owners of the Class A common shares and who hold, and will hold, the Class A common shares through the Depository Trust Company as investments (and not as securities to be realized in the course of a trade). The statements below are not
        exhaustive and may not apply to certain shareholders, such as dealers in securities, broker dealers, insurance companies and collective investment schemes, shareholders who are exempt from taxation, shareholders who hold their shares through an
        Individual Savings Account or a Self-Invested Personal Pension and shareholders who have (or are deemed to have) acquired the Class A common shares by virtue of an office or employment. Such persons may be subject to special rules. This summary
        does not address any inheritance tax considerations.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prospective purchasers of the Class A common shares who are in any doubt as to their tax position
        should consult an appropriate professional adviser.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Taxation of Dividends</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">General</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc is not required to make any withholding or deduction for or on account of United Kingdom tax
        in respect of dividends on the Class A common shares, irrespective of whether the shareholder receiving the dividend is resident in or outside the United Kingdom.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Individual Shareholders</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">United Kingdom resident individual Shareholders may be subject to income tax on dividends they
        receive from the Company. The first &#163;5,000 of dividend income that the United Kingdom resident individuals receive in each tax year is taxed at a rate of 0% (the "Nil Rate Amount"). The United Kingdom Government has announced that this Nil Rate
        Amount will be reduced to &#163;2,000 with effect from April 2018 (although the legislation effecting this change is currently in draft form).</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dividend income that is within the Nil Rate Amount counts towards an individual's basic or higher
        rate limits &#8211; and will therefore affect the taxation of other income received and any capital gains realized by the individual in the tax year. It may also affect the level of savings allowance to which they are entitled (as this is different for
        basic and higher rate taxpayers). In calculating into which tax band any dividend income over the Nil Rate Amount falls, dividend income is treated as the "top slice" of an individual's income.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any dividend income received by a UK resident individual Shareholder in excess of the Nil Rate Amount
        will be subject to income tax at a rate of 7.5%, to the extent that it is within the basic rate band, 32.5%, to the extent that it is within the higher rate band and 38.1%, to the extent that it is within the additional rate band.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Corporate Shareholders</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shareholders within the charge to United Kingdom corporation tax which are "small companies" (for the
        purposes of United Kingdom taxation of dividends) will generally not expect to be subject to tax on dividends from the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other shareholders within the charge to United Kingdom corporation tax will not be subject to tax on
        dividends from the Company as long as the dividends fall within an exempt class and certain conditions are met. For example: dividends paid to companies holding less than 10% of the issued share capital of the payer (or any class of that share
        capital) are generally dividends that fall within an exemption in respect of "portfolio holdings" (subject to the application of relevant anti-avoidance rules). Other exemptions may also apply.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">96</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Shareholders Resident outside the United Kingdom</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Where a shareholder resident for tax purposes outside the United Kingdom carries on a trade,
        profession or vocation in the United Kingdom and the dividends are a receipt of that trade or, in the case of corporation tax, the Class A common shares are held by or for a United Kingdom permanent establishment through which a trade is carried
        on, the shareholder may be liable to United Kingdom tax on dividends paid by the Company.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Taxation of Chargeable Gains</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Individual Shareholders</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A disposal of the Class A common shares may give rise to a chargeable gain (or allowable loss) for
        the purposes of United Kingdom capital gains tax, depending on the circumstances and subject to any available exemption or relief. The rate of capital gains tax in respect of shareholdings is 10% for individuals who are subject to income tax at the
        basic rate and 20% to the extent that an individual's chargeable gains, when aggregated with his or her income chargeable to income tax, exceed the basic rate band for income tax purposes. An individual shareholder is entitled to realize an exempt
        amount of gains (&#163;11,300 in the 2017/18 tax year) in each tax year without being liable to tax.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A shareholder who is an individual and who has ceased to be resident in the United Kingdom for
        taxation purposes (or has become treated as resident outside the United Kingdom for the purposes of a double tax treaty (''Treaty non-resident'') for a period of five years or less, and who disposes of the Class A common shares during that period
        may in some circumstances also be liable, on his or her return to the United Kingdom, to United Kingdom capital gains tax on that gain, subject to any available exemptions or reliefs.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Corporate Shareholders</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Where a shareholder is within the charge to United Kingdom corporation tax, including cases where it
        is not resident (for tax purposes) in the United Kingdom, a disposal of the Class A common shares may give rise to a chargeable gain (or allowable loss) for the purposes of United Kingdom corporation tax, depending on the circumstances and subject
        to any available exemption or relief. Indexation allowance may reduce the amount of chargeable gain that is subject to corporation tax, but may not create or increase any allowable loss.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Shareholders Resident outside the United Kingdom</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A shareholder that is not resident in the United Kingdom (and, in the case of an individual, is not
        temporarily non-resident) for United Kingdom tax purposes, and whose Class A common shares are not held in connection with carrying on a trade, profession or vocation in the United Kingdom will generally not be subject to United Kingdom tax on
        chargeable gains on the disposal of the Class A common shares.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Stamp Duty and Stamp Duty Reserve Tax ("SDRT")</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The comments in this section relating to stamp duty and SDRT apply whether or not a shareholder is
        resident or domiciled in the United Kingdom. Special rules may apply to shareholders such as market makers, brokers, dealers and intermediaries.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Following the European Court of Justice decision in HSBC Holdings Plc and Vidacos Nominees Ltd v The
        Commissioners for Her Majesty's Revenue &amp; Customs (C-569/07) and the First-tier Tax Tribunal decision in HSBC Holdings Plc and The Bank of New York Mellon Corporation v The Commissioners for Her Majesty's Revenue &amp; Customs (TC/2009/16584),
        HMRC has confirmed that 1.5% SDRT is no longer payable to a clearance service or depositary receipt system, when new shares are issued. However, it is currently unclear whether this will remain the case following the United Kingdom's intended
        departure from the European Union.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">97</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No stamp duty should be payable on the acquisition or transfer of the beneficial ownership of the
        Class A common shares held by a nominee for a person whose business is or includes the provision of clearance services where that acquisition or transfer is settled within the clearance service and there is no physical instrument of transfer. An
        agreement for the transfer of such Class A common shares will also not give rise to a SDRT liability, provided that no election has been made under section 97A of the United Kingdom Finance Act 1986 which is applicable to such Class A common
        shares. We understand that no such election has been made by the Depository Trust Company as respects the Class A common shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any instrument of transfer of the Class A common shares that are not held by a nominee for a person
        whose business is or includes the provision of clearance services will generally attract stamp duty at a rate of 0.5% of the amount or value of the consideration for the transfer (rounded up, if necessary, to the next multiple of &#163;5). No stamp duty
        is chargeable on an instrument transferring shares where the amount or value of the consideration is &#163;1,000 or less, and it is certified on the instrument that the transaction effected by the instrument does not form part of a larger transaction or
        series of transactions for which the aggregate consideration exceeds &#163;1,000. An unconditional agreement for such transfer, or a conditional agreement which subsequently becomes unconditional, will also generally be liable to SDRT at the rate of
        0.5% of the amount or value of the consideration for the transfer, but such liability will be cancelled if the agreement is completed by a duly stamped instrument of transfer within six years of the date of the agreement, or if the agreement was
        conditional, the date the agreement became unconditional. Where stamp duty is paid, any SDRT previously paid should be repaid on the making of an appropriate claim generally with interest.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Therefore, a transfer of title in the Class A common shares or an agreement to transfer such shares
        from within the Depository Trust Company system out of the Depository Trust Company system, and any subsequent transfers or agreements to transfer outside the Depository Trust Company system, will generally attract a charge to United Kingdom stamp
        duty and/or United Kingdom SDRT at a rate of 0.5% of any consideration. Shareholders should note in particular that a redeposit of the Class A common shares into the Depository Trust Company system, including by means of a transfer into a
        depositary receipt system, will generally attract United Kingdom stamp duty and/or United Kingdom SDRT at the higher rate of 1.5%.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9c67a37a18ae4ae8a742f2bc08f1b15e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">F.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dividends and Paying Agents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe1fd190a95e434c805b3a1b64945f92">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">G.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Statement by Experts</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z672f442cc53a430eb9510b8aa5daef5d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">H.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Documents on Display</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We file reports and other information with the SEC. These materials, including this annual report and
        the accompanying exhibits, may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, NE, Room 1580, Washington, D.C. 20549. You may obtain information on the operation of the public reference room by
        calling 1 (800) SEC-0330, and you may obtain copies at prescribed rates from the Public Reference Section of the SEC at its principal office in Washington, D.C. The SEC maintains a website (http://www.sec.gov.) that contains reports, proxy and
        information statements and other information regarding registrants that file electronically with the SEC. In addition, our filings will be available on our website www.torm.com. This web address is provided as an inactive textual reference only.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Shareholders may also request a copy of our filings at no cost by writing or telephoning us at the
        following address:</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM plc</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tuborg Havnevej 18</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK-2900 Hellerup, Denmark</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tel: 45 39 17 92 00</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">98</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd39562cb20b54551a49a3abdc40a052f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">I.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subsidiary Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z14d976307dcb40b7a2acf56c9b9775a3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 11.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to Note 19&#8212;"Risks Associated with TORM's Activities" on pages 121-124 of our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font></font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4124506f095f441497dd3d594591cf29">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 12.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: center; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PART II</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4389d94e39754006ad305d1f63c0d048">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 13.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">None.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcb2f41cc4b174424a99e44979309d16d">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 14.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">None.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z28d61422b4bd4df8aeabd47e81075978">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 15.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONTROLS AND PROCEDURES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45de8a09dc59469d9dc882b2640b27ef">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure Controls and Procedures</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We maintain disclosure controls and procedures that are designed to ensure that information required
        to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including the
        Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. Our controls and procedures are designed to provide reasonable assurance of achieving their objectives.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We carried out an evaluation under the supervision, and with the participation of our management,
        including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15e under the Securities Act of
        1934) as of December 31, 2018. Based upon that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective as of December 31, 2018 to provide reasonable assurance that
        (1) information required to be disclosed by us in the reports that we file under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (2) that such information is
        accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There are inherent limitations to the effectiveness of any system of disclosure controls and
        procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control
        objectives.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">99</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19c4f59854f94820a5917133bb505546">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Management's Annual Report on Internal Control Over Financial Reporting</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">In accordance with Rule 13a-15(f) of the Exchange Act, the management of the Company is responsible for
        the establishment and maintenance of adequate internal controls over financial reporting for the Company. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
        reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company's system of internal control over financial reporting includes those policies and procedures that
        (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to
        permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the
        Company, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposal of the Company's assets that could have a material effect on the financial statements. Management has performed
        an assessment of the effectiveness of the Company's internal controls over financial reporting as of December 31, 2018 based on the provisions of Internal Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations of the
        Treadway Commission, or COSO, in 2013. Based on our assessment, management determined that the Company's internal controls over financial reporting were effective as of December 31, 2018 based on the criteria in Internal Control&#8212;Integrated
        Framework issued by COSO (2013).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd57bb4bf8a9b4bae8cf61ab7283b878e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Attestation Report of the Registered Public Accounting Firm</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This annual report does not include an attestation report of the Company's registered public
        accounting firm because we are an emerging growth company.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf61e09090a2487fb53d697a7dfa4adc">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">D.</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Changes in Internal Control Over Financial Reporting</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There were no changes in the Company's internal control over financial reporting that occurred during
        the year ended December 31, 2018 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z858841c11096450eb4fa93bf5cc5a460">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RESERVED</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac5145ae57a04c6b9b93da376d30ce0c">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16A.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AUDIT COMMITTEE FINANCIAL EXPERT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Our Board of Directors has determined that Mr. G&#246;ran Trapp, who serves as the Chairman of our Audit
        Committee, qualifies as an "audit committee financial expert" and that he is "independent" in accordance with SEC rules.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0949d4841ffe4fe6bc1f385fc9a96670">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16B.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CODE OF ETHICS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We have adopted a code of ethics, which we refer to as our Business Principles, which applies to all
        entities in the TORM Group and its employees (both shore-based and at sea), directors and officers. A copy of the Business Principles is filed herewith as Exhibit 11.1. We have also posted a copy of our Business Principles on our website at
        www.torm.com. We will provide any person, free of charge with a copy of our Business Principles upon written request to our offices at: Tuborg Havnevej 18, DK-2900 Hellerup, Denmark.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2d4704ffd1134336a7d93a3bca684b30">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16C.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reference is made to Note 4 &#8212;"Remuneration to Auditors Appointed at the Parent Company's Annual
        General Meeting" on page 108 of our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font> and to the "Audit Committee Report" on pages 61-65 of our <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018</font>.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2f325ea532249ac9122329e0b1edb9b">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16D.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">100</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z44251fac27b1442c81cf056793aeba51">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16E.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zae467b21c0384d6cbaeba193535369af">

        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name</font></div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Period</font></div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(a) Total Number of Shares Purchased</font></div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(b) Average Price Paid per Share</font></div>
          </td>
          <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(c) Total Number of Shares Purchased as Part of Publicly Announced Plans</font></div>
          </td>
          <td style="width: 15.29%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">(d) Maximum Number of Shares that May Yet Be Purchased under the Plan</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; background-color: rgb(207, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Njord Holdings S.&#224; r.l</font></div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: #CFEEFF; border-top: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">January 2018</font></div>
          </td>
          <td style="width: 15.4%; vertical-align: bottom; background-color: #CFEEFF; border-top: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">8,214,548</font></div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(207, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">$8.39</font></div>
          </td>
          <td style="width: 15%; vertical-align: bottom; background-color: rgb(207, 238, 255); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
          </td>
          <td style="width: 15.29%; vertical-align: bottom; background-color: #CFEEFF; border-top: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">N/A</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the year ended December 31, 2018, no other issuer or affiliate purchases of our equity securities were made.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z80753d43b0ce4a5ea77c0d12ccf84110">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16F.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f9751b6d8ec4ef9902c20bf2c1a481f">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16G.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CORPORATE GOVERNANCE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to an exception under Nasdaq New York listing standards available to foreign private
        issuers, we are not required to comply with many of the corporate governance practices followed by U.S. companies under the Nasdaq New York listing standards. Accordingly, we are exempt from many of Nasdaq New York's corporate governance practices
        other than the requirements regarding the disclosure of a going concern audit opinion, submission of a listing agreement, notification of material non-compliance with Nasdaq New York corporate governance practices and the establishment and
        composition of an audit committee and a formal written audit committee charter. In connection with the listing of our Class A common shares on Nasdaq New York, we will certify to Nasdaq New York that our corporate governance practices are in
        compliance with, and are not prohibited by, English Law. Set forth below is a list of the significant differences between our current or potential corporate governance practices and Nasdaq New York standards applicable to listed U.S. companies.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Independence

















          of Directors. </font>Nasdaq New York requires that a U.S.-listed company maintain a majority of independent directors. Our Board of Directors consists of five directors, three of which are considered "independent" under Rule 10A-3 promulgated
        under the Exchange Act and under the rules of Nasdaq New York. Under English law and our Articles of Association, our Board of Directors is not required to consist of a majority of independent directors. Under the UK Corporate Governance Code, to
        which we are subject, a majority of our Board is required to be independent. However, the determination of independence is different from Nasdaq New York standards, and we may choose to deviate from this requirement in the future as long as we
        explain why we have done so in our annual report.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Remuneration

















          Committee. </font>Nasdaq New York requires that a listed U.S. company have a remuneration committee consisting only of independent directors. Under English law and our Articles of Association, our Remuneration Committee is not required to
        consist entirely of independent directors. The UK Corporate Governance Code requires this committee to be comprised of independent directors and that the chairman of the Board of Directors not chair the Remuneration Committee, but we may choose to
        deviate from these requirements in the future as long as we explain why in our annual report.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Audit

















          Committee</font>. Nasdaq New York requires, among other things, that a listed U.S. company have an audit committee comprised of three entirely independent directors. The UK Corporate Governance Code requires an audit committee to be comprised of
        three, or in the case of smaller companies, two, independent directors, but we may choose to deviate from this requirement in the future as long as we explain why in our annual report.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">101</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Executive

















          Sessions</font>. Nasdaq New York requires that the independent directors of a U.S. listed company have regularly scheduled meetings at which only independent directors are present, or executive sessions. The UK Corporate Governance Code requires
        that our Chairman hold meetings with non-executive directors without the executives present and that, led by the senior independent director, the non-executive directors meet without the Chairman present at least annually to appraise the Chairman's
        performance and on such other occasions as are deemed appropriate.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Shareholder

















          Approval of Securities Issuances</font>. Nasdaq New York requires that a listed U.S. company obtain the approval of its shareholders prior to issuances of securities under certain circumstances. In lieu of this requirement, we have elected to
        follow applicable practices of England and Wales for authorizing issuances of securities, which generally require (i) shareholder approval (a) by ordinary resolution to grant the directors authority to allot shares and (b) by special resolution to
        grant the directors authority to allot shares free of pre-emption rights (which approvals have already been granted by shareholders pursuant to the Company&#8217;s shareholders resolutions dated 15 March 2016); (ii) board approval and, in addition, (iii)
        particular board approval in certain circumstances specific to the Company including pursuant to articles 8 and 131 of the Company&#8217;s articles of association, but these practices do not follow additional corporate governance guidelines that would
        apply to companies listed on the Main Board of the London Stock Exchange<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #FF0000;">.</font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Shareholder

















          Approval of Equity Compensation Plans</font>. Nasdaq New York requires that shareholders be given the opportunity to vote on all equity-compensation plans and material amendments thereto, with limited exceptions for inducement awards, certain
        grants, plans and amendments in the context of mergers and acquisitions, and specific types of plans. In lieu of this requirement, we have elected to follow the applicable practices of England and Wales for authorizing such plans, which do not
        generally require shareholder approval (except (i) in certain circumstances not applicable to the Company or (ii) where the issue of shares, or right to subscribe for or agreement to issue shares, requires further shareholder approval pursuant to
        applicable law beyond the shareholder approvals currently existing pursuant to the Company&#8217;s shareholder resolutions dated 15 March 2016).&#160; Certain plans also require certain special director approval requirements to be met pursuant to articles
        131.3 and 131.4.4 of the Company&#8217;s articles of association.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Corporate

















          Governance Guidelines</font>. Nasdaq New York requires U.S. companies to adopt and disclose corporate governance guidelines. The guidelines must address, among other things: director qualification standards, director responsibilities, director
        access to management and independent advisers, director compensation, director orientation and continuing education, management succession and an annual performance evaluation. The UK Corporate Governance Code requires the Company to report on its
        compliance with the UK Corporate Governance Code in accordance with the "comply or explain" principle. The Company's position with respect to compliance (or non-compliance) with the individual recommendations of the UK Corporate Governance Code is
        required to be disclosed in the Company's Annual Report and Accounts. In addition, the Company includes on its website a detailed analysis of its compliance (or non-compliance) with the UK Corporate Governance Code in its corporate governance
        statement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Directors'

















          Remuneration Reports</font>. Under Section 420(1) of the UK Companies Act, we are required to produce a directors' remuneration report for each fiscal year. The Directors' remuneration reports must include (i) a directors' remuneration policy,
        which is subject to a binding shareholder vote at least once every three years and (ii) an annual report on remuneration in the financial year being reported on, and on how the current policy will be implemented in the next financial year, which is
        subject to an annual advisory shareholder vote. The UK Companies Act requires that remuneration payments to directors of the Company and payments to them for loss of office must be consistent with the approved directors' remuneration policy or, if
        not, must be specifically approved by the shareholders at a general meeting.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 16H.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MINE SAFETY DISCLOSURE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">102</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PART III</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2b7e8d591644a06a25dccd4eed1002b">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 17.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FINANCIAL STATEMENTS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">See Item 18.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 18.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FINANCIAL STATEMENTS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The financial statements required by this item accompany this annual report in the form of our <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018 </font>(see Item 19).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITEM 19.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EXHIBITS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Annual Report</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following pages from our <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Annual Report 2018</font>, furnished to the SEC on Form 6-K, dated March 12, 2019, are incorporated by reference into this annual report on Form 20-F. The content of quotations, websites and other sources referenced on
        these pages of the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Annual Report 2018 </font>are not incorporated by reference into this Form 20-F.</font></div>
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          <td style="width: 60%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Page(s) in the</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Annual Report 2018</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Key Figures</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
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          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Highlights</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9-11</font></div>
          </td>
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        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Outlook 2019</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12-14</font></div>
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          <td style="width: 60%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
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          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Strategic Ambition and Business Model</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17-19</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
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          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM Fleet Overview</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">143-145</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Value Chain in Oil Transportation</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Product Tanker Market</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22-25</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chairman&#8217;s Statement&#11835;US Listing and Sarbanes-Oxley Reporting</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Review 2018&#8212;Liquidity and Cash Flow; Assessment of Impairment of Assets; Primary Factors Affecting Results of Operations</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">47, 51</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate Governance&#8212;Board Committees</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">57</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Board of Director Committee Reports</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">61-80</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investor Information&#8212;Changes to the Share Capital; Distribution Policy</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">81</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Remuneration Committee Report&#8212; Annual Report on Remuneration&#8212;Performance Bonus 2018; Long-Term Incentive Plan&#8212;Restricted Share Units
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75, 76, 77</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Directors' Report&#8212;Share Capital</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84-86</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Glossary</font></div>
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          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">146-147</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alternative Performance Measures</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">148-151</font></font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">103</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Index to Audited Consolidated Financial Statements</font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z274297cccea84632bb2e7e2f93d09880">

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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Page(s) in the</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Annual Report 2018</font></div>
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          <td style="width: 60%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consolidated Income Statement for the years ended December 31, 2018, 2017 and 2016</font></div>
          </td>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">91</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">91</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consolidated Balance Sheet as of December 31, 2018 and 2017</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consolidated Statements of Changes in Equity as of December 31, 2018, 2017 and 2016</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">93-94</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consolidated Cash Flow Statement for the years ended December 31, 2018, 2017 and 2016</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the Consolidated Financial Statements</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 30%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96-129</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">104</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">List of Exhibits</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zdb48eea0ee00437188fc26296e9ceca1">

        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7611444_ex1-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Memorandum and Articles of Association(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7636292_ex2-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Form of Class A Common Share Certificate(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7611412_ex2-2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B Share Minority Trust Deed, dated May 30, 2016(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7636340_ex2-3.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity Warrant Instrument, dated March 15, 2016(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7674503_ex4-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Working Capital Facility, dated July 13, 2015(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.2</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7674823_ex4-2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Term Facility 1, dated July 13, 2015(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.3</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8208481_ex4-3.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF
                  Facility, dated July 20, 2018</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.5</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7637056_ex4-5.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">CEXIM Facility, dated July 8, 2016(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.6</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7636649_ex4-6.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Term Facility 2, dated January 6, 2017(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.7</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7612213_ex4-7.htm"><font style="font-size: 10pt;
                    font-family: 'Times New Roman', Times, serif;">TORM plc 2017 Management Long-Term Incentive Plan(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.8</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><a href="d301634971_ex4-8.htm">TORM plc
                  2018 Management Long-Term Incentive Plan</a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.9</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7649420_ex4-8.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ING Facility, dated September 8, 2017(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.10</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7674759_ex4-9.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amendment and Waiver Letter to Working Capital Facility and Term Facility 1, dated December 21, 2015(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.11</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957417008154/d7674659_ex4-10.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amendment and Waiver Letter to Working Capital Facility and Term Facility 1, dated August 23, 2016(1)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.12</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8208537_ex4-12.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABN AMRO
                  Facility, dated May 7, 2018</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.1</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8208841_ex8-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">List of
                  Subsidiaries</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.1</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #0000FF;"><a href="http://www.sec.gov/Archives/edgar/data/1655891/000091957418002307/d7830775_ex11-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM's Business Principles(2)</font></a></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.1</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8208533_ex12-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rule
                  13a-14(a)/15d-14(a) Certification of Principal Executive Officer</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.2</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8208534_ex12-2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Rule
                  13a-14(a)/15d-14(a) Certification of Principal Financial Officer</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.1</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8208535_ex13-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certification

















                  of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.2</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8208536_ex13-2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certification

















                  of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.1</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><a href="d8116366_ex15-1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consent of
                  Independent Registered Public Accounting Firm</font></a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.INS</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">XBRL Instance Document</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.SCH</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">XBRL Taxonomy Extension Schema</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.CAL</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">XBRL Taxonomy Extension Schema Calculation Linkbase</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.DEF</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">XBRL Taxonomy Extension Schema Definition Linkbase</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.LAB</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">XBRL Taxonomy Extension Schema Label Linkbase</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">&#160;</td>
          <td style="width: 89.68%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.32%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">101.PRE</font></div>
          </td>
          <td style="width: 89.68%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">XBRL Taxonomy Extension Schema Presentation Linkbase</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)&#160;Filed as an exhibit to the Company's Registration Statement on Form 20-F (Registration No. 001-38294) on November 24,
        2017, as amended, and incorporated by reference herein.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2) Filed as an exhibit to the Company&#8217;s Annual Report filed on Form 20-F on March 8, 2018, and incorporated by reference
        herein.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">105</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">To the shareholders and the Board of Directors of TORM plc</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Opinion on the Financial Statements</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">We have audited the accompanying consolidated balance sheets of TORM plc and subsidiaries (the
        "Company") as of December 31, 2018 and 2017, the related consolidated income statements, statements of comprehensive income, statements of changes in equity and cash flow for each of the three years in the period ended December 31, 2018, and the
        related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of
        its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Basis for Opinion</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">These financial statements are the responsibility of the Company's management. Our responsibility is to
        express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to
        the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we
        plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its
        internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
        internal control over financial reporting. Accordingly, we express no such opinion.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Our audits included performing procedures to assess the risks of material misstatement of the financial
        statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also
        included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">Deloitte</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Statsautoriseret Revisionspartnerselskab</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">CVR no: 33963556</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">/s/ Max Damborg</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">State Authorised</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Public Accountant</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Copenhagen, Denmark</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">March 12, 2019</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">We have served as the Company's auditor since 1994.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">106</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and has
        duly caused and authorized the undersigned to sign this annual report on its behalf.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z789be86e31b0462f96b35e28e131e69c">

        <tr>
          <td style="width: 53.86%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td colspan="2" style="width: 41.24%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 4.9%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.86%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 3.66%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 37.57%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;/s/ Jacob Meldgaard</font></div>
          </td>
          <td style="width: 4.9%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.86%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 3.66%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 37.57%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name: Jacob Meldgaard</font></div>
          </td>
          <td style="width: 4.9%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 53.86%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 3.66%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 37.57%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title: Executive Director and Principal Executive Officer</font></div>
          </td>
          <td style="width: 4.9%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date: March 12, 2019</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">107</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>2
<FILENAME>d8208481_ex4-3.htm
<TEXT>
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    <!-- Licensed to: Sewatd & Kissel LLP
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.3</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 0.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Fifth Supplemental Agreement to Secured Loan Agreement dated 10 April 2014, as supplemented by a side letter dated 10
      April 2014 and as amended pursuant to amendment letters dated 30 April 2014, 12 June 2014, 18 June 2014, 29 May 2015, 19 February 2016 and 5 January 2018 and as amended and restated pursuant to a first supplemental agreement dated 30 September 2015,
      a second supplemental agreement dated 30 December 2015, a third supplemental agreement dated 29 November 2016 and a fourth supplemental agreement dated 20 September 2017</div>
    <div style="text-align: left; margin-top: 13.65pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dated&#160;<u> &#160; &#160; &#160; 20 July &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;</u> &#160; 2018<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif;"><br>
        </font>Between</font></div>
    <div style="text-align: left; margin-top: 9.65pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ff0ff52d9a54b14807898b489365422">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>(as Borrower A)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 10.15pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8813ccb5838743cfbfa8318120d93c0e">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>(as Borrower B)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 12.8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z18fe8476f8844b2d9c9de79a11f9678b">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as Guarantor A)</font></div>
    <div style="text-align: left; margin-top: 12.6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf033f287bcb642cb87adcc650cf2ebf4">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as Guarantor B)</font></div>
    <div style="text-align: left; margin-top: 10.15pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z917dfdde412e46faa0a13e24a94ae58b">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(5)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 8 Pte. Ltd.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>(as Owner A)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 9.85pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb8b112b368924ac18a144eb8b59bc09e">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(6)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 11 Pte. Ltd.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>(as Owner B)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 9.6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5133d914e3c14e79829740c06a8973f6">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(7)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 5 K/S<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>(as Owner C)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 12.85pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcad2a86e1fc94467926b4624545b7c6a">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(8)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as Manager and Bareboat Charterer)</font></div>
    <div style="text-align: left; margin-top: 12.6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59e8fa4522bc475c9b353ee46ee4035f">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(9)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as HeadBareboat Charterer)</font></div>
    <div style="text-align: left; margin-top: 12.6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc5fcc3cdfe4944fda5f7963a376c8d5d">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(10)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Financial Institutions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">listed in Schedule 1</font></div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as Original Lenders)</font></div>
    <div style="text-align: left; margin-top: 9.9pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19a2c8ac138e4a5685ebaafbf2e44742">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(11)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S (formerly known as Danish Ship Finance A/S) (as Agent)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 9.6pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf3a49989b9734590bed847a235dbd5ed">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(12)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S (formerly known as Danish Ship Finance A/S) (as Security Agent)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="ze459d819d89a493294b9b87246e57e6d">

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          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Contents</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">&#160;</td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Page</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interpretation</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;3</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conditions to the Effective Date</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;5</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amendments to the Loan Agreement on the Effective Date</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;7</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Representations and warranties</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;7</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Confirmation and undertaking</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;7</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Miscellaneous</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;8</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Communications, counterparts, governing law and enforcement</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;8</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 1</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Original Lenders</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;9</font></div>
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 2</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effective Date Confirmation</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10<br>
                <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.76%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 3</font></div>
          </td>
          <td style="width: 68.59%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amended and Restated Loan Agreement</font></div>
          </td>
          <td style="width: 15.65%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.35pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11</font></div>
          </td>
        </tr>

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    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Supplemental Agreement</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dated 20 July 2018<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>Between:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z86996930f8124814b70ab51bb825975e">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S </font>a company incorporated under the laws of
                    Denmark with its registered office at Tuborg Havnevej 18, DK-2900 Hellerup, Denmark and CVR number 22460218 (in that capacity, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrower A</font>");



                    and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4c0422b6879e4ebe9e460b850b9a8b75">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font>, a company incorporated under the laws of
                    England and Wales with company number 09818726 with its registered office at Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom (in that capacity, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-weight: bold;">Borrower B</font>" and together with Borrower A, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrowers</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb9d83227a6d24ad78128ac00fbcc109b">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(3)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font>, a company incorporated under the laws of
                    England and Wales with company number 09818726 with its registered office at Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom (in that capacity, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-weight: bold;">Guarantor A</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z058c1ad19f844a459e11b423150312ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(4)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S </font>a company incorporated under the laws of
                    Denmark with its registered office at Tuborg Havnevej 18, DK-2900 Hellerup, Denmark and CVR number 22460218 (in that capacity, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantor B</font>"
                    and together with Guarantor A, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantors</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z122a799735ac469682cd92b768711c8c">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(5)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 8 Pte. Ltd.</font>, a company incorporated under the
                    laws of Singapore with its registered office at 6 Battery Road, #27-02, Singapore 049909 ("<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner A</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89733f98d2924ddea4339bc24d0447e7">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(6)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 11 Pte. Ltd.</font>, a company incorporated under the
                    laws of Singapore with its registered office at 6 Battery Road, #27-02, Singapore 049909 ("<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner B</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z99d3e0c34f2b4f37b18c318e1dae42d7">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(7)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 5 K/S</font>, a company incorporated under the laws
                    of Denmark with its registered office at c/o TORM A/S, Tuborg Havnevej 18, DK-2900 Hellerup, Denmark and CVR number 38911538 ("<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner C</font>"
                    and together with Owner A and Owner B, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owners</font>")</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z871c5a28fa3c44639d7020840162903c">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(8)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S </font>a company incorporated under the laws of
                    Denmark with its registered office at Tuborg Havnevej 18, DK-2900 Hellerup, Denmark with CVR number 22460218 (in that capacity, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bareboat



                      Charterer</font>" and the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Manager</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbc6779beedb41c7b82a3e4f758d74aa">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(9)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font>, a company incorporated under the laws of
                    England and Wales with company number 09818726 with its registered office at Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom (in that capacity, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-weight: bold;">Head Bareboat Charterer</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f0a7949cc9e4c5a880fdd714181b80c">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(10)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Financial Institutions </font>listed in Schedule 1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Original Lenders</font>), each acting through its Facility Office (together the "<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-weight: bold;">Original Lenders</font>" and each an "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original Lender</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac9f97b31050448f8d29793dbb4a5b86">

            <tr>
              <td style="width: 54pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(11)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S (formerly known as Danish Ship
                      Finance A/S)</font>, acting as agent through its office at Sankt Annae Plads 3, DK-1250 Copenhagen K, Denmark with CVR number 27492649 (in that capacity, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-weight: bold;">Agent</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 2</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-top: 1pt; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z509c77add59c456386481aecad373077">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(12)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S (formerly known as Danish Ship
                      Finance A/S)</font>, acting as security agent through its office at Sankt Annae Plads 3, DK-1250. Copenhagen K, Denmark with CVR number 27492649 (in that capacity, the "<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-weight: bold;">Security Agent</font>").</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Supplemental to </font>a
        secured loan agreement dated 10 April 2014, as supplemented by a side letter dated 10 April 2014 and as amended pursuant to amendment letters dated 30 April 2014, 12 June 2014, 18 June 2014, 29 May 2015, 19 February 2016 and 5 January 2018 and as
        amended and restated pursuant to a first supplemental agreement dated 30 September 2015, a second supplemental agreement dated 30 December 2015, a third supplemental agreement dated 29 November 2016 and a fourth supplemental agreement dated 20
        September 2017 (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loan Agreement</font>") made between the Borrowers as borrowers, the Guarantors as guarantors, the Lenders, the Agent and the
        Security Agent on the terms and subject to the conditions of which each of the Lenders agreed to advance to the Borrowers its respective Commitment of an aggregate amount not exceeding USD 246,533,763.87.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Whereas</font>:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z010fe315fb0341c3b954a9791a21a3e8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers have requested an increase to the Maximum Loan Amount to two hundred and thirty six million nine hundred and thirty six thousand one hundred and
                    ninety one dollars 35/100 (USD 236,936,191.35) to be split into (i) Existing Tranche A, Existing Tranche B and Existing Tranche C to assist the Borrowers to finance the Existing Vessels and (ii) the New Tranche which shall be advanced
                    to Borrower B, in order to assist Owner C to finance the New Vessels (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Request</font>").</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57082b0a9ce74f2aa12ecba45bfc70a6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Finance Parties have agreed to give their consent to the Request, subject to and upon the terms and conditions contained in this Supplemental Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb4e1fe3de39046d38d1422de7fef919f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(C)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The parties to this Supplemental Agreement have agreed to amend and restate the Loan Agreement on the terms and subject to the conditions set out in this
                    Supplemental Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">It is agreed that:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z573b5a40c62645e7ad570cf485e81746">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpretation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z923791cf931042858b65e197eb55846e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Supplemental Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Building



          Contracts</font>" means the 4 shipbuilding contracts each dated 24 July 2017 and entered into between Borrower A as buyer and China Shipbuilding Trading Company Limited and Guangzhou Shipyard International Company Limited as sellers, each for the
        construction of a New Vessel.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Effective



          Date</font>" means the date and time at which the Agent confirms in writing that all of the conditions referred to in Clause 2 have been satisfied, which confirmation the Agent shall be under no obligation to give if an Event of Default shall
        have occurred.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Tranche</font>" means the aggregate of Existing Tranche A, Existing Tranche B and Existing Tranche C.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Tranche A</font>" means an amount made available to the Borrower A of which sixty nine million one hundred and eighty thousand eight hundred and ninety seven 75/100 Dollars (USD 69,180,897.75) remains outstanding.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Tranche B</font>" means an amount made available to Borrower A of which fifty four million four hundred and twenty three thousand six hundred and six 30/100 Dollars (USD 54,423,606.30) remains outstanding.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Tranche C</font>" means an amount made available to Borrower B of which twenty five million five hundred and thirty one six hundred and eighty seven 30/100 Dollars (USD 25,531,687.30) remains outstanding.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New
          Tranche</font>" means an amount made or to be made available to Borrower B of up to (i) eighty million and six hundred thousand Dollars (USD 80,600,000) plus (ii) the New Tranche Increase.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New
          Tranche Increase</font>" means an amount made or to be made available to Borrower B of up to seven million and two hundred thousand Dollars (USD 7,200,000).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New
          Vessels</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55860000947c4514a9ad20fe1283fab2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Hull No. 15121034 under the construction at Guangzhou Shipyard International Company Limited;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55cdd4f05f3c421081f8941a9234f50e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">hull No. 15121035 under the construction at Guangzhou Shipyard International Company Limited;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z26b752cc10924daebe9c484f2819ae74">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">hull No. 15121036 under the construction at Guangzhou Shipyard International Company Limited; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf422e51085a7455caff791d63c14a4aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">hull No. 15121037 under the construction at Guangzhou Shipyard International Company Limited pursuant to the Building Contracts.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security



          Confirmations</font>" means each confirmation of the Security set out in:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf2a1d3e4cd0549bc90fe8729202cdd40">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">clause 5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Further Amendments, Increases or Additions of
                      Facilities, Loans and Margins</font>) of the deed of confirmation relating to a deed of charge over shares in Owner A dated 27 December 2017 between Borrower A as chargor and the Agent as security agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc1fc5ed615104361b8d5ffc55e346469">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">clause 5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Further Amendments, Increases or Additions of
                      Facilities, Loans and Margins</font>) of the deed of confirmation relating to a deed of charge over shares in Owner B dated 27 December 2017 between Borrower B as chargor and the Agent as security agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z86c8175d53ba44e2a14614c781a84245">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">clause 4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Further Amendments, Increases or Additions of
                      Facilities, Loans and Margins</font>) of the deed of confirmation relating to deeds of covenanats dated 28 December 2017 between Owner A and Owner B as owners and the Agent as mortgagee; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaf210896ee6644d9975d85694f58f879">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 31.5pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">clause 4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Further Amendments, Increases or Additions of
                      Facilities, Loans and Margins</font>) of the deed of confirmation relating to a deed of charge over shares dated 4 January 2018 between Borrower A, Owner A and Owner B as assignors and the Agent as security agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security



          Parties</font>" means all parties to this Supplemental Agreement other than the Finance Parties and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Party</font>" means any one of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Upfront



          Fee</font>" means the non-refundable upfront fee of 0.90% of the New Tranche Increase.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa517c7ed9854f068ed737060c18d259">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All words and expressions defined in the Amended and Restated Loan Agreement shall have the same meaning when used in this Supplemental Agreement as if it is
                    set out in full.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5ea3dcfdaae48bda85256826c27388a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All obligations, representations, warranties, covenants and undertakings of the Security Parties under or pursuant to this Supplemental Agreement shall,
                    unless otherwise expressly provided, be entered into, made or given by them jointly and severally.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z06554dfd7d314b6c8e8cc3fe8cda269b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any reference to an amount outstanding under any of the Existing Tranches are references to the amounts outstanding on 29 June 2018 and do not account for the
                    instalments paid after such date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd7ace370bd8f45fdab1ab80be4b71b11">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions to the Effective Date</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As conditions to the effectiveness of Clause 3, the Security Parties shall deliver or cause to be
        delivered to or to the order of the Agent the following documents and evidence no later than 60 days after the date of this Supplemental Agreement:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb87b6381db244374b6176a80e0d9df66">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Corporate Documentation</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a0cea9557ef47b08dc1711f29fa7635">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a copy, certified by the relevant Security Party as true, complete, accurate and unamended, of the constitutional documents of that Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2327d930fb7e4f448ee7bc4d261a2a43">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a copy, certified by the relevant Security Party as true, complete and accurate and neither amended nor revoked, of a resolution of the directors and (if
                    applicable) a resolution of the shareholders of that Security Party (together, where appropriate, with signed waivers of notice of any directors' or (if applicable) shareholders' meetings) approving, and authorising or ratifying the
                    execution of, this Supplemental Agreement and any document to be executed by that Security Party pursuant to this Supplemental Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe5eee75230a410294b8c136f68402bc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a power of attorney of each Security Party under which this Supplemental Agreement and any documents required pursuant to it are to be executed by that
                    Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b49c77efb334a0aa00df39bbeabba94">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an original certificate of a duly authorised officer of each Security Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc696aa7e1f754f30a9fe964355569269">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">certifying that each copy document relating to it specified in Clauses 2.1.1 to 2.1.3 is correct, complete and in full force and effect;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf5fcee8031144ed850bb0a02b8eb756">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">setting out the names of the directors, officers and shareholders of that Security Party and the proportion of shares held by each shareholder; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd9e101110afa4b078503e9f8e1cf2c8f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">confirming that borrowing or guaranteeing or securing, as appropriate, the Loan would not cause any borrowing, guarantee, security or similar limit binding on
                    that Security Party to be exceeded.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z70af5b647d7e4b3e91931b03dbd8fea6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Documents</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b01db5edfd648bb8b4a4e276ebeeb0a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Supplemental Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32c67cb6fc724193b7455e2ef97436d6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Legal Opinion</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z44b2d9a7c2f8430ca8c19fab457d628a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A legal opinion of Allen &amp; Gledhill as to Singapore law addressed to the Agent, the Security Agent and the Lenders and capable of being relied upon by any
                    persons who become Lenders pursuant to the primary syndication of the Loan or confirmation satisfactory to the Agent that such opinions will be given, substantially in the form distributed to the Lenders prior to the Effective Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9027c6e7f90a47b39817b1492a82448a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other documents and evidence</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za411c0f5d95b427f8c776d3089ed255a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evidence that the Upfront Fee has been paid.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z145b7574e7ec40e3a5a2970211c3c5f8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Confirmation that no event or circumstance has occurred which would or is reasonably likely to affect the ability of any Security Party to perform its payment
                    obligations under any Finance Document as they fall due.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za50c24118bba443bbc0d1e0881564bf6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Such information and documentation as the Agent may deem to be necessary or advisable in order to comply with applicable "know your customer" rules and
                    regulations (including any law/or regulation regarding money laundering and/or financing of terrorist activities) and including, without limitation, disclosure of the corporate structure of the Security Parties, disclosure of the
                    addresses and civil registration numbers, if applicable, of, and copies of passports of, all persons signing any of this Supplemental Agreement or the New Security Documents for and on behalf of the each of the Security Parties,
                    together with a duly completed form entitled "Documentation Requests" from each person acting as agent or attorney-in-fact of any party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze6236e54eb364564a43fe50b22dbc640">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.4.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of any other Authorisation or other document, opinion or assurance which the Agent, acting reasonably, considers to be necessary or desirable (if it
                    has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by this Supplemental Agreement or any documents required pursuant to it or for the validity and enforceability of
                    this Supplemental Agreement or any documents required pursuant to it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d376181b8d34944bb430a172bdca338">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendments to the Loan Agreement on the Effective Date</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z059129acc3c64472a96bd927539c3356">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">With effect from the Effective Date the Loan Agreement shall be amended and restated in the form set out in Schedule 3 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Amended and Restated Loan Agreement</font>) (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amended and Restated
                      Loan Agreement</font>") and each party shall be bound by the terms thereof.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35684010182b4d709706247cf3558c39">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event that the Effective Date does not occur within 60 days after the date of this Supplemental Agreement Clause 3.1 shall not apply provided, however,
                    that the Borrower shall in such event on the date falling 60 days after the date of this Supplemental Agreement pay to the Agent a Commitment Fee calculated in accordance with clause 11.1 (<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;">Commitment Fee</font>) of the Amended and Restated Loan Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb41b4c75d9974fda8d6dedea0bcd6c00">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall pay the Upfront Fee to the Agent no later than the date of this Supplemental Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za96e3078807547d59946c87c8957de6e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations and warranties</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f48de4123fc4043baabc896db7d23d9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the representations and warranties contained in clause 19 of the Loan Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f2247c385cd4e389790dfbd0ea0ac5a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall be deemed repeated by the Borrowers and Guarantors respectively at the date of this Supplemental Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z041ff472ed3f47a69eb4442f33760287">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall be deemed made at the Effective Date by each Security Party,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by reference to the facts and circumstances then pertaining, as if references to the Finance
        Documents included this Supplemental Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d005de4b0f24b0d9bfb0a0cf010e9f3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confirmation and undertaking</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf2c66f2db0ee4b8e9651a9ba654bf8ff">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Each Security Party confirms</font>:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf2b5aa1578d347de989e378bb4988df4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its knowledge and acceptance of the Amended and Restated Loan Agreement in either case with effect from the Effective Date; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea89e7bb04ea4a0c8b812c894b67f39c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that, notwithstanding the increase of the Maximum Loan Amount and the other amendments effected by this Supplemental Agreement and consistent with the
                    Security Confirmations:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z94770d9c06cb46429822d9277d86f609">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the security interests created under the Security Documents is hereby ratified, will remain, valid, binding and in full force and effect and will continue to
                    constitute the legal, valid and binding obligations of the relevant Security Parties enforceable in accordance with their terms; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z64695ff25f8941d089e231bd8e3cdb0b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each of the security interests created by the Security Documents will continue to be valid, binding and in full force and effect and any guarantee given by
                    the Guarantors in the Finance Documents will continue to be valid, binding and in full force and effect as security for, or guarantees of, the Indebtedness and all other present and future obligations and liabilities specified in the
                    Security Documents or the other Finance Documents, in each case as amended,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">increased and/or extended pursuant to this Supplemental Agreement (including in particular, the
        increase in the Maximum Loan Amount) and any future amendments, amendments and restatements, supplements or other modifications of such Finance Documents and in each case for the benefit of each Secured Party.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb064bb6cf394871aca1b6c0fa0aaaaf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The definition of any term defined in any of the Finance Documents shall, to the extent necessary, be modified to reflect the amendments to the Loan Agreement
                    made in or pursuant to this Supplemental Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc540f491a40744db90b24dac7d03c498">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Miscellaneous</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All documents and evidence delivered to the Agent pursuant to this Supplemental Agreement shall:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z07068b0fd2834aba95e66c4e37d2c66d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be in form and substance reasonably acceptable to the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z801fff9fe32c4be3a79af9b328782412">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be accompanied, if required by the Agent, by translations into the English language, certified in a manner acceptable to the Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z56734e3a0a014acaa09463cb590cdf1f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if required for registration purposes or by law, be certified, notarised, legalised or attested in a manner acceptable to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae8a71fc553a468885b92f5390f56bac">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Communications, counterparts, governing law and enforcement</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The provisions of clauses 31 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Notices</font>), 38 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Counterparts</font>), 40 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Governing Law</font>) and 41 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Enforcement</font>) of the Loan Agreement shall apply to this Supplemental Agreement as if
        they were set out in full and as if references to the Loan Agreement were references to this Supplemental Agreement.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 0.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Schedule 1</font></div>
    <div style="text-align: left; margin-top: 5.85pt; margin-bottom: 15.1pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">The Original Lenders</font></div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zb1ba14bf32704e24a401ef3a3ae43054">

        <tr>
          <td style="width: 100%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0); border-right: 1px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Original Lender</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
              </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danmarks Skibskredit A/S<br>
                <br>
              </font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 0.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Schedule 2</font></div>
    <div style="text-align: left; margin-top: 6.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Effective Date Confirmation</font></div>
    <div style="text-align: left; margin-left: 7.2pt; margin-top: 6.15pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="ze40b1921511742f981e2183014e3b24f">

        <tr>
          <td style="width: 7.67%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></div>
          </td>
          <td style="width: 37.02%; vertical-align: top; text-align: left;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM A/S</font></div>
          </td>
          <td style="width: 50.31%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.67%; vertical-align: top;">&#160;</td>
          <td style="width: 37.02%; vertical-align: top; text-align: left;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
          </td>
          <td style="width: 50.31%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.67%; vertical-align: top;">&#160;</td>
          <td style="width: 37.02%; vertical-align: top; text-align: left;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 11 Pte. Ltd.</font></div>
          </td>
          <td style="width: 50.31%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.67%; vertical-align: top;">&#160;</td>
          <td style="width: 37.02%; vertical-align: top; text-align: left;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 50.31%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.67%; vertical-align: top;">&#160;</td>
          <td style="width: 37.02%; vertical-align: top; text-align: left;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 5 K/S</font></div>
          </td>
          <td style="width: 50.31%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.67%; vertical-align: top;">&#160;</td>
          <td style="width: 37.02%; vertical-align: top; text-align: left;">&#160;</td>
          <td style="width: 50.31%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We, </font><font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, refer to the supplemental agreement </font>dated ________________
        2018 (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Supplemental Agreement</font>") relating to a secured loan agreement dated 10 April 2014, as supplemented by a side letter dated 10 April
        2014 and as amended pursuant to amendment letters dated 30 April 2014, 12 June 2014, 18 June 2014, 29 May 2015, 19 February 2016 and 5 January 2018 and as amended and restated pursuant to a first supplemental agreement dated 30 September 2015, a
        second supplemental agreement dated 30 December 2015, a third supplemental agreement dated 29 November 2016 and a fourth supplemental agreement dated 20 September 2017 (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-weight: bold;">Loan Agreement</font>") made between you, the banks listed in it as the original lenders, ourselves as the agent and ourselves as the security agent.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We hereby confirm that all conditions precedent referred to in clauses [2.1] to [2.4] of the Supplemental Agreement have
        been satisfied. In accordance with clauses 1.1 and 3 of the Supplemental Agreement the Effective Date (as defined in the Supplemental Agreement) is [&#160;&#160; :&#160;&#160;&#160;&#160;&#160;&#160; ][a.m][p.m.][CET][GMT] on the date of this confirmation and the amendments to the Loan
        Agreement are now effective.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; 2018</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Signed: _________________________</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For and on behalf of</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S</font></div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as agent)</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 0.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 3 Amended and Restated Loan Agreement</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-top: 0.4pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SECURED LOAN AGREEMENT</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dated 10 April 2014 as supplemented by a side letter dated 10 April 2014 and as amended pursuant to
        amendment letters dated 30 April 2014, 12 June 2014, 18 June 2014 , 29 May 2015, 19 February 2016 and 5 January 2018 and as amended and restated by a first Supplemental agreement dated 30 September 2015 and a second supplemental agreement dated 30
        December 2015, a third supplemental agreement dated 29 November 2016, a fourth supplemental agreement dated 20 September 2017 and a fifth supplemental agreement dated&#160;&#160;&#160;<u>&#160;&#160; &#160; </u><u>20 July &#160;&#160;</u> 2018</font></div>
    <div style="text-align: left; margin-top: 85.1pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf12b720201642c78b588a2dcc754abd">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S</font></div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.8pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as Borrowers)</font></div>
    <div style="text-align: left; margin-top: 12.85pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7fbee26e7719457ab517cbfc2e56d32e">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S</font></div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 8 Pte. Ltd</font></div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.8pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 11 Pte. Ltd</font></div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 5 K/S</font></div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as Guarantors)</font></div>
    <div style="text-align: left; margin-top: 12.8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z606a2e5fe98a4c4dacb057ba76d8f69d">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Financial Institutions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 2.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">listed in Schedule 1</font></div>
    <div style="text-align: left; margin-left: 43.2pt; margin-top: 3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(as Original Lenders)</font></div>
    <div style="text-align: left; margin-top: 13.7pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b53756f511d4a4cab0345788a6ebe21">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>(as Agent)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 10.1pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z29602cb31f75445c8510953adeb92161">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(5)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                    </font>(as Security Agent)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z4961258a704947398073045208248a52">

        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Contents</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Page</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Definitions and Interpretation</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Loan</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Purpose</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conditions of Utilisation</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Advance</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">33</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Repayment</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Illegality, Prepayment and Cancellation</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest Periods</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes to the Calculation of Interest</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fees</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tax Gross Up and Indemnities</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">43</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Increased Costs</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">48</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other Indemnities</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">49</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Mitigation by the Lenders</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Costs and Expenses</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Security Documents and Application of Moneys</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">54</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Guarantee and Indemnity</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">57</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Representations</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">63</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Information Undertakings</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">68</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Covenants</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">71</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">General Undertakings</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">72</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Events of Default</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">81</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes to the Lenders</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">88</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes to the Security Parties</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">93</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Role of the Agent and the Security Agent</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">94</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conduct of Business by the Finance Parties</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">105</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.47%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: left; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sharing among the Finance Parties</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">106</font></div>
          </td>
        </tr>

    </table>
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    </div>
    <div><br>
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    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z5a3d1c32bc614c9984dc36911ebc757b">

        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payment Mechanics</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">108</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Set-Off</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">111</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notices</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">112</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Calculations and Certificates</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">113</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">33</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Partial Invalidity</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">34</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Remedies and Waivers</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amendments and Waivers</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">114</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Confidentiality</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">119</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Disclosure of Lender Details by Agent</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">123</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Counterparts</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">125</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Joint and Several Liability</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">125</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Governing Law</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Enforcement</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 1</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Original Lenders</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">128</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 2</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Part I Conditions Precedent to Execution of this Agreement</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">129</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Part III</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Conditions Subsequent</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">134</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Part IV</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Conditions Precedent to Re-flagging under an Approved Flag</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">135</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 3</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Drawdown Request</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">136</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 4</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Form of Transfer Certificate</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">137</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 5</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Form of Assignment Agreement</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">140</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 6</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Form of Compliance Certificate</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">143</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 7</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vessels/Owners/Flags/Current Managers</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">144</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 8</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Supplementary Agreement</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">146</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 9</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Repayment Profile / Drawings</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">147</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule 10</font></div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div style="text-align: justify; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Approved Brokers</font></div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: right; margin-right: 12.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">148</font></div>
          </td>
        </tr>

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    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loan Agreement</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dated 10 April 2014 as supplemented by a side letter dated 10 April 2014 and as amended pursuant to
        amendment letters dated 30 April 2014, 12 June 2014, 18 June 2014, 29 May 2015, 19 February 2016 and 5 January 2018 as amended and restated by a first supplemental agreement dated 30 September 2015 and a second supplemental agreement dated 30
        December 2015, a third supplemental agreement dated 29 November 2016, a fourth supplemental agreement dated 20 September 2017 and a fifth supplemental agreement dated&#160;<u>&#160;&#160;&#160;&#160;&#160; 20 July &#160; &#160; &#160; &#160;</u> 2018</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Between:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zed033217b6934c10a50feed90926bb1d">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S </font>a company incorporated under the laws of
                    Denmark with its registered office at Tuborg Havnevej 18, DK-2900 Hellerup, Denmark with CVR number 22460218 (in that capacity, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrower A</font>");



                    and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3fdd1570ece64cbf8d7863189862348e">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC </font>a company incorporated under the laws of
                    England and Wales with company number 09818726 with its registered office at Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom (in that capacity, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-weight: bold;">Borrower B</font>" and together with Borrower A, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrowers</font>");</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaf30841fcea746848c6bd056cf412763">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(3)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC </font>a company incorporated under the laws of
                    England and Wales with company number 09818726 with its registered office at Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom (in that capacity, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-weight: bold;">Guarantor A</font>");</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d28b567884a4fa4902fc1070fd6020c">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(4)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S </font>a company incorporated under the laws of
                    Denmark with its registered office at Tuborg Havnevej 18, DK-2900 Hellerup, Denmark with CVR number 22460218 (in that capacity, "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantor B</font>"
                    and together with Guarantor A and the Owners, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantors</font>");</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54fbe8565c004beab943a2d5d5e4f169">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(5)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 8 Pte. Ltd </font>("<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner A</font>"), <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 11 Pte. Ltd </font>("<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner B</font>") each being a company incorporated under the laws of Singapore with its registered office at 6 Battery Road #27-02 Singapore
                    049909;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z13a484b96d7a41d39be8afe9d9ef9ce3">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(6)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 5 K/S </font>a limited partnership organised under
                    the laws of Denmark with its registered office at c/o TORM AS/, Tuborg Havnevej 18, DK-2900 Hellerup, Denmark, and CVR number 38911538 ("<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner



                      C</font>" and together with Owner A and Owner B, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owners</font>");</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9ab96568e67c4121b054c272a3c61a22">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(7)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Financial Institutions </font>listed in Schedule 1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Original Lenders</font>), each acting through its Facility Office (together the "<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-weight: bold;">Original Lenders</font>" and each an "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original Lender</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f1327240170488eb92aaf18893771ed">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(8)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S</font>, acting as agent through its
                    office at Sankt Annae Plads 3, DK-1250 Copenhagen K, Denmark and with CVR number 27492649 (in that capacity, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agent</font>"); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e93fc2e172b4175ab66d520a2e8ba23">

            <tr>
              <td style="width: 43.2pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(9)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S</font>, acting as security agent
                    through its office at Sankt Annae Plads 3, DK-1250. Copenhagen K, Denmark and with CVR number 27492649 (in that capacity, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security
                      Agent</font>").</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Preliminary</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Original Lenders has agreed to advance to the relevant Borrower its Commitment (aggregating, with all the
        other Commitments up to USD 236,936,191.35) as set out in Schedule 1 and Schedule 9 to assist each Owner with the financing of the relevant Vessels.</font></div>
    <div style="text-align: left; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">It is agreed</font> as
        follows:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f369a2e9098409897ee399245d4a87b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interpretation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z31704158431345299ba56093449eb16e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions and Interpretation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f0b4a272a4a45389c6a919142edddb7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions </font>In this Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acceptable



          Bank</font>" means Nordea Bank AB, Danske Bank A/S or any of their Affiliates.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Administration</font>"
        has the meaning given to it in paragraph 1.1.3 of the ISM Code.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Affiliate</font>"
        means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Annex



          VI</font>" means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Appropriate



          Amount</font>" means in relation to a Vessel an amount equal to the product of</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze783cacd8d8e48adb23798ba3fb6b2ed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the then total outstanding principal amount of the Loan (less any amount standing to the credit of the Reserve Account) multiplied by</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff7c2940d623487289847a08304b2549">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the fraction, the numerator of which is the Market Value (as determined by the most recent valuation provided to the Agent pursuant to Clause 20.2.3) of the
                    relevant Vessel and the denominator of which is the aggregate Market Value (as determined by the most recent valuation provided to the Agent pursuant to Clause 20.2.3) of all Vessels (including the relevant Vessel) and the value of any
                    additional security for the time being provided to the Security Agent under Clause 17.5 (Additional Security).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved



          Classification Society</font>" means each of American Bureau of Shipping, Bureau Veritas, DNV- GL, Lloyds Register, Nippon Kaiji, Polish Register of Shipping and Registro Italiano Navale.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved



          Flag</font>" means Singapore, Denmark, Norway, the United Kingdom, Isle of Man, Bahamas, Bermuda, Panama, Malta, Marshall Islands, Cyprus, Hong Kong and Liberia.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved



          Shipbroker</font>" means each of the shipbrokers listed in Schedule 10 and any other shipbrokers acceptable to the Security Agent (acting reasonably) at the request of the Borrowers.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignments</font>"
        means all the forms of assignment referred to in Clause 17.1.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security Documents</font>).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Authorisation</font>"
        means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Availability



          Period</font>" means for the part of the New Tranche available to finance a New Vessel as set out in Clause 2.2, a period commencing on the date of this Agreement and ending on the earlier of (i) the date falling 7 Business Days after the
        delivery of such New Vessel under the relevant Building Contract and (ii) 30 April 2020 or such later date as the Lenders may agree.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bareboat



          Charter</font>" means the bareboat charter contract between an Owner and the Bareboat Charterer relating to a Vessel, in form and substance reasonably satisfactory to the Agent.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bareboat



          Charterer</font>" means TORM A/S.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Break



          Funding Costs</font>" means, in relation to DSF, the present value as per the relevant prepayment or cancellation date (using the applicable zero coupon swap rate on the relevant prepayment or cancellation date as the discount rate, and the
        relevant Interest Payment Dates under the remaining relevant Interest Periods at the relevant point in time to discount the below cash flows) of any positive amount constituting:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z07957d7f45e3496e8bda405aa8aa5528">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of the Existing Tranche A,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9b77c8105e4642e8af17786ab3e3d0c9">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i) DSF&#8217;s cost of funding its participation of the Loan or any relevant part thereof as of the date of the signed facility offer, being 26 February 2014, in
                    dollars based on a spread above LIBOR (being 0.57 per cent per annum for the period until 15 June 2019 and 0.70 per cent per annum for the period thereafter), calculated for the remaining Interest Periods for the relevant part of the
                    Loan taking into account the amount, tenor and repayment profile of the prepaid or cancelled part of the Loan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">less:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf91cb478901748829e67c32307aeb5f3">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF&#8217;s cost of funding its participation of such prepaid or cancelled part of the Loan at the time of prepayment or cancellation on the basis of an identical
                    tenor and repayment profile as that of the prepaid or cancelled part of the Loan as determined by DSF in its sole discretion in dollars based on a spread above LIBOR calculated for the remaining Interest Periods for the relevant part of
                    the Loan taking into account the amount and the repayment profile of the prepaid or cancelled part of the Loan; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4f1533c0317413581e41c8a15088acb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of the Existing Tranche B,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z994bbda8ac114adeb61c609a26159f16">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF&#8217;s cost of funding its participation of the Loan or any relevant part thereof, in dollars based on a spread above LIBOR, being 1.03 per cent per annum,
                    calculated for the</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-right: 3.6pt; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">remaining Interest Periods for the relevant part of the Loan taking into account
        the amount, tenor and repayment profile of the prepaid or cancelled part of the Loan;</font></div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">less:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c0cb0fc376046b7b8ed212843f8a543">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF&#8217;s cost of funding its participation of such prepaid or cancelled part of the Loan at the time of prepayment or cancellation on the basis of an identical
                    tenor and repayment profile as that of the prepaid or cancelled part of the Loan as determined by DSF in its sole discretion in dollars based on a spread above LIBOR calculated for the remaining Interest Periods for the relevant part of
                    the Loan taking into account the amount and the repayment profile of the prepaid or cancelled part of the Loan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z99ff915bd3d94f6da03f7524a32fc08e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of the Existing Tranche C,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z677429b85e814cb38beb9006b29ba71f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF&#8217;s cost of funding its participation of the Loan or any relevant part thereof, in dollars based on a spread above LIBOR, being 1.08 per cent per annum,
                    calculated for the remaining Interest Periods for the relevant part of the Loan taking into account the amount, tenor and repayment profile of the prepaid or cancelled part of the Loan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">less:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7506e8689c224fc58306d5b3eda80da2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF&#8217;s cost of funding its participation of such prepaid or cancelled part of the Loan at the time of prepayment or cancellation on the basis of an identical
                    tenor and repayment profile as that of the prepaid or cancelled part of the Loan as determined by DSF in its sole discretion in dollars based on a spread above LIBOR calculated for the remaining Interest Periods for the relevant part of
                    the Loan taking into account the amount and the repayment profile of the prepaid or cancelled part of the Loan; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ee9f4fe12254780b4cabd169af18f7d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of the New Tranche,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00befda7fdc744fda6b271e67a56dd79">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF&#8217;s cost of funding its participation of the Loan or any relevant part thereof, in dollars based on a spread above LIBOR, being 1.12 per cent per annum,
                    calculated for the remaining Interest Periods for the relevant part of the Loan taking into account the amount, tenor and repayment profile of the prepaid or cancelled part of the Loan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">less:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9dfea8907fa4496e9e979da6b78e9d7c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DSF&#8217;s cost of funding its participation of such prepaid or cancelled part of the Loan at the time of prepayment or cancellation on the basis of an identical
                    tenor and repayment profile as that of the prepaid or cancelled part of the Loan as determined by DSF in its sole discretion in dollars based on a spread above LIBOR calculated for the remaining Interest Periods for the relevant part of
                    the Loan taking into account the amount and the repayment profile of the prepaid or cancelled part of the Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Break



          Gains</font>" means all gains realised by a Lender as a result of its receiving any prepayment of all or any part of a Tranche pursuant to Clause 7 (Illegality, Prepayment and Cancellation) on a day other than the last day of an Interest Period
        for the applicable Tranche or relevant part of that Tranche.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Building



          Contracts</font>" means the 4 shipbuilding contracts each dated 24 July 2017 and entered into between Borrower A as buyer and China Shipbuilding Trading Company Limited and Guangzhou Shipyard International Company Limited as sellers, each for the
        construction of a New Vessel.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business



          Day</font>" means a day (other than a Saturday or Sunday) on which banks are open for general business in Denmark, New York and London.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash
          Equivalents</font>" means at any time:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z625a0f7e3f4f47bf972c354b3aa64547">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5575a6309ea6421db66e5d006735cf2b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any investment in marketable debt obligations issued or guaranteed by the government of the United States of America, the United Kingdom, any member state of
                    the European Economic Area or any Participating Member State or any other country having a credit rating of Baa2 or higher by Standard &amp; Poor&#8217;s Rating Services or BBB or higher by Moody&#8217;s Investors Service Limited or by an
                    instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z95e0dcd755014232adca723831e6192e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">commercial paper not convertible or exchangeable to any other security:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcdf4240526ba43bdb1607a9ebf5349dc">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for which a recognised trading market exists;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e634524062543a38eb8a3084982eb0a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">issued by an issuer incorporated in the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating
                    Member State or any other country having a credit rating of Baa2 or higher by Standard &amp; Poor&#8217;s Rating Services or BBB or higher by Moody&#8217;s Investors Service Limited;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za2c8cde2027b4e5992fb74eed587adaa">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which matures within one year after the relevant date of calculation; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf2dc64a5c5614823b9c0944419af2233">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which has a credit rating of either Baa2 or higher by S&amp;P or BBB or higher by Moody&#8217;s, or, if no rating is available in respect of the commercial paper,
                    the issuer of which has, in respect of its long-term</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><br>
      <p class="MsoNormal" style="margin-top:0in;margin-right:1.2pt;margin-bottom:12.0pt; margin-left:2.0in;vertical-align:baseline"><font style="mso-fareast-font-family: Verdana;color:black">unsecured and non-credit enhanced debt obligations, an
          equivalent rating;</font></p>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5f156e71da23459d9478b092279caff7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any investment in money market funds which (i) has a credit rating of either Baa2 or higher by S&amp;P or BBB or higher by Moody&#8217;s, (ii) which invest
                    substantially all their assets in securities of the types described in paragraphs (a) to (c) above and (iii) can be turned into cash on not more than five (5) days&#8217; notice; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z09bc1fd2e60b40bcac986e3251a0176a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other debt security approved by the Agent (on behalf of the Majority Lenders),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in each case, to which any member of the Group is alone (or together with other members of the Group)
        beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Encumbrance created by or pursuant to any of the Finance Documents.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Change



          of Control"</font> means either:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea6a2413cd8a43049ab0b5e4bf2798e5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any person or group of persons acting in concert gains direct or indirect control of Borrower B where:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z42e76f50cf42477493289e1aa2975f52">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">control</font>" of Borrower B means:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1d0d9d54f684f238d6afb44941d57cf">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe73849b9d8447cb8f6a29db4b4f3ef2">

            <tr>
              <td style="width: 180pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">cast, or control the casting of, more than 50 per cent (50%). of the maximum number of votes that might be cast at a general meeting of Borrower B; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ebcbdffa0ad411fa2ae813a447d3d0b">

            <tr>
              <td style="width: 180pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">appoint or remove the chairman of the board of directors or the majority of the directors or other equivalent officers of Borrower B; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb102cdce0b95487295ece9a1b1331cbc">

            <tr>
              <td style="width: 180pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">give directions with respect to the operating and financial policies of Borrower B with which the directors or other equivalent officers of Borrower B are
                    obliged to comply; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a75ade6508d480e87df9b6c9c44fa71">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the holding beneficially of more than 50 per cent. (50%) of the issued share </font>capital<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> of Borrower B (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits
                      or capital); and</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd9db5f9587cb4064affe2c808113663d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">acting in concert</font>" means, a group of persons who,
                    pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in Borrower B, either directly or indirectly, to obtain or consolidate control of
                    Borrower B, provided that for the avoidance of doubt no action by the Lenders (in any capacity) shall result in</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-right: 39.6pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">those Lenders being deemed to be acting in concert for this purpose; or</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb7e29b461354101b5ed6dae0ef107b2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Sponsor, directly or indirectly, either:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z518f7705f1cc4118a2063627955a6550">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ceases to be able through its appointees to Borrower B's board of directors (including the chairman (who shall have the casting vote)) to control the board of
                    directors of Borrower B; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa60b416ffef4df4b627acc19348de24">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ceases to own or control at least 33.34 per cent. (33.34%) of the maximum number of votes that might be cast at a general meeting of Borrower B.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Charged



          Property</font>" means all of the assets of the Security Parties which from time to time are, or are expressed to be, the subject of the Security Documents.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Chargor



          A</font>" means TORM A/S in its capacity as chargor of Owner A.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Chargor



          B</font>" means TORM PLC in its capacity as chargor of Owner B.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Chargor



          C</font>" means DK VESSEL HOLDCO K/S acting in its capacity as chargor of the limited partnership shares in Owner C and Borrower A in its capacity as chargor of the shares in VesselCo E ApS, the general partner of Owner C.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Chargor</font>"
        means each of Chargor A, Chargor B and Chargor C.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Charters"



        </font>means together the Bareboat Charters and the Time Charters and</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Charter"



        </font>means any one of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Charterer</font>"
        means the party to any Charter, other than an Owner.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Code</font>"
        means the US Internal Revenue Code of 1986.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commercial



          Manager</font>" means, in relation to the commercial management of a Vessel:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7045d58d82124e709654bf4d41ab6994">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the company whose name is set opposite the name of that Vessel under "Commercial Manager" in Schedule 7; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4a779f832b3e4cb5bcc23d5d1104c097">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such other commercial manager of any Vessel nominated by the relevant Owner from time to time, subject to the Agent&#8217;s written consent (such consent not to be
                    unreasonably withheld).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment</font>"
        means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z13e8df38dd344a3d9c47bdf6e2cab4a8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to an Original Lender, the amount set opposite its name under the heading "Commitment" in Schedule 1 (<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;">The Original Lenders</font>) and the amount of any other Commitment transferred to it under this Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z17a8dc8c3b454713ae0040bad90818f8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the extent not cancelled, reduced or transferred by it under this Agreement.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compliance



          Certificate</font>" means a certificate substantially in the form set out in Schedule 6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Form of Compliance Certificate</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidential



          Information</font>" means all information relating to any Security Party, the Finance Documents or the Loan of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party which is received by a Finance
        Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Loan from either:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8397d3eb97694fb88482b2394eb0b002">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Security Party, or any of its advisers; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z64c3e4b6ae694746a3c8f84132a24d4d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any Security Party, or any of its advisers,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in whatever form, and includes information given orally and any document, electronic file or any
        other way of representing or recording information which contains or is derived or copied from such information but excludes information that:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf089462ea7914da98121b45156e07b80">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 36 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Confidentiality</font>); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1798c2ebfb045f89063f6320138aac0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is identified in writing at the time of delivery as non-confidential by any Security Party, or any of its advisers; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5d927c376ab4a9eacdbab4bf5ce47aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is known by that Finance Party before the date the information is disclosed to it in accordance with (a) or (b) or is lawfully obtained by that Finance Party
                    after that date, from a source which is, as far as that Finance Party is aware, unconnected with any Security Party and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not
                    otherwise subject to, any obligation of confidentiality.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidentiality



          Undertaking</font>" means a confidentiality undertaking substantially in a recommended form of the Loan Market Association at the relevant time.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danish



          Capital Markets Act</font>&#8221; means the Danish Consolidated Act No. 12 of 8 January 2018 on capital markets (in Danish: lov om kapitalmarkeder) and any executive orders issued pursuant thereto, all as amended from time to time.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Debt
          Purchase Transaction</font>" means, in relation to a person, a transaction where such person:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z345b82738985434282e06c2b865ffb0d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">purchases by way of assignment or transfer;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z350f771af9244064af35a436e6aaf22a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enters into any sub-participation in respect of; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3d00ce39c6534f0598a128bcec9e2b91">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Commitment or amount outstanding under this Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Default</font>"
        means an Event of Default or any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any reasonable determination under the Finance Documents or any combination of any of the foregoing) be an
        Event of Default.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Defaulting



          Lender</font>" means any Lender:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb50a872404542f9b0418e40735d847b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which has failed to make its participation in a Drawing available (or has notified the Agent or the Borrowers (which have notified the Agent) that it will not
                    make its participation in a Drawing available) by the Drawdown Date of that Drawing in accordance with Clause 5.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lenders' participation</font>);



                    or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z505adcaec6e44594838b281e0f55111a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which has otherwise rescinded or repudiated a Finance Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0cd50209ce3049a4a8a254a9078191fa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with respect to which an Insolvency Event has occurred and is continuing, unless,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of (a):</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zceef090331e640b3889499362e2b5dac">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its failure to pay is caused by:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4bda3178a5984832af1716f9819dacf6">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">administrative or technical error; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9870c0690d1f4682afa51876c53c74ec">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Disruption Event; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">payment is made within three Business Days of its due date; or</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z09735a9a3daa4b7db9526c6f4c026e1a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delegate</font>"
        means any delegate, agent, attorney or co-trustee appointed by the Security Agent.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delivery



          Date</font>" means the date on which a New Vessel is delivered to Owner C pursuant to the relevant Building Contract.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disruption



          Event</font>" means either or both of:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za2e0bf6eb53f4aecbb27418757bca60c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for
                    payments to be made in connection with the Loan (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z723cbc9c9d7045159afa083976149368">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party
                    preventing that, or any other Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z72996b8bac7f4b10915a2dfb380cb35d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">from performing its payment obligations under the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc1c2d49a228343cbb4fa640dcef3a636">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">from communicating with other Parties in accordance with the terms of the Finance Documents,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and which (in either such case) is not caused by, and is beyond the control of, the Party whose
        operations are disrupted.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DOC</font>"
        means, in relation to the ISM Company, a valid Document of Compliance issued for the ISM Company by the Administration under paragraph 13.2 of the ISM Code.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drawdown



          Date</font>" means the date on which the relevant Drawing is advanced under Clause 5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Advance</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drawdown



          Request</font>" means a notice substantially in the form set out in Schedule 3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Drawdown Request</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drawing</font>"
        means any part of the Loan advanced or to be advanced pursuant to a Drawdown Request or, where the context permits, that part of the Loan advanced and for the time being outstanding in respect of a Vessel and "<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drawings</font>" means more than one of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;DSF&#8221;
        </font>means Danmarks Skibskredit A/S with CVR number 27492649 in its capacity as Lender.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Earnings</font>"
        means all hires, freights, pool income and other sums payable to or for the account of an Owner or the Bareboat Charterer in respect of a Vessel including (without limitation) all remuneration for salvage and towage services, demurrage and
        detention moneys, contributions in general average, compensation in respect of any requisition for hire, and damages and other payments (whether awarded by any court or arbitral tribunal or by agreement or otherwise) for breach, termination or
        variation of any contract for the operation, employment or use of a Vessel but excluding amounts payable by the Bareboat Charterer to an Owner pursuant to a Bareboat Charter.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Encumbrance</font>"
        means a mortgage, charge, assignment, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental



          Approval</font>" means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental



          Claim</font>" means any claim, proceeding, formal notice or investigation by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident or an alleged Environmental Incident or which
        relates to any Environmental Law and, for this purpose, "claim" includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether
        or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Environmental



          Incident"</font> means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z25d2dd3410e64410bf9c9aea7102ba40">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any release, emission, spill or discharge into a Vessel or into or upon the air, sea, land or soils (including the seabed) or surface water of Environmentally
                    Sensitive Material within or from a Vessel; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1e576bcc9cc4ebc87a828aeef6b6823">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the
                    seabed) or surface water from a vessel other than a Vessel and which involves a collision between a Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 10</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with which a Vessel is actually or potentially liable to be arrested, attached,
        detained or injuncted and/or a Vessel and/or any Security Party and/or any operator or manager of a Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z44c56cecf7684e1eb43090b5d37a6f62">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including
                    the seabed) or surface water otherwise than from a Vessel and in connection with which a Vessel is actually or potentially liable to be arrested and/or where any Security Party and/or any operator or manager of a Vessel is at fault or
                    allegedly at fault or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental



          Law</font>" means any present or future law or regulation relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of
        Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmentally



          Sensitive Material</font>" means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming)
        polluting, toxic or hazardous.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Equity</font>"
        means, on any date, the value of the aggregate capital and reserves of the Group (on a consolidated basis) determined in accordance with GAAP and adjusted to reflect the fair market value of the Fleet Vessels (including the Market Value of each
        Vessel) based on the valuations to be delivered to the Agent pursuant to Clause 20.2.1.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Equity



          Ratio</font>" means the ratio of the Group's Equity to Total Assets.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Event



          of Default</font>" means any event or circumstance specified as such in Clause 23 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Events of Default</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Tranche</font>" means Existing Tranche A, Existing Tranche B and Existing Tranche C together.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Tranche A</font>" means the tranche drawn to finance Vessel 1 to Vessel 13 inclusive (as set out in Schedule 7), currently in an amount of sixty nine million one hundred and eighty thousand eight hundred and ninety seven 75/100 Dollars (USD
        69,180,897.75).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Tranche B</font>" means the tranche drawn to finance Vessel 14 to Vessel 16 inclusive (as set out in Schedule 7), currently in an amount of fifty four million four hundred and twenty three thousand six hundred and six 30/100 Dollars (USD
        54,423,606.30).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Tranche C</font>" means the tranche drawn to finance Vessel 17 and Vessel 18 (as set out in Schedule 7) currently in an amount of twenty five million five hundred and thirty one six hundred and eighty seven 30/100 Dollars (USD 25,531,687.30).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Vessels</font>" means Vessel 2, Vessel 3, Vessel 4, Vessel 5, Vessel 7, Vessel 8, Vessel 9, Vessel 11, Vessel 12, Vessel 14, Vessel 15, Vessel 16, Vessel 17 and Vessel 18 as set out in Schedule 7.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facility



          Office</font>" means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days' written notice) as the office or offices through
        which it will perform its obligations under this Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facility



          Period</font>" means the period beginning on the date of this Agreement and ending on the date when the whole of the Indebtedness has been paid in full and the Security Parties have ceased to be under any further actual or contingent liability to
        the Finance Parties under or in connection with the Finance Documents.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA</font>"
        means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z31ca658419a3435fa193f18e3c194ac3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sections 1471 to 1474 of the Code or any associated regulations or other official guidance;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z464451cfdf2141f585d9f196e235634a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any
                    other jurisdiction, which (in either case) facilitates the implementation of (a); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45ec3cb9679c40ae883dfa5067549ab2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any agreement pursuant to the implementation of (a) or (b) with the US Internal Revenue Service, the US government or any governmental or taxation authority
                    in any other jurisdiction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"FATCA



          Application Date"</font> means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6beba4a7ba6544e3ac2ce0b2b861117f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from
                    sources within the US), 1 July 2014;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6bcdc0d67e748a6940f8b9f6534ac51">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to a "withholdable payment" described in section 1473(1)(A)(ii) of the Code (which relates to "gross proceeds" from the disposition of property of
                    a type that can produce interest from sources within the US), 1 January 2017; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z34c54cfce10c42869dbb0c2e2a319f2b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within (a) or (b), 1 January 2017,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">or, in each case, such other date from which such payment may become subject to a deduction or
        withholding required by FATCA as a result of any change in FATCA after the date of this Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA



          Deduction</font>" means a deduction or withholding from a payment under a Finance Document required by FATCA.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA



          Exempt Party</font>" means a Party that is entitled to receive payments free from any FATCA Deduction.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA



          FFI</font>" means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if any Finance Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance



          Documents</font>" means this Agreement, the Security Documents, the Supplemental Agreement and any other document designated as such by the Agent and the Borrowers and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">Finance Document</font>" means any one of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance



          Parties</font>" means the Agent, the Security Agent, and the Lenders and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Party</font>" means any one of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial



          Indebtedness</font>" means any indebtedness for or in respect of:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae13eeda197f4350a6c4ee57683a737e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">moneys borrowed and debit balances at banks or other financial institutions;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5f8ad239f74d49ad88322e889fab6dba">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f631b2acfb24de99230abeee3104f50">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb0dc6858197645989fc5329f80a735a7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount of any liability in respect of any finance or capital lease;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc162b9b73b34748b93d08fc00c5aeb8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z554ad609daff488ba6833d45c07135fd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as a
                    result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2aab0d7121d34f2d879c9bf8d42bbb37">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or
                    financial institution in respect of (i) an underlying liability of an entity which is not a Security Party which liability would fall within one of the other sections of this definition or (ii) any liabilities of any Security Party
                    relating to any post-retirement benefit scheme;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z77d355f118434f9599cf2d750175572e">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before the Termination Date or are otherwise classified
                    as borrowings under GAAP;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5e8e0378a9cf462598d946fdd190fe74">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise
                    finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 60 days after the date of supply;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3815571129074766a7fb243156be2819">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the
                    commercial effect of a borrowing or otherwise classified as borrowings under GAAP; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 13</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb683bbe605f4fdb89a809377eb4b4bf">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(k)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in (a) to (j).</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fleet



          Vessels</font>" means each Vessel and each other vessel owned by any member of the Group.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Free
          Liquidity</font>" means the aggregate of unencumbered (other than pursuant to a Security Document) cash and Cash Equivalents to which any member of the Group has free, immediate and direct access without netting and set-off arrangements (other
        than with the Lenders) and which (for the avoidance of doubt) shall not include any additional security given or cash paid to the Security Agent pursuant to Clause 17.5 or any sums standing to the credit of the Reserve Account.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GAAP"



        </font>means International Financial Reporting Standards (as adopted by the European Union) and related interpretations as amended, supplemented, issued or adopted from time to time by the International Accounting Standards Board to the extent
        applicable to the relevant financial statements in respect of Borrower B and otherwise generally accepted accounting principles of the jurisdiction of incorporation of such party consistently applied.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Group</font>"
        means Borrower B and each of its Subsidiaries for the time being.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Group



          Debt</font>" means, on any date, the aggregate amount of all obligations of all members of the Group for or in respect of Financial Indebtedness but excluding any Inter-company Indebtedness.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantee</font>"
        means the joint and several guarantee and indemnity of the Guarantors contained in Clause 18 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Guarantee and Indemnity</font>) and referred to in Clause
        17.1.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security Documents</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Holding



          Company</font>" means, in relation to a person, any other person in respect of which it is a Subsidiary.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IAPPC</font>"
        means a valid international air pollution prevention certificate for a Vessel issued under Annex VI.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Impaired



          Agent</font>" means the Agent at any time when:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z735e27e48b534156b936e9c644526b95">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for
                    payment;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9ef359f0cb5c49388e3aaecafb3931c0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent otherwise rescinds or repudiates a Finance Document;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z76d49d27626d4a6b9260d1ee9165d24a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if the Agent is also a Lender) it is a Defaulting Lender under (a) or (b) of the definition of "Defaulting Lender"; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z070a175deea741b9bf4805fe2554f273">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an Insolvency Event has occurred and is continuing with respect to the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless, in the case of (a):</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ec8837dfa974ab0b377898090ea7e2a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its failure to pay is caused by:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 14</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b0f4a331ce34ada9cb7ffcb3a514304">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">administrative or technical error; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa221fc063e14de095bef1c5be700934">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Disruption Event; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">payment is made within three Business Days of its due date; or</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7fe4fcc5dccb415b983c3803167ffb1d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent is disputing in good faith whether it is contractually obliged to make the payment in question.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indebtedness</font>"
        means the aggregate from time to time of: the amount of the Loan outstanding; all accrued and unpaid interest on the Loan; all Interest Break Costs and Break Funding Costs and all other sums of any nature (together with all accrued and unpaid
        interest on any of those sums) payable to any of the Finance Parties under all or any of the Finance Documents.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insolvency



          Event</font>" in relation to an entity means that the entity:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z923a9c97e524484187890a249256ebf2">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is dissolved (other than pursuant to a consolidation, amalgamation or merger);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdfeb7c1726664614b737e2c57d33d86b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z414b9feb94514ad29606e9d3451f19c9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">makes a general assignment, arrangement or composition with or for the benefit of its creditors;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74aeaf08b78f4832948793e829a284ba">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction
                    over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or
                    other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z283a3615f0d8478bb03750a19486915a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other
                    similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or
                    presented by a person or entity not described in (d) and:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf3d15ad8dbf421ea4d867091f8b536f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z486c66df91594f48b97fcf0fec29136f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90ec50b53f244d2c9cfe1b0c3eca9d31">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009 and/or has instituted against it a bank
                    insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 15</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f2c8fffbf0841abb50c7c614b33da73">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5b01ed151fa4314ad01bef9601e87b9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official
                    for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in
                    (d));</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2effc4ca71e54dc7b1a9006815090c93">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process
                    levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za53e9620c66742d9a24203b604c8a27d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events
                    specified in (a) to (i); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in,
        any of the foregoing acts.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurances</font>"
        means all policies and contracts of insurance (including all entries in protection and indemnity or war risks associations) required by the terms of the Finance Documents and which are from time to time taken out or entered into in respect of or in
        connection with a Vessel or her increased value and (where the context permits) all benefits under such contracts and policies, including all claims of any nature and returns of premium.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest



          Break Costs</font>" means the amount (if any) by which:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb3116b8ed2b54d58bcffa6acf7c5843e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or an Unpaid Sum
                    to the last day of the current Interest Period in respect of the Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exceeds:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9aa3e36938549f48f1a92b9e1597033">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading
                    bank in the Relevant Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest



          Payment Date</font>" means each date for the payment of interest in accordance with Clause 8.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payment of interest</font>).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest



          Period</font>" means each period determined in accordance with Clause 9 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest Periods</font>) and, in relation to an Unpaid Sum, each period
        determined in accordance with Clause 8.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Default interest</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inter-company



          Indebtedness</font>" means any obligation related to Financial Indebtedness owed by one Security Party to another Security Party.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inter-company



          Indebtedness Assignment</font>" means any deed of assignment and subordination in respect of Inter-company Indebtedness entered into pursuant to Clause 22.30 and referred to in Clause 17.1.7 (<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Security Documents</font>) and to be in a form acceptable to the Agent.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpolated



          Screen Rate</font>" means, in relation to LIBOR, the rate which results from interpolating on a linear basis between:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z08949cfa1be4413e8cd77c500929feb3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the relevant Interest Period; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd79e481922364d45b92f6bf0fb2501d9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the relevant Interest Period,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each as of 11.00 a.m. on the Quotation Day for dollars.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ISM
          Code</font>" means the International Management Code for the Safe Operation of Ships and for Pollution Prevention.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ISM
          Company</font>" means, at any given time, the company responsible for a Vessel's compliance with the ISM Code under paragraph 1.1.2 of the ISM Code.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ISPS
          Code</font>" means the International Ship and Port Facility Security Code.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ISSC</font>"
        means a valid international ship security certificate for a Vessel issued under the ISPS Code.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Joint



          Venture</font>" means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Legal



          Opinion</font>" means any legal opinion delivered to the Agent under Clause 4.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Initial conditions precedent</font>) or Clause 4.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions subsequent</font>) or under any other Finance Document</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Legal



          Reservations"</font> means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc15ff30f6fcd4b14a6c4f8a1c1c3b646">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency,
                    reorganisation and other laws generally affecting the rights of creditors;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00abf2e4032a4d58b7c480d29f52aafa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of
                    UK stamp duty may be void and defences of set-off or counterclaim;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 17</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze85b2af73b1848458734b3f8b4581798">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">similar principles, rights and defences under the laws of any Relevant Jurisdiction; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z26d74cbab14048ac9e77b21beac184f7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other matters which are set out as qualifications or reservations as to matters of law of general application in the Legal Opinions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lender</font>"
        means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeccd1fda026a450792a7eb10c0ad4eef">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Original Lender; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z783a52d6230a4d809e0feb6b136f11a4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with Clause 24 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Lenders</font>),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which in each case has not ceased to be a Lender in accordance with the terms of this Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LIBOR</font>"
        means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z688ca2145900442d96e84c32ed4e27e9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the applicable Screen Rate; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z709ec38df19247ba849fc18948d026cb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if no Screen Rate is available for the relevant Interest Period) the Interpolated Screen Rate; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1f2964f720344e4ba0b74230176f77f3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if (i) no Screen Rate is available for the currency of the Loan or (ii) no Screen Rate is available for the relevant Interest Period and it is not possible
                    to calculate the Interpolated Screen Rate) the Reference Bank Rate,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as of 11.00 a.m. on the Quotation Day for dollars and for a period equal in length to the relevant
        Interest Period and, if that rate is less than zero, LIBOR shall be deemed to be zero.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loan</font>"
        means the aggregate amount advanced or to be advanced by the Lenders to each Borrower under Clause 2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Loan</font>) and being the aggregate of the
        Existing Tranche and the New Tranche or, where the context permits, the principal amount advanced and for the time being outstanding.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LTV
          Coverage</font>" has the meaning set out in Clause 17.5.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Majority



          Lenders</font>" means a Lender or Lenders whose Commitments aggregate more than 66<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>/<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">3</sub>% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>/<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">3</sub>% of
        the Total Commitments immediately prior to the reduction).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Management



          Agreements</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a5c3af1b2c041588d9ba642b110dca8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the agreements from time to time in force for the commercial management of the relevant Vessels between the relevant Owner and the relevant Commercial
                    Manager; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb1743d942d9644ab87764b5ee4d17357">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the agreements from time to time in force for the technical management of the relevant Vessels between the relevant Owner and the relevant Technical Manager.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Managers</font>"
        means:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd29ce2fdc2e544a5a73ece9e3c299c76">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to the commercial management of a Vessel, the Commercial Manager; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zabeb811638d5470eaba63c9f00f4a5e4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to the technical management of a Vessel, the Technical Manager.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Managers'



          Undertakings</font>" means the written undertakings of the Managers (other than a Manager within the Group) whereby (to the extent that the relevant Manager is prepared so to agree following the Owner's reasonable efforts), while they are
        appointed by an Owner:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z455155d2ea5f4a48ac5a27f30d1697d1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">they will remain the commercial or technical managers of the Vessels (as the case may be); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7249a9e7615f401bb0aff86a8b533478">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">they will not, without the prior written consent of the Agent, subcontract or delegate the commercial or technical management of the Vessels (as the case may
                    be) to any third party; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19a74fb3bc5e4b6ba0d4cf05f96a0f06">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the interests of the Managers (if any) in the Insurances (other than indemnity insurances) will be assigned to the Security Agent with first priority but
                    subject to the Managers&#8217; right to receive any indemnity moneys; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z13f75008fe344b1cac0ee1607d97bd38">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">following the occurrence of an Event of Default, all claims of the Managers against the Owners shall be coordinated with the claims of the Finance Parties
                    under the Finance Documents and, at the request of the Agent, the Managers shall remain the commercial and technical managers of the Vessels on the terms and conditions of the relevant Management Agreements, subject to receiving payment
                    of amounts from time to time due (including their fees) pursuant to such Management Agreements.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Margin</font>"
        means</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2df8e51665f94381960df7a6cdb2c657">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of Existing Tranche A and Existing Tranche B 2.5 per cent per annum;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27c382aea7024e64a1848bc48931b192">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of Existing Tranche C, 2.6 per cent per annum; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z250b62669fd64c6c968c6e78c8a9a758">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of the New Tranche, 2.35 per cent per annum.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Market



          Value</font>" means the average value of a Vessel conclusively determined by two Approved Shipbrokers appointed by the Borrowers on the basis of a charter-free sale for prompt delivery for cash at arm's length on normal commercial terms as
        between a willing seller and a willing buyer and evidenced by a valuation from each such Approved Shipbroker of that Vessel certifying a value for that Vessel.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Material



          Adverse Effect</font>" means in the reasonable opinion of the Majority Lenders a material adverse effect on:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6900947ad2a548fd92e5a1776d55cfec">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the business, or financial condition of the Group taken as a whole; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbde14d8cb71a455d84a3eadec7257bd9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the ability of any Security Party to perform its obligations under any Finance Document as they fall due; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za36806962a95465989cf4c39471aea03">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the validity or enforceability of, or the effectiveness or ranking of any Encumbrance granted or purporting to be granted pursuant to any of, the Finance
                    Documents or the rights or remedies of any Finance Party under any of the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maximum



          Loan Amount</font>" means two hundred and thirty six million nine hundred and thirty six thousand one hundred and ninety one 35/100 Dollars (USD 236,936,191.35).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgages</font>"
        means the first preferred or first priority mortgages (as applicable) and the second preferred or second priority mortgages as applicable and, if applicable, collateral deeds of covenant, referred to in Clause 17.1.1 (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Security Documents</font>) (as amended from time to time) and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgage</font>"
        means any of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New
          Lender</font>" has the meaning given to that term in Clause 24.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Assignments and transfers by the Lenders</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New
          Tranche</font>" means the tranche available to finance the New Vessels in an amount of up to eighty million and six hundred thousand Dollars (USD 80,600,000) plus the New Tranche Increase.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New
          Tranche Increase</font>" means an amount made or to be made available to Borrower B of up to seven million and two hundred thousand Dollars (USD 7,200,000).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New
          Vessels</font>" means Vessel 19, Vessel 20, Vessel 21 and Vessel 22 as set out in Schedule 7.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non-Consenting



          Lender</font>" has the meaning given to that term in Clause 35.4.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Replacement of Lender</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original



          Budget</font>" means the detailed, forward-looking consolidated budgets of the Guarantors and the Borrowers in respect of the first twenty four months following the date of this Agreement showing profit and loss statements, balance sheets and
        cash flow statements, as well as written assumptions.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original



          Jurisdiction</font>" means, in relation to a Security Party, the jurisdiction under whose laws that Security Party is incorporated as at the date of this Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</font>"
        means each of Owner A, Owner B and Owner C.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Participating



          Member State</font>" means any member state of the European Community that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payment



          Date</font>" means each of 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> March, 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> June, 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> September and 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Party</font>"
        means a party to this Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Permitted



          Disposal</font>" means any sale, lease, licence, transfer or other disposal which is on arm's length terms:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8fbf165446b040709daf760e4b9d7ef3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of trading stock or cash made by any Security Party in the ordinary course of trading of the disposing entity;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9ec86a5817a945feb02308a9239d6081">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of any asset by any Security Party (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disposing Company</font>")



                    to any other Security Party (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acquiring Company</font>"), but if:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0db93a899ada42faae138b056f7be26d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Disposing Company is a Security Party, the Acquiring Company must also be a Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe69ce734ad74cfeae4d286e08c00cb0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Disposing Company had given any Encumbrance over the asset, the Acquiring Company must give an equivalent Encumbrance over that asset; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc339e07611094c8a86b8cc70103abf1a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Disposing Company is a Guarantor, the Acquiring Company must guarantee at all times an amount no less than that guaranteed by the Disposing Company;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za03a3277fd0248599af7c42cc20ed1d8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of assets in exchange for other assets comparable or superior as to type, value and quality;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8187240d70094cca9a73ff982aa1ac08">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of obsolete or redundant vehicles, plant and equipment for cash; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf38657e68a6c44a4b159b3508b88b091">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">arising as a result of any Permitted Encumbrance.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Permitted



          Encumbrance"</font> means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9977479d4ee42d58ec27065a3501375">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Encumbrance which has the prior written approval of the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z292328501b7a4c0ca68b2b2d7d1a1c5d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Encumbrance arising by operation of law and in the ordinary course of trading and not as a result of any default or omission by a Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z72ad3f07ffc4418d9f03d940507d16fc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any quasi-security arising as a result of a disposal which is a Permitted Disposal; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1e4e4b74ff3e482bad37ef2669a8c028">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any liens for current crews' wages and salvage and liens incurred in the ordinary course of trading a Vessel up to an aggregate amount at any time not
                    exceeding USD 500,000 per Owner.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Permitted Transaction</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b697ab12f51480a88a54b2f3024ca9c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any disposal required, Financial Indebtedness incurred, guarantee, indemnity or Encumbrance given, or other transaction arising, under the Finance Documents;
                    or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z72108477d7214b90b5cb6394a31de7af">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the granting or creation of any Encumbrance or the incurring or
                    permitting to subsist of Financial Indebtedness) conducted in the ordinary course of trading on arm's length terms and for fair market value.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Quotation



          Day</font>" means, in relation to any period for which an interest rate is to be determined two Business Days before the first day of that period unless market practice differs in the Relevant Interbank Market, in which case the Quotation Day
        will be determined by the Agent in accordance with market practice in the Relevant</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interbank Market (and if quotations would normally be given by leading banks in the Relevant
        Interbank Market on more than one day, the Quotation Day will be the last of those days).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RCF
          Facility Agreement</font>" means the working capital facility agreement comprising a USD 75,000,000 revolving credit facility made between (inter alia) Borrower A (as borrower) and Danske Bank A/S (as agent) dated on or about 13 July 2015 and any
        refinancing of such agreement on similar terms and giving a minimum of 12 months availability at any relevant time.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Receiver</font>"
        means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reference



          Bank Rate</font>" means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks as the rate at which the relevant Reference Bank could borrow funds in the London
        interbank market in dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in dollars and for that period.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reference



          Banks</font>" means, in relation to LIBOR, the principal London offices of Nordea Bank AB, Danske Bank A/S and HSBC Bank plc or such other banks as may be appointed by the Agent in consultation with the Borrowers.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant



          Affiliate</font>&#8221; means, in relation to any Obligor or Group Member:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z231150fedb9a45a7af3e7417f01e1b7e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Subsidiary of that Obligor or Group Member; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z94d49456d5094acc8297cee959825c2e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Holding Company of that Obligor or Group Member; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49c0e0bc1ab94d65b554d550bdbe3504">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other Subsidiary of that Holding Company,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">but in each case excluding the Sponsor and excluding any Affiliate of the Sponsor which is not a
        Group Member.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant



          Documents</font>" means the Finance Documents, the Charters, and the Management Agreements.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant



          Interbank Market</font>" means the London interbank market. "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant Jurisdiction</font>" means, in relation to a Security Party:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za9dafb624d914d19a6f303df758f351e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its Original Jurisdiction;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zadaf11f471384a1b8e9d8b367229c279">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any jurisdiction where any asset subject to or intended to be subject to a Security Document to be executed by it is situated;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e27ce20b8c74c3db562ac8ecebe4e30">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any jurisdiction where it conducts its business; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the jurisdiction whose laws govern the perfection of any of the Security Documents entered into by
        it.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repayment



          Date</font>" means the date for payment of any Repayment Instalment in accordance with Clause 6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Repayment</font>).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repayment



          Instalment</font>" means any instalment of the Loan to be repaid by the Borrowers under Clause 6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Repayment</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repeating



          Representations</font>" means each of the representations set out in Clause 19.1.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Status</font>) to Clause 19.1.6 (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Governing law and enforcement</font>), Clause 19.1.10 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">No default</font>) to
        Clause 19.1.19 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Pari passu ranking</font>) and Clause 19.1.25 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Sanctions</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Requisition



          Compensation</font>" means all compensation or other money which may from time to time be payable to an Owner and/or the Charterer as a result of a Vessel being requisitioned for title or in any other way compulsorily acquired (other than by way
        of requisition for hire).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reserve



          Account</font>" means the bank account nominated in USD opened or to be opened in the name of Borrower A into which any cash deposit is made pursuant to Clause 7.11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Vessel Substitution</font>) or Clause 17.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Additional Security</font>) with account number 3238002435 and IBAN number
        DK7830003238002435.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reserve



          Account Pledge</font>" means the account pledge agreement to be entered into by Borrower A in favour of the Security Agent in respect of all amounts from time to time standing to the credit of the Reserve Account.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restricted



          Party</font>&#8221; means a person:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1bc528b21ffd4c789e56233f813a237d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person) or otherwise is a target of Sanctions
                    Laws;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7e9c138a1c224b829ba8070e89b0fe6a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that is domiciled, registered as located or having its main place of business in, or is incorporated under the laws of any country or territory that is the
                    target of comprehensive, country- or territory-wide Sanctions Laws;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f853ee23848414ca3fb6f3b6b21a97b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that is directly or indirectly owned or controlled by a person referred to in (a) and/or (b) above; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z338c38669cb443858e8b63f1797784e2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with which any national of a Sanctions Authority is prohibited from dealing or otherwise engaging in a transaction with by any Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions



          Authority</font>&#8221; means (a) the United Nations, the European Union, the member states of the European Union, the US or any country to which any Borrower or Guarantor, or any other member of the Group or any Relevant Affiliate or any of them is
        bound or (b) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury (&#8220;OFAC&#8221;), the United States Department of State and Her
        Majesty&#8217;s Treasury.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions



          Laws</font>&#8221; means the economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators implemented, adopted, imposed, administered, enacted
        and/or enforced by any Sanctions Authority.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions



          List</font>&#8221; means any list of persons or entities published in connection with Sanctions Laws, by or on behalf of any Sanctions Authority.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 23</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Screen



          Rate</font>" means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or
        LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate) or, on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If such page or the service
        ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Borrowers.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Scrubber</font>"
        means a system, e.g. an emissions abatement plant for combustion machinery or an exhaust gas cleaning systems, to control the exhaust emission of NOx, SOx in accordance with the IMO 2020 regulations.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Secured



          Parties</font>" means each Finance Party from time to time party to this Agreement and any Receiver or Delegate.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security



          Documents</font>" means the Mortgages, the Assignments, the Guarantee, the Reserve Account Pledge, the Share Charges, the Managers' Undertakings, any Inter-company Indebtedness Assignment or (where the context permits) any one or more of them,
        and any other agreement or document which may at any time be executed by any person as security for the payment of all or any part of the Indebtedness and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
          bold;">Security Document</font>" means any one of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security



          Parties</font>" means each Borrower, each Guarantor, each Chargor, and any other person (other than a Manager or Charterer) who may at any time during the Facility Period be liable for, or provide security for, all or any part of the
        Indebtedness, and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Party</font>" means any one of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Share



          Charges</font>" means the charges of the issued share capital of the Owners and the general partner of Owner C, VesselCo E ApS referred to in Clause 17.1.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Security Documents</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SMC</font>"
        means a valid safety management certificate issued for a Vessel by or on behalf of the Administration under paragraph 13.7 of the ISM Code.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sponsor</font>"
        means Oaktree Capital Management L.P. and any fund or funds solely managed by Oaktree Capital Management L.P..</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subsidiary</font>"
        means a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Supplemental



          Agreement</font>" means a supplemental agreement to this Agreement dated 20 July 2018 entered into between, among others, the parties to this Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax</font>"
        means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Technical



          Manager</font>" means, in relation to the technical management of a Vessel:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1f67b26eec4a41f28f90578ce1b8f415">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the company whose name is set opposite the name of that Vessel under <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"Technical
                      Manager" in Schedule 7; or</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf18eba6dc6248d9bcf6c7a7117d07f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such other technical manager of any Vessel nominated by the Owners from time to time, subject to the Agent&#8217;s written consent (such consent not to be
                    unreasonably withheld).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Termination



          Date"</font> means</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za89eaa194df44b309673fdda05efd130">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of Existing Tranche A, 15 December 2021;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze771828873e84e48b9ebfb17ab1504b9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of Existing Tranche B, 15 December 2021;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z600afc9f6cde499789fd5ed785d090f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of Existing Tranche C, 15 December 2022; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zafe91281410440ae98678ff101f7af74">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of the New Tranche, 15 June 2026.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time
          Charters</font>" means any time charter capable of exceeding 13 months' duration (inclusive of extensions) on the terms and subject to the conditions of which the Owners or the Bareboat Charterer respectively may time charter the Vessels to a
        Charterer and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Time Charter</font>" means any one of them.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total



          Assets</font>" means, on any date, the value of the total assets of the Group (on a consolidated basis) determined in accordance with GAAP and adjusted to reflect the Market Value of the Fleet Vessels (including the Market Value of each Vessel)
        based on the valuations to be delivered to the Agent pursuant to Clause 20.2.1 on or around 30 June and 31 December.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total



          Commitments</font>" means the aggregate of the Commitments.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total



          Loss</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z573e2ff6e1254157a51b4708269a15eb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an actual, constructive, arranged, agreed or compromised total loss of a Vessel; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8923d2f2bee7423cb952a08893bb89da">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the requisition for title or compulsory acquisition of a Vessel by any government or other competent authority (other than by way of requisition for hire for
                    a fixed period not exceeding one (1) year without any right to extension); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tranche</font>"
        means the Existing Tranches and the New Tranche.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfer



          Certificate</font>" means a certificate substantially in the form set out in Schedule 4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Form of Transfer Certificate</font>) or any other form
        agreed between the Agent and the Borrowers.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfer



          Date</font>" means, in relation to an assignment or a transfer, the later of:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6459bb98ece497b897910fbe7f9b540">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbbaeddbbad3473da96e3564fc8230c2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treasury



          Transactions</font>" means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-weight: bold;">Trust Property</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze07ad78997504f6782790172293a146e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all benefits derived by the Security Agent from Clause 17 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security



                      and Application of Moneys</font>); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc91405683734bceb57fa21c69d2e742">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all benefits arising under (including, without limitation, all proceeds of the enforcement of) each of the Security Documents,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with the exception of any benefits arising solely for the benefit of the Security Agent.</font></div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">Unpaid Sum</font>" means any sum due and payable but unpaid by any Security Party under the Finance Documents.</font></div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">US Tax Obligor</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd8b23aec830c48e1a5a5e31712edb1d9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Security Party which is resident for tax purposes in the United States of America; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b68c9dd92724f919621c0f1e7a7a3f7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Security Party some or all of whose payments under the Finance Documents are from sources within the United States for US federal income tax purposes.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VAT</font>"
        means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze5d4f3f6bb2949caabbbc470d70471fd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za042a1de21e44ea7bc01a494ddbd384a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to
                    in (a), or imposed elsewhere.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessels</font>"
        means the Existing Vessels and the New Vessels and any other vessels accepted by the Security Agent as additional security for the Loan and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel</font>"
        means any one of them, provided that a Mortgage has been registered on such vessel and that the Mortgage(s) over such Vessel has not been released.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36e470abf1bf4630aff6ce130ec8eb0a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Construction </font>Unless a contrary indication appears, any
                    reference in this Agreement to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeaeffa1e8b8247df8adc3b8dcb4265be">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lender</font>", any "<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrower</font>", any "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantor</font>", the "<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agent</font>", any "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Secured Party</font>", the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Agent</font>", any "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Party</font>"
                    or any "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Party</font>" shall be construed so as to include its successors in title, permitted assignees and permitted transferees;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b2ec8bf81a04368b8a1d0cf7abacc48">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a document in "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">agreed form</font>" is a document which is
                    previously agreed in writing by or on behalf of the Borrowers and the Agent or, if not so agreed, is in the form specified by the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb40eb03642e4460e83fdc3cb73f009ff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">assets</font>" includes present and future properties,
                    revenues and rights of every description;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z666abebac6ae4d16baf034c2dd0010ae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Document</font>", a "<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Document</font>", a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant Document</font>" or any other
                    document is a reference to that Finance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-left: 108pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Document, Security Document, Relevant Document or other document as amended, novated, supplemented, extended or restated
        from time to time;</font></div>
    <div style="text-align: left; margin-left: 108pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za27de9e2598a40aa92847e2ae4c6d2f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">group of Lenders</font>" includes all the Lenders;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze131ddc65e2d4fb4b231ee137de5d580">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">indebtedness</font>" includes any obligation (whether
                    incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5080698f0304b409a7ed7857f963ba2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">person</font>" includes any individual, firm, company,
                    corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership or other entity (whether or not having separate legal personality);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5ce174ef279d4f88a364a79a4730deed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">regulation</font>" includes any regulation, rule, official
                    directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f022c7f04304e36a4db79eff48d92aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a provision of law is a reference to that provision as amended or re-enacted from time to time; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z236fba8df92d4e9ea0c5784353def29d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a time of day (unless otherwise specified) is a reference to Copenhagen time.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3dcd2fa81dd444d9a93f8a3f7a5ac687">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Headings </font>Section, Clause and Schedule headings are for
                    ease of reference only.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z521cc5211ba24564abfa86604181f5c5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Defined terms </font>Unless a contrary indication appears, a
                    term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7580ac23722f4a179c6ff8b4a1f54cac">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Default </font>A Default (other than an Event of Default) is
                    "continuing" if it has not been remedied or waived and an Event of Default is "continuing" if it has not been waived.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za8a1a1ffbcbc4c66bd4897f9e66f0d15">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency symbols and definitions </font>"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</font>", "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">USD</font>" and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">dollars</font>" denote the lawful currency of the United States of America.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z22582c38c0ad448abc7a279e7cf1b8e3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third party rights </font>A person who is not a Party has no
                    right to enforce or to enjoy the benefit of any term of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6384d8f3500c4d0d931f2109bfe4d0e9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Offer letter </font>This Agreement supersedes the terms and
                    conditions contained in any correspondence relating to the subject matter of this Agreement exchanged between any Finance Party and the Borrowers or their representatives before the date of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 27</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55a7fca387854326b9b34a54d5583e26">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amounts </font>Any reference to an amount outstanding under
                    any of the Existing Tranches arer eferences to the amounts outstanding on 29 June 2018 and do not account for the instalments paid after such date.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6beb0f5648d74891816ae8fe7fabd47f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Contractual recognition of bail-in</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zba02c36d38b14f1797f67eb3440e61fa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.10.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Clause 1.9:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 21.6pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">Bail-In Action</font>" means the exercise of any Write-down and Conversion Powers.</font></div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bail-In



          Legislation</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9266aee0edd749a1abb7149d6b4abf10">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for
                    the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9be05cf2e70243768f45c67eb427ee22">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion
                    Powers contained in that law or regulation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EEA
          Member </font>Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.</font></div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EU
          Bail-In </font>Legislation<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Schedule</font>" means the document described as such and published by the Loan Market Association (or any successor
        person) from time to time.</font></div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Resolution



          Authority</font>" means any body which has authority to exercise any Write-down and Conversion Powers.</font></div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Write-down



          and </font>Conversion<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Powers</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0127ba09066b474ba7b514bbe4947df7">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that
                    Bail-In Legislation in the EU Bail-In Legislation Schedule; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6774d20e060040d0ad5057efb56acbec">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to any other applicable Bail-In Legislation:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59ffafff7dd847deb841197ad18c79f2">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial
                    institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert
                    all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 28</font></div>
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    </div>
    <div style="text-align: justify; margin-right: 7.2pt; margin-left: 180pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">instrument is to have effect as if a right had been exercised under it or to
        suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c4881c4871a4507af4e194ba6d668ef">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any similar or analogous powers under that Bail-In Legislation.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z490e37fc36b647fdb0b52c34107d06d9">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.10.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and
                    accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect
                    of:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Bail-In Action in relation to any such liability, including (without limitation):</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0960ebef06b24e41a2b7daa31ca53470">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such
                    liability;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89389deedd4245af9da79dd1930344f4">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc08b3fdba18e44a7b04443d7b94cf4aa">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a cancellation of any such liability; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z43525775df984e5dae2ba8eb99235f52">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Loan</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7cc9bbbb443f4fb5a04e23893bffc9a3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Loan</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32bf40ad194a445b875bd6aa7d3dcf35">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amount </font>Subject to the terms of this Agreement, the
                    Lenders agree to make available to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd150d5ff49db4ffc93b6e94e181522b6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A, a term loan in an aggregate amount of up to USD 137,911,701.61; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b3719196c074faf897d4ab5e692cede">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B, a term loan in an aggregate amount of up to USD 115,822,062.26</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in accordance with the Commitments as set out in Schedule 1; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdc04fc20695a44a2a9b0856da917e2a1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Availablity of the New Tranche</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c8388ea21ad4e31ba154a09012affa6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If Scrubbers are installed on a New Vessel, a part of the New Tranche in the amount of twenty one million and nine hundred and fifty thousand Dollars (USD
                    21,950,000) shall be available for the financing of each New Vessel during the Availablity Period applicable to such part of the New Tranche.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z349ea98095894965981170b266d72ce4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If no Scrubbers are installed on a New Vessel, a part of the New Tranche in the amount of twenty million and one hundred and fifty thousand Dollars (USD
                    20,150,000) shall be available for the financing of such New Vessel during the Availablity Period applicable to such part of the New Tranche and USD 1,800,000 of the New Tranche shall be cancelled on such date as Borrower B informs the
                    Agent that no Scrubbers will be installed on the relevant New Vessel.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze3f192bf914042e7a91e436b4f3c83cf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Parties' rights and obligations</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8c08dfa0120b4b71b65fda2bf01027e1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance
                    Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c7f27de112d4678b44c2b8e15e50bd6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance
                    Documents to a Finance Party from a Security Party shall be a separate and independent debt.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zec1d4d788ae543ee9e3d278b4dcf9c01">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Finance Party may with the consent of the Majority Lenders and except as otherwise stated in the Finance Documents, separately enforce its rights under the
                    Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3063f32bde0b4207bc111b8c9374e8f8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Purpose</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3bf6a47f4e21421eaaa38773cbbede39">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Purpose </font>The Borrowers shall apply the Loan for the
                    purposes referred to in the Preliminary.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 30</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5212ad3c853741a0b0403696add21177">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Monitoring </font>No Finance Party is bound to monitor or
                    verify the application of any amount borrowed under this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z76f7a33f38dd4c03adb7292a1f66cdf1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions of Utilisation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f09dee4bcaa4355b4dc8c3551ec0b5c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Initial conditions precedent</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z564cff1a185b427fa6ee695001f459f6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers undertake to deliver or to cause to be delivered to the Agent on the date of this Agreement the documents and evidence listed in Part I of
                    Schedule 2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions Precedent to Execution of this Agreement</font>) in form and substance satisfactory to the Agent. The Agent shall
                    notify the Borrowers and the Lenders promptly upon being so satisfied</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9a333e188fe48ab8456b2386df3b961">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Lenders will only be obliged to comply with Clause 5.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lenders'



                      participation</font>) in relation to the advance of a Drawing under the New Tranche if:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf81c4bcdab684bf98cbf0c033ebbe023">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">three Business Days prior to the relevant Drawdown Date (including the date for any prepositioning of funds as set out in Clause 5.5 (<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Prepositioning of funds</font>)), the Agent has received drafts of the documents listed as item 2a(v) and (vi), item 2(c) and item 2(e) of Schedule 2 Part II (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions Precedent to each Drawing</font>); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfafae42f0e494c5aacaf4752d2d0bb4b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on or before the relevant Drawdown Date (or the release of any prepositioned funds pursuant to Clause 5.5 (<font style="font-size: 10pt; font-family: 'Times
                      New Roman', Times, serif; font-style: italic;">Prepositioning of funds</font>)), the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Conditions Precedent to each Drawing</font>) in form and substance satisfactory to the Agent, (acting reasonably)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <p class="Indent" style="margin-left:1.5in">where all references in Section 2 of that Part II to "the Vessel" or to any person or document relating to a Vessel shall be deemed to relate solely to the New Vessel specified in the relevant Drawdown
        Request or to any person or document relating to that New Vessel respectively. The Agent shall notify the Borrowers and the Lenders promptly upon being so satisfied.</p>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z039321199cca4e728e0c342b79ed983e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clauses
                    4.1.1 and 4.1.2, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable to the Lenders for any damages, costs or losses whatsoever as a result of giving any such notification.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z905ce2becfcb4447ac95336860de6227">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further conditions precedent</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49c998e6165c4599a3e6c9c4a624e90b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Lenders will only be obliged to advance a Drawing (including any prepositioning of funds pursuant to Clause 5.5 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Prepositioning of funds</font>)) if on the date of the relevant Drawdown Request and on the proposed Drawdown Date:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za915eaaba1bf484493a909f56a4cdc0c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Default is continuing or would result from the advance of that Drawing; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 31</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a44bcebe3964a5182930a0a163e8a17">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the representations made by each Borrower and each Guarantor under Clause 19 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Representations</font>) are true.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6dfdec433cac46258ef0dec23923e09f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Lenders will only be obliged to advance a Drawing if that Drawing will not increase the Loan to a sum in excess of the Maximum Loan Amount.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b0c021267cf459e84641cb1688467ac">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions subsequent </font>Subject to any time period
                    specifically set out in relation to a condition subsequent listed in Part III of Schedule 2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions Subsequent</font>), the Borrowers
                    undertake to deliver or to cause to be delivered to the Agent as soon as practicable after the relevant Drawdown Date the additional documents and other evidence listed in Part III of Schedule 2 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions Subsequent</font>), where the references in that Part III to "the Vessel" or to any person or document relating to a Vessel shall be deemed to relate solely
                    to the Vessel specified in the relevant Drawdown Request or to any person or document relating to that Vessel respectively.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24ff768b3fb6432a9817e7c35c0a5e27">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No waiver </font>If the Lenders in their sole discretion
                    agree to advance a Drawing to the Borrowers before all of the documents and evidence required by Clause 4.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Initial conditions precedent</font>)
                    have been delivered to or to the order of the Agent, the Borrowers undertake to deliver all outstanding documents and evidence to or to the order of the Agent as soon as practicable after the relevant Drawdown Date or such other date
                    specified by the Agent (acting on the instructions of all the Lenders).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The advance of a Drawing under this Clause 4.4 shall not be taken as a waiver of the Lenders' right
        to require production of all the documents and evidence required by Clause 4.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Initial conditions precedent</font>).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7abeff8390ec4e72bff4e7687a5aa294">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Re-flagging conditions precedent </font>The Borrowers
                    undertake to deliver or to cause to be delivered to the Agent on or before the re-flagging of a Vessel under an Approved Flag the documents and evidence listed in Part IV of Schedule 2 (<font style="font-size: 10pt; font-family: 'Times
                      New Roman', Times, serif; font-style: italic;">Conditions Precedent to Re-flagging under an Approved Flag</font>) in form and substance satisfactory to the Agent. The Agent shall notify the Borrowers and the Lenders promptly upon
                    being so satisfied.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z72a763c38d5046e09fc7042b9e0344b1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form and content </font>All documents and evidence delivered
                    to the Agent under this Clause shall:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd7956b918bf4c878846bb28f1865883">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be in form and substance acceptable to the Agent (acting reasonably); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z607e594e61b84d65a057b86b241a290d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 32</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze2ce9bc763be4a7f94a87f45a257ffe9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Utilisation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd493a1aabfb44e3baa40d22e06db1cbd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Advance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zced91092d9a54aefa0b08961a20964ba">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delivery of a Drawdown Request </font>The Borrowers may
                    request a Drawing to be advanced by delivery to the Agent of a duly completed Drawdown Request not more than ten and not fewer than three Business Days before the proposed Drawdown Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7774b3b7633f4a4f805584ef7670f5a4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Completion of a Drawdown Request </font>A Drawdown Request is
                    irrevocable and will not be regarded as having been duly completed unless:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3af06bb019ed4c8390e843cb7fe9cc23">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">it is signed by an authorised signatory of each Borrower; 5.2.2 it specifies the Vessel being financed by the relevant Drawing;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19973d849dbf43e4b4519cf51cff97ee">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the proposed Drawdown Date is a Business Day within the Availability Period; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd27192c9bce4417397772ad776e6dc8f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the proposed Interest Period complies with Clause 9 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest
                      Periods</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c2ce0d62d1a415cb7b0fc2101dc4447">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lenders' participation</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac44e093cccd444f8b288d2905aa8e71">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clauses 2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Loan</font>), 3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Purpose</font>) and 4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions of
                      Utilisation</font>), each Lender shall make its participation in any Drawing available by the relevant Drawdown Date through its Facility Office.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z937db5646a624a76854528dab229ce9f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The amount of each Lender's participation in any Drawing will be equal to the proportion borne by its Commitment to the Total Commitments.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za16594901aaf4ab586655a9ad41000ab">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cancellation of Undrawn Commitments</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the New Tranche (or a part thereof) is not fully utilised by the end of the Availability Period
        for the New Tranche (or the relevant part thereof), the relevant Commitments will be cancelled at the end of the Availability Period for the New Tranche (or the relevant part thereof) to the extent that they are unutilised at that time, unless
        otherwise agreed between the Borrowers and the Agent.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4d1bb4fd9a4489ab04325e0ad6e9165">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Prepositioning of funds </font>If requested by a Borrower in
                    the Drawdown Request for a New Vessel, the Agent (on account of the Lenders) shall, three (3) Business Days before the Delivery Date, preposition the relevant Drawing under the New Tranche by making payment of such amounts requested in
                    the relevant Drawdown Request:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd7bd7ad1d3d4c6a8fa2165b8e3bd21c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to such account in such bank (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Prepositioning Bank</font>")



                    as the relevant Borrower may have agreed with the Agent in advance of the Delivery Date and as specified in the Drawdown Request; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac2178f221914a47ad884f7df8f61016">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on terms that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea70cc576d1b4fbcae0f09c6fce16a4b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Prepositioning Bank is acceptable to the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze2e8412b073b4e4591c5ec2f919cc702">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such amounts shall be held to the order of the Agent until it is released to the Prepositioning Bank according to a separate SWIFT instruction agreed between
                    the Agent and the relevant Borrower</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 33</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(for the avoidance of doubt the Agent shall in its sole discretion decide if it finds the wording of
        the SWIFT instruction acceptable);</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd0f6cf97245a49529b28b88b4f6a3c43">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such prepositioning shall constitute the making of the Drawing and the relevant Borrower shall at that time become indebted, as principal and direct obligor,
                    to the Lenders in an amount equal to the prepositioned funds; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5a1821f3769643129dadcc59a4a5e980">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date on which the Drawing is prepositioned shall constitute the Drawdown Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 34</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65d09aae3aa24bd6b5367c066b2b37c7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repayment, Prepayment and Cancellation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4fa501b7af64efbbc0ac06dfe622d67">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repayment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z509fedf31e1f424984c7a449c5f61721">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repayment of Loan</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc2c6eb00c3f48058044987347fe2b09">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A agrees to repay the Existing Tranche A and the Existing Tranche B;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4533bed6b5604e9aa3363cbff00dfbad">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B agrees to repay the Existing Tranche C and the New Tranche, for the account of the Lenders in the amounts set out in Schedule 9.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-right: 18pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">After each Drawing in respect of the New Tranche, Schedule 9 shall be adjusted
        by the Agent to reflect that:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z894ad352406c436a8f7ea8bf4fc83522">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Drawing under the New Tranche shall be repaid in 28 quarterly instalments of USD 322,793 each and a balloon payment of the remaining outstanding amount
                    of such Drawing which shall be paid together with the last of the 28 instalments; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9b11ac60b14d4127b1e8d664f286c4cb">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the first instalment in respect of a Drawing under the New Tranche shall fall due on the first Payment Date which falls at least three calendar months after
                    the Drawdown Date of that Drawing and subsequent instalments falling due at consecutive Payment Dates thereafter and the final instalment and the balloon instalment in respect of that Drawing (as set out in Schedule 9) falling due on
                    the Termination Date of the New Tranche.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdf544c2761214951948f62958d3c4826">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwhitstanding Clause 6.1.2 above, each Tranche shall be repaid in full no later than on the Termination Date applicable to the relevant Tranche.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zee8d7647b4de4576807d2b3e1472fd61">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reduction of Repayment Instalments </font>If the aggregate
                    amount advanced to Borrower B is less than the Commitment in respect of the New Tranche, the amount of each Repayment Instalment in respect of the New Tranche (including the balloon instalment) shall be reduced pro rata to the amount
                    actually advanced.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c8d630f68ed4ab2a7c489f21292dc70">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reborrowing </font>The Borrowers may not reborrow any part of
                    the Loan which is repaid or prepaid or cancelled.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a6b42a018f94b00a79d9f6609f9e7cc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Illegality, Prepayment and Cancellation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fdcbdf71c4b4a4ba083bc2da99dffd1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Illegality </font>If it becomes unlawful in any jurisdiction
                    (including, without limitation, under applicable Sanctions Laws) for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in the Loan:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z93dd2cf26d244ab59b39273062d35800">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that Lender shall promptly notify the Agent upon becoming aware of that event;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z01fee1dda605405a92c311d6679276b9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">upon the Agent notifying the Borrowers, the Commitment of that Lender will be immediately cancelled; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z11664d10d7b5405a8c9fb50620a57431">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrowers shall repay that Lender's participation within ninety (90) days of demand.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 35</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbeddb8e5b813408e81923a903b254ae2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voluntary cancellation </font>Each Borrower may, if they give
                    the Agent not less than 10 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of USD 1,000,000 of the undrawn amount of the relevant Tranche). Any
                    cancellation under this Clause 7.2 shall reduce the Commitments of the Lenders rateably.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ae1636e053d4f4d8bb999b1837c0e53">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voluntary prepayment of Loan </font>The Borrowers may prepay
                    the whole or any part of the Loan but, if in part, being an amount that reduces the Loan by a minimum amount of USD 1,000,000 subject as follows:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ab50dfec1df439c9e2d7011e40bd1ee">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrowers give the Agent not less than 10 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z469e475b02564b17a6dd416a075d7b83">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the prepayment under this Clause 7.3 shall be applied against such Tranche as the Borrowers select; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4e63fba32de4eb39ba54300f61ddeae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any prepayment under this Clause 7.3 shall satisfy the obligations under Clause 6.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Repayment of Loan</font>) pro-rata across maturities for the Tranche or Tranches against which such prepayment is applied in accordance with Clause 7.3.2 above.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f7c2b3036f8492fbf4b8ce802cd07b2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[DELIBERATELY NOT USED]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb68a299e5960482683b5a04b2a552ac8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Right of cancellation and prepayment in relation to a single Lender<br>
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div> </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
        <p class="Level1" style="text-indent:0in"><font style="font-weight:normal">7.5.1 If:</font></p>
        <p class="Level3">(a)<font style="mso-tab-count:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any sum payable to any Lender by the Borrowers is required to be increased under Clause 12.2.2 (<i style="mso-bidi-font-style:normal">Tax gross-up</i>);</p>
        <p class="Level3">(b)<font style="mso-tab-count:1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Lender claims indemnification from the Borrowers under Clause 12.3 (<i style="mso-bidi-font-style:normal">Tax indemnity</i>) or Clause 13.1 (<i style="mso-bidi-font-style:normal">Increased costs</i>);</p>
        <p class="Indent">the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and their intention to procure the
          repayment of that Lender's participation in the Loan.</p>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z032f14d35223433b8e8c9b2f2f83070b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On receipt of a notice referred to in Clause 7.5.1 in relation to a Lender, the Commitment(s) of that Lender shall immediately be reduced to zero.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ddaf040bc9244d789503c6de0983b4c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.5.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the last day of the Interest Period which ends after the Borrowers have given notice under Clause 7.5.1 in relation to a Lender (or, if earlier, the date
                    specified by the Borrowers in that notice), the Borrowers shall repay that Lender's participation in the Loan together with all interest and other amounts accrued under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z208d1a37341a47ae8b381b254796d48a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mandatory prepayment on sale or Total Loss</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc1acc96bdd9847779ade43ae4d9cffc8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Vessel is sold by an Owner, the Borrowers shall, simultaneously with any such sale, prepay the Loan with an amount equal to the Appropriate Amount for
                    such Vessel immediately prior to completion of such sale. Any such prepayment shall be applied first against the Tranche made available to finance that Vessel (and reduce the instalments of such</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 36</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tranche (including any balloon payment) on a pro rata basis) and secondly in prepayment of such
        other Tranche and reduce the instalments of such other Tranche (including any balloon payment) on a pro rata basis) as determined by the Borrowers. Any balance shall, unless a Default has occurred and is continuing, be at the free disposal of the
        Borrowers. If a Default or an Event of Default has occurred, all proceeds from a sale of a Vessel shall be applied towards prepayment of the Loan.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc949c1d28f2c403596c54c86937151d2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Vessel becomes a Total Loss, the Borrowers shall on the earlier of (i) 30 days after the date of the Total Loss if the Agent believes, acting reasonably,
                    that the relevant insurer has rightfully refused to meet or rightfully disputes the claim in respect of a Total Loss; (ii) the date falling 180 days after any such Total Loss (which the Agent may extend by a further 180 days if it is
                    satisfied, acting reasonably, that the insurers have accepted liability) and (iii) the date on which the proceeds of any such Total Loss are realised, make a prepayment of the Loan to the extent necessary in an amount equal to the
                    Appropriate Amount for such Vessel immediately prior to such Total Loss. Any such prepayment shall be applied first against the Tranche made available to finance that Vessel (and reduce the instalments of such Tranche (including any
                    balloon payment) on a pro rata basis) and secondly in prepayment of such other Tranche and reduce the instalments of such Tranche (including any balloon payment) on a pro rata basis) as determined by the Borrowers. Any balance shall,
                    unless a Default has occurred and is continuing, be at the free disposal of the Borrowers. If a Default has occurred, all insurance proceeds from a Total Loss of a Vessel shall be applied towards prepayment of the Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89dc736be2614d529aa749f0ad351721">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers shall promptly notify the Agent in writing if a Vessel becomes a Total Loss.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ca15abd4a9c4366804ae051300b0ea0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.6.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers shall promptly notify the Agent in writing if they are notified that the relevant insurer refuses to meet or disputes a claim in respect of a
                    Total Loss.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcecfd38cd8cc4bfd80fb29400883191b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Right of cancellation in relation to a Defaulting Lender </font>If



                    any Lender becomes a Defaulting Lender, the Borrowers may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 10 Business Days' notice of cancellation of the Commitment of that Lender. On that notice
                    becoming effective, the Commitment of the Defaulting Lender shall immediately be reduced to zero. The Agent shall as soon as practicable after receipt of that notice notify all the Lenders.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0251b9834aca4562ba7cd474d916d60e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mandatory prepayment on Change of Control </font>If there is
                    a Change of Control or Borrower B is delisted from NASDAQ OMX Copenhagen A/S:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd568b6b292044224a0854d70ad2cf531">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.8.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the relevant Borrower shall promptly notify the Agent of such Change of <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Control
                      or delisting as soon as it becomes aware of it;</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z605ce55ddd8e4252bed0d081e3e659f5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.8.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">upon the Lenders becoming aware of such Change in Control or delisting and unless the Lenders agree otherwise in writing, the Commitments will immediately be
                    cancelled and each Borrower shall repay its relevant</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 37</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tranche (to the extent already advanced prior to the Change of Control) within 7 days of notice from
        the Agent.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zda8c6a37d5ec4933be9f868038a4cc02">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restrictions </font>Any notice of prepayment or cancellation
                    given under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant prepayment or cancellation is to be made and the amount of that
                    prepayment or cancellation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any prepayment under this Agreement shall be made together with accrued interest on the amount
        prepaid and, subject to any Interest Break Costs (in respect of which Clause 10.4 applies) and any Break Funding Costs (in respect of which Clause 7.10 applies) without premium or penalty.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers shall not repay, prepay or cancel all or any part of the Loan except at the times and
        in the manner expressly provided for in this Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to
        the Borrowers or the affected Lender, as appropriate.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zda54749debdf4c8e8f579b433218bdbd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Break Funding Costs</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89c901a290af475f870f901c4db9f6cc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.10.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers shall, within three Business Days of demand by DSF, pay to DSF its Break Funding Costs attributable to any prepayment of the Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z56dc148fc90e43d8a78af477aaa32fab">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.10.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Break Funding Costs shall be determined by DSF and shall be binding on the Borrowers save for manifest errors. If the Break Funding Costs are less than
                    zero, the Break Funding Costs shall be deemed to be zero.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4bc8459c581942c2b3ea01cf271e2149">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.10.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the avoidance of doubt, any Break Funding Costs shall be in addition to and not in substitution of any Interest Break Costs.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb765498f6ce348a383afef7e0fbef130">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel Substitution</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6cbbabcfd8be4eb193606aa41bb73bc4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In circumstance contemplated by Clause 7.6, and provided no Default is then in existence, the Borrowers may elect to propose a substitute vessel by the
                    procedure set out in this Clause 7.11.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c293db8b1954d769ab390d848a7b60b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Instead of making the prepayment in the amount and at the time specified in Clause 7.6, the Borrowers shall place an equivalent amount in the Reserve Account
                    on or before the date the prepayment would otherwise have fallen due (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deposit</font>").</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7207f2b1ceb54568811f1153f3f375f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers may nominate a substitute vessel which shall be a product tanker (LR1, LR2, MR or handy size) of the same age or younger than the Vessel that
                    was sold or declared a Total Loss, and with at least an equivalent Market Value, no less than 10 Business Days prior to the proposed date of substitution.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaf53ce0017e5478cb34c544defdbbe35">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent, on the instruction of the Majority Lenders acting reasonably, shall give notice to the Borrowers as soon as practicable as to whether or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 38</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not the nominated substitute vessel is acceptable and fulfils the requirements set out in Clause
        7.11.3.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90ca75171324478daaaffe0d56fc94fb">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If such nomination is accepted, then the relevant owner shall enter into a guarantee on the same terms as the Guarantee, and other Security Documents relating
                    to the substitute vessel in the same form as the equivalent documents relating to the Vessel which was sold or became a Total loss.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z835f527eb4f843df92c1850e2948bbeb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent will specify other conditions precedent to the substitution (to include but not be limited to corporate authorities, legal opinions, evidence of
                    class, evidence of adequate insurance coverage and payment of a fee of USD 25,000, and a pledge over the shares in the relevant owner in favour of the Security Agent and to be broadly similar to the conditions precedent relating to
                    other drawdowns), and on satisfaction of such conditions the Deposit shall be released.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z975da96906e3468893229752fcc44878">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Borrowers elect not to propose a substitute vessel, they may at any time use the Deposit as a prepayment hereunder, to be applied in accordance with
                    Clause 7.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mandatory prepayment on sale or Total Loss</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf19ea812b30245b69a6fc61c1f17c539">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Break Gains for Interest Periods in excess of six months</font>
                    If:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23b83e38e0004b8eb7942612b7e1416b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.12.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent (acting on the instructions of the Lenders) has agreed to an Interest Period in respect of a Tranche being for a duration of more than six (6)
                    months in accordance with Clause 9.1.1 (Duration of Interest Periods); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc80249f6fec643a285bfda5d595d7d38">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.12.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Borrower prepays all or part of the relevant Tranche in accordance with this Clause 7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Illegality</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Prepayment and Cancellation</font>),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that Borrower shall be entitled to be credited with any Break Gains resulting from such prepayment.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 39</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb89b645a51f46e5bc491db4745ad1d7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs of Utilisation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2fe3371c24ed46489d1693405652caa7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea7eb57511a04a2faae31fc9cdd2b668">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Calculation of interest </font>The rate of interest on the
                    Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce83e2652c2645e1b8a5f821c342bc3c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the relevant Margin; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f15cfc03fb64cb291dfa6e4ff4dc727">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LIBOR.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45d5231b09494e92b1be035198a0d59e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payment of interest</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b0fe7a5c53c46f7abbbb9417c74341c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A shall pay accrued interest on Existing Tranche A and Existing Tranche B; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za2cfee41581847a59095cb5980eb1de3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B shall pay accrued interest on Existing Tranche C and the New Tranche,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">quarterly in arrears on each Payment Date for the period since the relevant <font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif;">Drawing or the previous due date for the period of interest.</font></font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b4a23a113d44229a931c13b9c64c8cc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Default interest </font>If either Borrower fails to pay any
                    amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is two per cent higher than
                    the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted the Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent
                    (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by the Borrowers on demand by the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount
        at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf6b619adf86c43e3b5b019ae44c60328">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of rates of interest </font>The Agent shall
                    promptly notify the Borrowers of the determination of a rate of interest under this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb79f6f1d4a1c438ea3299fd79e4c6406">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest Periods</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5405748ea42b41d69bad48cdfded2b97">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Duration of Interest Periods</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc71c100da1ec4f2fbe9dc89f94bb7087">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Interest Period relating to the Existing Tranche A shall be three (3) calendar months or six (6) calendar months (at the option of Borrower A), each
                    Interest Period relating to the Existing Tranche B shall be three (3) calendar months and each Interest Period relating to the Existing Tranche C or the New Tranche (save the first) shall be three (3) or six (6) calendar months (at the
                    option of Borrower B) or in either case any other period agreed between the Borrowers and the Agent (acting on the instructions of the Lenders).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z459d54930b6b4baabb6ded7ee6719f01">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Interest Period shall end on a Payment Date and shall not extend beyond the Termination Date for the relevant Tranche.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 40</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd6b909039269415380eb14acb3c8079c">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The first Interest Period in respect of each Drawing shall start on the Drawdown Date of that Drawing and shall end on the following Payment Date; and each
                    subsequent Interest Period in respect of such Drawing shall start on the last day of the preceding Interest Period and end on the Payment Date which falls three (3) or six (6) calendar months (if it relates to Existing Tranche A), three
                    (3) calendar months (if it relates to Existing Tranche B) or three (3) or six (6) calendar months (if it relates to Existing Tranche C or the New Tranche) after the last day of the preceding Interest Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7798d72c2d0945b4ab82a72b6f10103d">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If Borrower B at any time fails to select an Interest Period for Existing Tranche C or the New Tranche in accordance with Clause 9.1.1 by the date falling
                    three (3) Business Days prior to the commencement of an Interest Period, then the interest rate applicable shall be based on an Interest Period of three (3) months.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a6f7c23c048467f967440bcecbc03fd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non-Business Days </font>If an Interest Period would
                    otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z16762320e98b4918a5e61fc46c4933e8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Changes to the Calculation of Interest</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z244ac3c97c6245d09a55cb6509bad197">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Absence of quotations </font>Subject to Clause 10.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Market disruption</font>), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by
                    11.00 am on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5eccc068ac8b48f7b8a83487e20848d8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Market disruption </font>If a Market Disruption Event occurs
                    for any Interest Period, then, subject to Clause 11.3, the rate of interest on each Lender's share of the Loan for that Interest Period shall be the percentage rate per annum which is the sum of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za97737b739cb4eb699c98a05bf92a439">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Margin; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f728934cff84a32b5cfc032483b2b05">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the rate notified to the Agent by that Lender as soon as practicable, to be that which expresses as a percentage rate per annum the cost to that Lender of
                    funding its participation in the Loan from whatever source it may reasonably select.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b183876d0cd4d05912f37bb036ac122">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Agreement "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Market Disruption Event</font>" means:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6093d339d35c470a82863ade42cb3380">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">at or about noon on the Quotation Day for the relevant Interest Period LIBOR is to be determined by reference to the Reference Banks and no Reference Banks
                    supplies a rate to the Agent to determine LIBOR for dollars and the relevant Interest Period; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf81c1ce919f4013a75a7cc0dc60239f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders that the
                    cost to it of funding its participation in the Loan from whatever source it may reasonably select would be in excess of LIBOR.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 41</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3438d975ce694289bd79395dccde10de">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Alternative basis of interest or funding</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5dadb17fc7fb4aadb139a95091be2f39">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Market Disruption Event occurs and the Agent or the Borrowers so require, the Agent and the Borrowers shall enter into negotiations (for a period of not
                    more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze5762ba2bf4144dea9aae36caaf285d8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any alternative basis agreed pursuant to Clause 10.3.1 shall, with the prior consent of all the Lenders and the Borrowers, be binding on all Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79bb454a164d46328e4d42ac02cef0ef">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest Break Costs </font>The Borrowers shall, within three
                    Business Days of demand by a Finance Party, pay to that Finance Party its Interest Break Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrowers on a day other than the last day of an Interest Period
                    for the Loan or Unpaid Sum.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Lender shall, as soon as reasonably practicable after a demand by the Agent, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">provide a certificate confirming the amount of its Interest Break Costs for any Interest Period in which they accrue.</font></font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9044e2226ef44adba6eed7d52ce8129e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fees</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3b7d810e7607441c8747de273200d8c5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment fee</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf345bec88d34790a792141e58843fc8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B shall pay to the Agent (for the account of the Lenders in proportion to their Commitments) a fee computed at the rate of 35 per cent of the rate
                    specified in the definition of "Margin" on the undrawn amount of the New Tranche from 25 July 2017.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb53fae3e482541d99c64f9c4fcfdd101">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the accrued commitment fee is payable on the last day of each successive period of three months which ends during the Availability Period, on the last day of
                    the Availability Period, on each Drawdown Date, on each Payment Date and (on the cancelled amount of the relevant Lender's Commitment) at the time the cancellation is effective.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 42</font></div>
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    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Payment Obligations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax Gross Up and Indemnities</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z73eb4e0a33414a8eb9719e6c34c32049">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions </font>In this Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Protected



          Party</font>" means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or
        receivable) under a Finance Document.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax
          Credit</font>" means a credit against, relief or remission for, or repayment of any Tax.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax
          Deduction</font>" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax
          Payment</font>" means either the increase in a payment made by a Security Party to a Finance Party under Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax gross-up</font>) or a
        payment under Clause 12.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax indemnity</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless a contrary indication appears, in this Clause 12 a reference to "determines" or "determined"
        means a determination made in the discretion of the person making the determination (acting reasonably).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e26c64deca349f1945ed14bdb616206">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax gross-up </font>Each Borrower shall (and shall procure
                    that each other Security Party shall) make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law, subject as follows:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc4977117620c4cf8a15f9fb0f88769c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Borrower shall promptly upon becoming aware that it or any other Security Party must make a Tax Deduction (or that there is any change in the rate or the
                    basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall
                    notify the Borrower and any such other Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb743d08452344b8aa85e581c1914638f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if a Tax Deduction is required by law to be made by the Borrower or any other Security Party, the amount of the payment due from the Borrower or that other
                    Security Party shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z73916b16ddb94989b290ffbf4e855235">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if a Borrower or any other Security Party is required to make a Tax Deduction, that Borrower shall (and shall procure that such other Security Party shall)
                    make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdc1c9e1b992e4811a5e6369464ad9b52">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower making that Tax Deduction shall
                    (and shall procure that such other Security Party shall) deliver to the Agent for the Finance Party entitled to the payment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 43</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-right: 18pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">evidence reasonably satisfactory to that Finance Party that the Tax Deduction has
        been made or (as applicable) any appropriate payment paid to the relevant taxing authority;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9007f9fae08f44d9b969718999ffbf7c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax indemnity</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za91909046cc9409ba6d57ebfc9b66434">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that
                    Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab4a8451cbf14eed80687e07556fc4b2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 12.3.1 shall not apply:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90e1d0a6a1dd481a90620fdf23ab8764">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with respect to any Tax assessed on a Finance Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfec783f88d0545198ffab67c68267686">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance
                    Party is treated as resident for tax purposes; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ecf6b576ccd47f9b6fd6982ff4a5e34">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-right: 25.2pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if that Tax is imposed on or calculated by reference to the net income received
        or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88c3608603ca4a75be6478e1943c403c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the extent a loss, liability or cost:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf044ee3881a436386b4144a27734487">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is compensated for by an increased payment under Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax



                      gross-up</font>),; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5cc515bb2c3748569521a810ef6aaaf2">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">relates to a FATCA Deduction required to be made by a Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35eadac8a7db4e3590415a47b190165d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Protected Party making, or intending to make a claim under Clause 12.3.1 shall promptly notify the Agent of the event which will give, or has given, rise to
                    the claim, following which the Agent shall notify the Borrowers.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9109eba9cbca40a6861b51e60059489d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.3.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Protected Party shall, on receiving a payment from a Borrower under this Clause 12.3, notify the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6da3c6e480974906acb8df6f0c48edc5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax Credit </font>If a Borrower or any other Security Party
                    makes a Tax Payment and the relevant Finance Party determines that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcdbaab67a57840a3b81f03cf14db6721">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which
                    that Tax Payment was required; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9ac4a0b300e54856acca3dfe640e34e6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that Finance Party has obtained and utilised that Tax Credit,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 44</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;">
      <div style="text-align: left; margin-right: 1.2pt; margin-left: 54pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">that Finance Party shall pay an amount to that Borrower or to that other
        Security Party which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been made by that Borrower or that other Security Party.</div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z21a892d6016f45e0b75b137250cf6aa5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Stamp taxes </font>The Borrowers shall pay and, within three
                    Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f6a328b1ffc4be293a703e797e7fe4e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VAT</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ce09e846ef842a09b8722d3ef6a41e2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All amounts expressed to be payable under a Finance Document by any Party or any Security Party to a Finance Party which (in whole or in part) constitute the
                    consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to Clause 12.6.2, if VAT is or becomes chargeable on any supply made by any Finance Party
                    to any Party or any Security Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party or Security Party must pay to such Finance Party (in addition to and at the
                    same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to the Borrowers).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z13a5ae9ded6d4ee584eadc79f5d8e578">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If VAT is or becomes chargeable on any supply made by any Finance Party (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-weight: bold;">Supplier</font>") to any other Finance Party (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recipient</font>") under a Finance Document, and any Party other
                    than the Recipient (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant Party</font>") is required by the terms of any Finance Document to pay an amount equal to the
                    consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z701d475c2aae4265835571815d354162">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same
                    time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this Clause 12.6.2(a) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient
                    receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55eeb8a46a82408bb4b4332b666791ad">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the
                    Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in
                    respect of that VAT.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 45</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zabd678bbd85541438a1a707549debe2f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the
                    case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in
                    respect of such VAT from the relevant tax authority.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb2292f6edbf4c32b663f8dba5f557aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.6.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any reference in this Clause 12.6 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where
                    appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time (the term "representative member" to have the same meaning as in the English Value Added Tax Act 1994).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c262a4d4a13497aa952c72882d8b606">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.6.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must
                    promptly provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf2a94a3436b54f6aa30f32f775ec6a15">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA information</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e6307ca1b7c41ddb3edccca26b5fd82">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 12.7.3, each Party shall, within ten Business Days of a reasonable request by another Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce11d2b6a6ed4ebe8c476f99d73caa27">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">confirm to that other Party whether it is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z51c9ffe4521f42adb4aef9a969aa86a8">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a FATCA Exempt Party; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1b5799bdbf446e183c07ec4baac1c9f">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not a FATCA Exempt Party; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z123b8a52d4314aabb4d8e2b5c4e9ca7e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">supply to that other Party such forms, documentation and other information relating to its status under FATCA (including its applicable "passthru payment
                    percentage" or other information required under the US Treasury Regulations or other official guidance including intergovernmental agreements) as that other Party reasonably requests for the purposes of that other Party's compliance
                    with FATCA.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze167b24add8b4db98c20356df4d960c9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Party confirms to another Party pursuant to Clause 13.8.1(a)(i) that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has
                    ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z619b1bf4132248d7bdc0f9039a188f82">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.7.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 12.7.1 shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a breach of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf7fc08e97e348b7bd5f8e18d3da11eb">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any law or regulation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z76d8aa23d9b3481f855d4679fa2578e6">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any fiduciary duty; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 46</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf122223e1b54557beb12bc89b5d3edf">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any duty of confidentiality.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac1154bd17c04483813a823fada79e75">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.7.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with Clause 12.7.1 (including, for the
                    avoidance of doubt, where Clause 12.7.3 applies), then:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1828571f40e547fea04ab737b0d92fea">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party shall be treated for the purposes of the Finance Documents
                    as if it is not a FATCA Exempt Party; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb1d6cf442b294c27887c4596bcc1044c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if that Party failed to confirm its applicable "passthru payment percentage" then such Party shall be treated for the purposes of the Finance Documents (and
                    payments made thereunder) as if its applicable "passthru payment percentage" is 100%,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">until (in each case) such time as the Party in question provides the requested confirmation, forms,
        documentation or other information.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8821bdeb47704f7ca58a35eba2e616a0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.7.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Borrower is a US Tax Obligor, or where the Agent reasonably believes that its obligations under FATCA require it, each Lender shall, within ten Business
                    Days of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z145432d42cde42d899450dde9c444021">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where a Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za43ed3d87f6446f5af872341952363aa">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where a Borrower is a US Tax Obligor and the relevant Lender is a New Lender, the relevant Transfer Date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbfe7fb97902456ca828c18dcb9dcf3c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where a Borrower is not a US Tax Obligor, the date of a request from the Agent,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">supply to the Agent:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf414c51f02aa4d09a8f8d13876adcb18">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a withholding certificate on Form W-8 or Form W-9 (or any successor form) (as applicable); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6aa066595ce543da97e835e6bf5f0c4f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any withholding statement and other documentation, authorisations and waivers as the Agent may require to certify or establish the status of such Lender under
                    FATCA.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall provide any withholding certificate, withholding statement, documentation,
        authorisations and waivers it receives from a Lender pursuant to this Clause 12.7.5 to the Borrowers and shall be entitled to rely on any such withholding certificate, withholding statement, documentation, authorisations and waivers provided
        without further verification. The Agent shall not be liable for any action taken by it under or in connection with this Clause 12.7.5.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za513378ff55d43519b2be67298b0879a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.7.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations and waivers provided to the Agent pursuant to
                    Clause 12.7.5 is or becomes materially inaccurate or incomplete, it shall promptly update such withholding certificate,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 47</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: left; margin-right: 3.6pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">withholding statement, documentation, authorisations and waivers or promptly
        notify the Agent in writing of its legal inability to do so. The Agent shall provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrowers. The Agent shall not be liable for any
        action taken by it under or in connection with this Clause 12.7.6.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zafe81ba53995432b92ae25db3c4547e4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA Deduction</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9687cc6bbef3443caae09f7bf6ce6856">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.8.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Party may make any FATCA Deduction it is required by FATCA to make, and any payment required in connection with that FATCA Deduction, and no
                    Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zed3feb927644452189d5e83d010555db">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.8.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall promptly upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA
                    Deduction) notify the Party to whom it is making the payment and, in addition, shall notify the Borrowers, the Agent and the other Finance Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3404cc65744b4a5ea03bb49112fe185e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increased Costs</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b46549949f244b0a96b3cf8f8941946">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increased costs </font>Subject to Clause 13.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exceptions</font>) the Borrowers shall, within three Business Days of a demand by the Agent, pay to the Agent for the account of a Finance
                    Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation
                    or (ii) compliance with any law or regulation or any request from or requirement of any central bank or other fiscal, monetary or other authority made after the date of this Agreement (including Basel III (as defined in Clause 13.3) and
                    any other which relates to capital adequacy or liquidity controls or which affects the manner in which that Finance Party allocates capital resources to obligations under this Agreement) or (iii) any change in the risk weight allocated
                    by that Finance Party to the Borrowers after the date of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Agreement "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">Increased Costs</font>" means:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f84da9c8cdd457b8db7307808afedee">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a reduction in the rate of return from the Loan or on a Finance Party's (or its Affiliate's) overall capital;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdcf0d8c3077f4f94bac8640269a34576">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an additional or increased cost; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z21e397e50aae4a42833064993347c51a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a reduction of any amount due and payable under any Finance Document,</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is
        attributable to that Finance Party having entered into any Finance Document or funding or performing its obligations under any Finance Document.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 48</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1da4a9c7e8e4a329147642107da1edf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increased cost claims</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea2898deae8044d6aff35847c156a13c">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Finance Party intending to make a claim pursuant to Clause 13.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Increased costs</font>) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrowers.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za4b62aeacb67411dac3c8b62b097697d">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b0aff641a0841f39fb48c335f22191e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exceptions </font>Clause 13.1 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Increased costs</font>) does not apply to the extent any Increased Cost is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7128940780d946288efea267db2bf9ce">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attributable to a FATCA Deduction required to be made by a Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8d14c631e34b48119e15d12f9065f6c3">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">compensated for by Clause 12.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax indemnity</font>) (or
                    would have been compensated for under Clause 12.3 but was not so compensated solely because any of the exclusions in Clause 12.3 applied);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0812012a08d94d66b27390c18b96e7d1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5ca3a77165a46b3a522b3a5bd6a779f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.3.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attributable to the implementation or application of or compliance with the "International Convergence of Capital Measurement and Capital Standards, a Revised
                    Framework" published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) ("<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-weight: bold;">Basel II</font>") or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or
                    any of its Affiliates).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Clause 13.3, a reference to a "<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-weight: bold;">Tax Deduction</font>" has the same meaning given to the term in Clause 12.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Definitions</font>) and "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basel III</font>" means (i) the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A global regulatory
        framework for more resilient banks and banking systems", "Basel III: International framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities operating the countercyclical capital buffer" published by
        the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated, (ii) the rules for global systemically important banks contained in "Global systemically important banks: assessment methodology and the
        additional loss absorbency requirement &#8211; Rules text" published by the Basel Committee on Banking Supervision in November 2011 and (iii) any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel
        III".</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Indemnities</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za8f95694d0ea4a2da938d64d2496278f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency indemnity </font>If any sum due from a Borrower or a
                    Guarantor under the Finance Documents (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sum</font>"), or any order, judgment or award given or made in relation to a Sum, has to be
                    converted from the currency (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">First Currency</font>") in which that Sum is payable into another currency (the "<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Second Currency</font>") for the purpose of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 49</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3e03b70c92a420aba4bc2c574d6fd17">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">making or filing a claim or proof against that Borrower or that Guarantor (as the case may be), or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za380b25359574801ad99ae4c55c0cfcd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that Borrower or that Guarantor (as the case may be) shall as an independent obligation, within three
        Business Days of demand, indemnify each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (i) the rate of exchange used to convert that Sum
        from the First Currency into the Second Currency and (ii) the rate or rates of exchange available to that Finance Party at the time of its receipt of that Sum.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">That Borrower and that Guarantor waives any right it may have in any jurisdiction to pay any amount
        under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbae7bfc1f8b64c3091edea8d4ee8e420">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other indemnities</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z93675d7812ca48e8a8d05c2c2e9743d6">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a
                    result of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1eacab995384ec3afc838a1ea318d6b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any Event of Default;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58a42cee0c674cce872bf7a27990e12b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a failure by a Borrower to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a
                    result of Clause 28 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sharing among the Finance Parties</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e2a48d0cdee4ac0809acf00b2276695">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">funding, or making arrangements to fund, a Drawing following delivery by the Borrowers of a Drawdown Request but that Drawing not being advanced by reason of
                    the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by a Finance Party alone); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ed4fe5dec834d249c6a50ca1750a194">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrowers.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b568d6b585e4fdfaca9ea3390d73884">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers shall promptly indemnify each Finance Party and each officer or employee of a Finance Party (each such person for the purposes of this Clause
                    14.2 an "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnified Person</font>") against any cost, loss or liability incurred by that Indemnified Person pursuant to or in connection
                    with any litigation, arbitration or administrative <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions
                      contemplated by the Finance Documents, having the benefit of any Encumbrance constituted by the Finance Documents or which relates to the condition or operation of, or any incident occurring in relation to, a Vessel, unless such cost,
                      loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 50</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6743df92ab5849b499d233fc093d43b2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to any limitations set out in Clause 14.2.2, the indemnity in that Clause shall cover any cost, loss or liability incurred by each Indemnified Person
                    in any jurisdiction:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z05d4e1b61f584b3bb25ca3bab886d7a8">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions Laws; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55e7d17f53c04379a8a338bc87fe901f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in connection with any Environmental Claim.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90b9f37a8bd549b989133dc410aa643e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnity to the Agent </font>The Borrowers shall promptly
                    indemnify the Agent against:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f36ae80613e44b9ab0769b70a387fe8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41f924245eca491f86b8f6ff8dac724d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">investigating any event which it reasonably believes is a Default; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc760a0dbc8fc419a927b4c1100462ee1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z284dcce126164f9aa8f3bd8fb1382549">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze44b5e26d0a44f6688ce4f0be727b578">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise
                    than by reason of the Agent's gross negligence or wilful misconduct) in acting as Agent under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb66e3cc10c7d42319a7ec8ddfa209828">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnity to the Security Agent </font>The Borrowers and the
                    Guarantors shall promptly indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them as a result of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58214f76c6074b36b57d05ee0ecce6a5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any failure by the Borrowers to comply with their obligations under Clause 16 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Costs and Expenses</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1e334dd5e5d74ecf99a1c2646ce539b0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z21a761b083314c9fa2f83df8993dce59">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the taking, holding, protection or enforcement of the Security Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71ed7afea1234d2aa8b95270fa8d3c57">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.4.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance
                    Documents or by law;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5f4c21c5a86467bbef04ccf71b483b0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.4.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any default by any Security Party in the performance of any of the obligations expressed to be assumed by it in the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0233524f5138407a975fceefd0c97c15">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.4.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Charged Property</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 51</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(otherwise, in each case, than by reason of the relevant Security Agent's, Receiver's or Delegate's
        gross negligence or wilful misconduct).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z844d4d2893284bff8306cbc294445712">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnity survival </font>The indemnities contained in this
                    Agreement shall survive repayment of the Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b3fff348a9a4997a09ff08ab06e86af">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mitigation by the Lenders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zedd886aa7ee94dffad3d2d790815626c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mitigation </font>Each Finance Party shall, in consultation
                    with the Borrowers take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to any of Clause 7.1 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Illegality</font>), Clause 12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Gross Up and Indemnities</font>) or Clause 13 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increased Costs</font>) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate
                    or Facility Office. The above does not in any way limit the obligations of any Security Party under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd058ada51cae48fb8ed72be3085bbe19">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Limitation of liability </font>The Borrowers shall promptly
                    indemnify each Finance Party for all reasonable costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Mitigation</font>). A Finance Party is not obliged to take any steps under Clause 15.1 if, in its opinion (acting reasonably), to do so might be prejudicial to it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00cf0f65baad44d68b3478c2b4b11d23">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Costs and Expenses</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc0a98332bab845cdb34921a0c8d302a6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transaction expenses </font>The Borrowers shall promptly on
                    demand pay the Agent and the Security Agent the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection
                    with:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z645301250e724a27b3101971e2ab3987">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the negotiation, preparation, printing, execution, syndication and perfection of this Agreement and any other documents referred to in this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z17342b128cea460caac19e8e72c7ce45">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the negotiation, preparation, printing, execution and perfection of any other Finance Documents executed after the date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9ea1ccfd0fc4f728d5b16719a878521">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other document which may at any time be required by a Finance Party to give effect to any Finance Document or which a Finance Party is entitled to call
                    for or obtain under any Finance Document (including, without limitation, any valuation of a Vessel); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc3e7bf6c23c64fb4a852918aff311a46">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any discharge, release or reassignment of any of the Security Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00a0c60f595a4bec80aa37b0c846c8f2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendment costs </font>If (i) a Security Party requests an
                    amendment, waiver or consent or (ii) an amendment is required under Clause 29.11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change of currency</font>), the Borrowers shall, within
                    three Business Days of demand, reimburse each of the Agent and the Security Agent for the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by the Agent and the Security Agent (and, in the case of
                    the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 52</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z442ce5a050c2407e906c2caa1eeee130">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enforcement and preservation costs </font>The Borrowers
                    shall, within three Business Days of demand, pay to each Finance Party and each other Secured Party the amount of all reasonable costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement
                    of, or the preservation of any rights under, any Finance Document and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Security Documents or enforcing those rights including (without
                    limitation) any losses, costs and expenses which that Finance Party or other Secured Party may from time to time sustain, incur or become liable for by reason of that Finance Party or other Secured Party being mortgagee of a Vessel
                    and/or a lender to a Borrower, or by reason of that Finance Party or other Secured Party being deemed by any court or authority to be an operator or controller, or in any way concerned in the operation or control, of a Vessel.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z923a657c6b154911814be51d55105f3d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other costs </font>The Borrowers shall, within three Business
                    Days of demand, pay to each Finance Party and each other Secured Party the amount of all sums which that Finance Party or other Secured Party may pay or become actually or contingently liable for on account of a Borrower in connection
                    with a Vessel (whether alone or jointly or jointly and severally with any other person) including (without limitation) all sums which that Finance Party or other Secured Party may pay or guarantees which it may give in respect of the
                    Insurances, any expenses reasonably incurred by that Finance Party or other Secured Party in connection with the maintenance or repair of a Vessel or in discharging any lien, bond or other claim relating in any way to a Vessel, and any
                    sums which that Finance Party or other Secured Party may pay or guarantees which it may give to procure the release of a Vessel from arrest or detention.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 53</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z47791d91f0284a2397cac66872711e1e">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Section 7</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security and Application of Moneys</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d879a4c7e6d4b17ab56d4b36c075d3b">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Documents and Application of Moneys</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f31632337bd41f990ef47f6e738464b">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">17.1</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Documents </font>As security for
                      the payment of the Indebtedness, the Borrowers shall execute and deliver to the Security Agent or cause to be executed and delivered to the Security Agent the following documents in such forms and containing such terms and conditions
                      as the Security Agent shall require:</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b10e23f749342ff9c94bd6db150d1f8">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.1.1</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first preferred or first priority and second priority mortgages over the Vessels and, if applicable, collateral deeds of covenant;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z869f67ab090e4ae585b748e7297e94f2">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.1.2</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first priority deeds of assignment of the Insurances, Earnings, Charters and Requisition Compensation of the Vessels from the relevant Owner and the
                      Bareboat Charterer; and the first priority assignments of Insurances (if any) from the Managers contained in the Managers' Undertakings;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a57667f930449568f2c3f582c9045b9">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.1.3</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a joint and several guarantee and indemnity from each Guarantor;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zadac0111e34748909a331684f892db1b">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.1.4</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a first priority account security agreement in respect of all amounts from time to time standing to the credit the Reserve Account;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd2c40fcec8d24cc38c6fcb1e3b4b7469">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.1.5</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first priority and second priority charges of all the issued shares of each Owner and the general partner of Owner C, VesselCo E ApS;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zadee61f082a24bd7a54e0e3a034ed6c6">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.1.6</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Managers' Undertakings; and</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7639eea303134bbfa01c1cd175c917ac">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.1.7</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a first priority assignment and subordination of any Inter-company Indebtedness;</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f503f857e3b4a968121ab4612f90fd9">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">17.2</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Application after acceleration </font>From
                      and after the giving of notice to the Borrowers by the Agent under Clause 23.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Acceleration</font>), the Borrowers shall procure that
                      all sums from time to time standing to the credit of the Reserve Account are immediately transferred to the Security Agent or any Receiver or Delegate for application in accordance with Clause 17.3 (<font style="font-size: 10pt;
                        font-family: 'Times New Roman', Times, serif; font-style: italic;">Application of moneys by Security Agent</font>) and the Borrowers irrevocably authorise the Security Agent to instruct the Agent (as account holder) to make those
                      transfers.</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb813133709847f082e36bcae07d8841">

              <tr>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">17.3</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Application of moneys by Security Agent </font>The

                      Borrowers and the Finance Parties irrevocably authorise the Security Agent or any Receiver or Delegate to apply all moneys which it receives and is entitled to receive:</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc1d39061e4504c6b895679b0a2cc230f">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.1</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pursuant to a sale or other disposition of a Vessel or any right, title or interest in a Vessel; or</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41aa30ed83e849599756efde2209e91b">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.2</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by way of payment of any sum in respect of the Insurances, Earnings or Requisition Compensation; or</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z087c3c88483242c7a0b3456a55937e64">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.3</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by way of transfer of any sum from the Reserve Account; or</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z542c3619328a493ab80269641c21da90">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.4</font></td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">otherwise under or in connection with any Security Document,</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in or towards satisfaction of the Indebtedness in the following order:</font></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"> </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 54</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9213696da4e471383f891e4ddb24e8b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first, any unpaid fees, costs, expenses and default interest due to the Agent and the Security Agent (and, in the case of the Security Agent, to any Receiver
                    or Delegate) under all or any of the Finance Documents, such application to be apportioned between the Agent and the Security Agent pro rata to the aggregate amount of such items due to each of them;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc180890cd944414da7a8f8b9dde6a9b7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">second, any unpaid fees, costs, expenses (including any sums paid by the Lenders under Clause 26.10 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Indemnity</font>)) of the Lenders due under this Agreement, such application to be apportioned between the Lenders pro rata to the aggregate amount of such items due to each of them;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3b89d97321a34d8d97020a48dc7ac746">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">third, any accrued but unpaid default interest due to the Lenders under this Agreement, such application to be apportioned between the Lenders pro rata to the
                    aggregate amount of such default interest due to each of them;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6479bffb9ba34a5a87946020f493ca04">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">fourth, any other accrued but unpaid interest due to the Lenders under this Agreement, such application to be apportioned between the Lenders pro rata to the
                    aggregate amount of such interest due to each of them;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab64a93af0d04b7ba5e52e749874df5e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">fifth, any principal of the Loan due and payable but unpaid under this Agreement, such application to be apportioned between the Lenders pro rata to the
                    aggregate amount of such principal due to each of them; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb8fe7c691e8842eba620bbc5e56652cc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sixth, any other sum due and payable to any Finance Party but unpaid under all or any of the Finance Documents, such application to be apportioned between the
                    Finance Parties pro rata to the aggregate amount of any such sum due to each of them; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcebaf260787f459bad665325e89a3d64">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Seventh, the balance if any, in payment to the Borrowers,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Provided



          that </font>the balance (if any) of the moneys received shall be paid to the Security Parties from whom or from whose assets those sums were received or recovered or to any other person entitled to them.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d40f52a06de48a59837b35d2d8cd6b9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Retention on account </font>Moneys to be applied by the
                    Security Agent or any Receiver or Delegate under Clause 17.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Application of moneys by Security Agent</font>) shall be applied as soon as
                    practicable after the relevant moneys are received by it, or otherwise become available to it, save that (without prejudice to any other provisions contained in any of the Security Documents) the Security Agent or any Receiver or
                    Delegate may retain any such moneys by crediting them to a suspense account for so long and in such manner as the Security Agent or such Receiver or Delegate may from time to time determine with a view to preserving the rights of the
                    Finance Parties or any of them to prove for the whole of the Indebtedness (or any relevant part) against the Borrowers or any other person liable.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5e489ea9f154e5593a37fdcd5f343b8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional security </font>If at any time the aggregate of
                    the Market Value of the Existing Vessels and the New Vessels (which shall be calculated on a semi-annual basis on or around 30 June and 31 December each year by two valuations from Approved Shipbrokers appointed by the Borrower) and the
                    value of any additional security for the time being provided to the Security Agent under this Clause 17.5,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 55</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-right: 3.6pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such value to be the face amount of any deposit (in the case of cash), to be
        determined conclusively by appropriate advisors (acting reasonably) appointed by the Agent (in the case of other charged assets) and determined by the Agent in its discretion acting reasonably (in all other cases) is less than 133% of the Loan then
        outstanding less any amount standing to the credit of the Reserve Account and the value of any additional security for the time being provided to the Security Agent under this Clause 17.5 (the "<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-weight: bold;">LTV Coverage</font>"), the Borrowers shall, within 30 days of the Agent&#8217;s written request and at the Borrowers' option:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd5d43bbc5bca42ed868b74c812dfe8de">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pay into the Reserve Account a cash deposit in such amount as when deducted from the Loan reduces the excess to zero to be secured in favour of the Security
                    Agent as additional security for the payment of the Indebtedness; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2eefe807388647e8aa800523a60a2aee">

            <tr>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">give to the Security Agent other additional security in amount and form acceptable to the Security Agent in its discretion acting reasonably to provide
                    security for such excess, it being agreed that any LR1, LR2, MR or handy size product tanker of less than 15 years old shall be acceptable; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfaeaee7e5cb3482e840939f7e3619a88">

            <tr>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.5.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">prepay the Loan in such amount as when deducted from the Loan reduces the excess to zero.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clauses 6.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Reborrowing</font>), 7.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Voluntary prepayment of Loan</font>) and 7.9 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Restrictions</font>) shall apply, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">mutatis mutandis</font>, to any prepayment made under this Clause 17.5 except that the
        minimum threshold in Clause 7.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Voluntary prepayment of Loan</font>) shall not apply.</font></div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may, at any time during the Facility Period, test the LTV Coverage by obtaining valuations
        from any two Approved Shipbrokers appointed by it (in which case the average of the of the vauations shall form the basis for determining the compliance with this Clause) with any such valuations being at the cost of the Agent unless an Event of
        Default is continuing in which case they shall be at the cost of the Borrowers.</font></div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any additional security granted and/or cash deposit made pursuant to this Clause 17.5 shall be
        discharged or released (in whole or in part) by the Security Agent (at the Borrowers' cost) in the event that the LTV Coverage (without relying on such part of the additional security granted and/or cash deposit made as is to be released) is
        complied with on the next day of testing, or is again complied with as evidenced by two valuations from the same Approved Shipbrokers as gave the immediately preceding valuations, appointed by the Borrowers. This shall be without prejudice to the
        Agent's right to make any request under this Clause 17.5 should the value of the remaining security (as evidenced by updated valuations from the same two Approved Shipbrokers) subsequently merit it.</font></div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If and for so long as the Borrowers fails to satisfy the obligations arising from the Agent's
        request under this Clause 17.5 the Borrowers shall, if so demanded by the Agent, compensate the Lenders for the increased risk in relation to the Loan by paying interest on the Loan at a rate calculated in accordance with Clause 8.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Default interest</font>) as if the whole of the outstanding Loan were an overdue amount. Any such interest shall accrue</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 56</font></div>
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    </div>
    <div style="text-align: justify; margin-right: 3.6pt; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in accordance with Clause 32.3 (<font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-style: italic;">Day count convention</font>) and be payable by the Borrowers in accordance with Clause 8.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payment



          of interest</font>) and shall be without prejudice to any other right or remedy any Finance Party may have under Clause 13 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increased Costs</font>)
        or Clause 22.34.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Events of Default</font>).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Vessel shall not be included in the calculation of the LTV Coverage unless a Mortgage has been
        registered and remain registered against such Vessel.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5935838cd1714a40aac7038c0db0dab2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Release of Mortgages</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91adde58a778412d9c3619467ff9b0c8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrowers make a voluntary prepayment in accordance with Clause 7.2 (Voluntary Prepayment of Loan) in respect of a certain Tranche; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z944d705db6694452a88f3b3910e05eb6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrowers make a balloon payment on the Termination Date in respect of a certain Tranche in accordance with Schedule 9,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(each a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
          bold;">Payment</font>") the Borrowers may require that the Mortgage(s) over one or more of the Vessels financed by that Tranche and the other Security Documents in respect of such Vessel(s) (but not any Vessels financed by other Tranches) be
        released after such Payment, provided that</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z598af18af9a5451d80735a9044fa470a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrowers notify the Agent of such requirement no later than 10 Business Days prior to the such Payment;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z101950f2f7924f9dad6a67e366b49878">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the LTV Coverage after such Payment and such release is not less than the LTV Coverage immediately prior to such payment and release;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc449e6d15ee490bb1d68bd4079871ae">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the LTV Coverage exceeds 133% after such Payment and release;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24442a04fafa48499fd38fdd4096339e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the LTV Coverage for the purpose of this Clause shall be calculated on the basis of the Market Value of the Vessels (as determined by the most recent
                    valuation provided to the Agent pursuant to Clause 20.2.3); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54de8a68a9c1408c8583a73d50579e95">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Default has occurred and is continuing.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z20ae7c3b8595490a9cc598abc1de5105">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantee and Indemnity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaaf99bd5872c4b378d62ffa06e434f3d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantee and indemnity</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3cb05bb4b2634c4a8e49756f546ba072">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Guarantor A irrevocably and unconditionally:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5f913d00fdd04a169105e256bc3ce684">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">guarantees to each Finance Party punctual performance by each other Security Party of all that Security Party's obligations under the Finance Documents
                    (insofar as those obligations relate to the Existing Tranche A and the Existing Tranche B);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc66b4cc4826c4549b080f75d7ee8ab4c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">undertakes with each Finance Party that whenever another Security Party does not pay any amount when due under or in connection with any Finance Document
                    (insofar as such payment relates to the Existing Tranche A and the Existing Tranche B), Guarantor A shall</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 57</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-right: 21.6pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">immediately on demand pay that amount as if it was the principal obligor; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b38b8e22a2b4fe39a70297218cb363c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal (insofar as the obligation relates to
                    the Existing Tranche A and the Existing Tranche B), it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Security Party not
                    paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by Guarantor A under this indemnity
                    will not exceed the amount it would have had to pay under this Clause 18 if the amount claimed had been recoverable on the basis of a guarantee.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf64c6b9819b44a45a782fbeee1d8c91a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Guarantor B irrevocably and unconditionally:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b4b20e54ae74058b8d9c48bc8cdb49c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">guarantees to each Finance Party punctual performance by each other Security Party of all that Security Party's obligations under the Finance Documents
                    (insofar as those obligations relate to Existing Tranche C and the New Tranche);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z061bed45fb8c45e8bbeb308f81ea5c13">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">undertakes with each Finance Party that whenever another Security Party does not pay any amount when due under or in connection with any Finance Document
                    insofar as such payment relates to Existing Tranche C and the New Tranche), Guarantor B shall immediately on demand pay that amount as if it was the principal obligor; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84707968b2a84b54894c3898728a9570">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal (insofar as the obligation relates to
                    Existing Tranche C and the New Tranche), it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Security Party not paying any
                    amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by Guarantor B under this indemnity will not
                    exceed the amount it would have had to pay under this Clause 18 if the amount claimed had been recoverable on the basis of a guarantee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7fd4443fb0514aebb622ec47f8b750c2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owners (in their capacity as guarantors) each jointly and severally irrevocably and unconditionally:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd73a7d6bb47848ed99df03534e8cab25">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">guarantees to each Finance Party punctual performance by each other Security Party of all that Security Party's obligations under the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b7c4a4cae3f49db858f510b2fdf3bd9">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">undertakes with each Finance Party that whenever another Security Party does not pay any amount when due under or in connection</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 58</font></div>
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    </div>
    <div style="text-align: left; margin-right: 10.8pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with any Finance Document, the Owners (in their capacity as guarantors) shall
        immediately on demand pay that amount as if it was the principal obligor; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze70531c760304a2dbb5a49a6da02a3fe">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary
                    obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Security Party not paying any amount which would, but for such unenforceability, invalidity or illegality,
                    have been payable by it under any Finance Document on the date when it would have been due. The amount payable by the Owners (in their capacity as guarantors) under this indemnity will not exceed the amount it would have had to pay
                    under this Clause 18 if the amount claimed had been recoverable on the basis of a guarantee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a63b56e33114bd6b45631942158b7ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Continuing Guarantee </font>This guarantee is a continuing
                    guarantee and will extend to the ultimate balance of sums payable by any Security Party under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d280a24738c4f859fdd5c51a0aef5f0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No limit on demands </font>There shall be no limit on the
                    number of demands which a </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Finance Party may make against a Guarantor in accordance with Clause 18.1 (<font style="font-size: 10pt; font-family: 'Times
                      New Roman', Times, serif; font-style: italic;">Guarantee and indemnity</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2540b1905a84d4991146cf98b6fc7b4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reinstatement </font>If any discharge, release or arrangement
                    (whether in respect of the obligations of any Security Party or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided
                    or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantors under this Clause 18 will continue or be reinstated as if the discharge, release or arrangement had
                    not occurred.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b00bedf73834537aedf35629e06f156">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waiver of defences </font>The obligations of the Guarantors
                    under this Clause 18 will not be affected by an act, omission, matter or thing which, but for this Clause 18, would reduce, release or prejudice any of its obligations under this Clause 18 (without limitation and whether or not known to
                    it or any Finance Party) including:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd772e75edc274d1cb3f1b4b49b9da528">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any time, waiver or consent granted to, or composition with, any Security Party or other person;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaabb9717efc84c5bab983b70687b1977">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the release of any other Security Party or any other person under the terms of any composition or arrangement with any creditor of any Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5e968f007be46f3b4d603bbb1ac2a18">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.5.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over
                    assets of, any Security Party or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 59</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe1179c5f1c44b5ca7cd226fe2ca6381">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.5.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Security Party or any other person;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd86be31f73a3490cbd25aca8a4d0e8e1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.5.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Finance Document or any
                    other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a1425005475420cb587164d2c454548">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.5.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35f61a2a4ac54c32b2aa6128a1901f6a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.5.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any insolvency or similar proceedings.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ff5de668e2e47f39b4b20eb55149ffe">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantors intent </font>Without prejudice to the generality
                    of Clause 18.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Waiver of defences</font>), the Guarantors expressly confirm that they intend that this guarantee shall extend from time to
                    time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with
                    any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making
                    facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the
                    foregoing.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6dabb6639cca4fcfbab7472cf7a49822">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Immediate recourse </font>The Guarantors waive any right they
                    may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantors under this Clause 18.
                    This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z329c84a2ea794a99a78803f63969ada8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Appropriations </font>Until all amounts which may be or
                    become payable by the Security Parties under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z433c812032ba4d659c6ab7c6c3cf2883">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.8.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in
                    respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantors shall not be entitled to the benefit of the same; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ad42c41f72e436aa1deb246fdd7323b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.8.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">hold in an interest-bearing suspense account any moneys received from the Guarantors or on account of the Guarantors' liability under this Clause 18.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z69cbb7f761d14714b3ecf62b9b71cb5d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deferral of Guarantors&#8217; rights </font>Until all amounts which
                    may be or become payable by the Security Parties under or in connection with the Finance Documents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">Page 60</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">have been irrevocably paid in full and unless the Agent otherwise directs, the Guarantors will not
        exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 18:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2564a1781c5a4a4bac5ff278205f4b4f">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.9.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to be indemnified by a Security Party;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0483f56c4af848a18337c38e1e79a6da">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.9.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to claim any contribution from any other guarantor of any Security Party's obligations under the Finance Documents;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za76dff48b4f04ebfac28abd1c9da4171">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.9.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or
                    of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c10c1d6710e40069b83315a56a45a9a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.9.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to bring legal or other proceedings for an order requiring any Security Party to make any payment, or perform any obligation, in respect of which the
                    Guarantors have given a guarantee, undertaking or indemnity under Clause 18.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Guarantee and indemnity</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf84be0353e84e478ade1bee4817f53c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.9.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to exercise any right of set-off against any Security Party; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4117816e839c491ca32022cbef282852">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.9.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to claim or prove as a creditor of any Security Party in competition with any Finance Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Guarantors receive any benefit, payment or distribution in relation to such rights they shall
        hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Security Parties under or in connection with the Finance Documents to be repaid in full on trust
        for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 29 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Payment mechanics</font>).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd43cf5e22e240f9b5c48c096d245618">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional security </font>This guarantee is in addition to
                    and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1c85c200b534fa380219cc5441be498">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash collateral </font>If an Event of Default has occurred
                    and is continuing, the Agent (acting on the instructions of the Majority Lenders), without prejudice to any other rights or remedies available under the Finance Documents or otherwise under law, shall be entitled to call immediately an
                    amount equal to the Indebtedness from the Guarantors and hold the proceeds in escrow as cash collateral in respect of the Borrowers' performance under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za92def824fde46c19a39091d621041fc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subordination </font>Each Borrower and each Guarantor agrees
                    and undertakes with the Finance Parties that all claims of whatsoever nature which it has or may have at any time against any other Security Party or any of their respective property or assets shall rank after and be in all respects
                    subordinate to any and all claims, whether actual or contingent, which the Finance Parties have or may have at any time against such other Security Party or any of its property or assets and that if an Event of Default has occurred and
                    is continuing it will not without the prior written consent of the Agent (acting on the instructions of the Majority Lenders):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 61</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3eaf06544e184afa8846da26dc5aba55">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.12.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">demand or accept payment in whole or in part of any moneys owing to it by any other Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8fbd3e2b6bd94ca995545842dd4b7a0e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.12.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">take any steps to enforce its rights to recover any moneys owing to it by any other Security Party and more particularly (but without limitation) take or
                    issue any judicial or other legal proceedings against any other Security Party or any of their respective property or assets; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z009d90b3e99f4e0ca67744f6b7503376">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.12.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">prove in the liquidation or other dissolution of any other Security Party in competition with a Finance Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9953a1a8247d4d7993f2853e37b90a06">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantors incorporated in Singapore </font>Notwithstanding
                    any provision of this Clause 18 or of any other Finance Document, the obligations of any Guarantor incorporated in Singapore (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Singaporean
                      Guarantor</font>") under this Clause 18 and under any Finance Document, the obligations of any Singaporean Guarantor under this Guarantee shall be limited to an amount equivalent to the higher of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c7c8d1c3a154dfe9a115e4b552a7690">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.13.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Equity of the Singaporean Guarantor at the date of this Guarantee;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z480acc9736434220bd0dd5ba7ef524b0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.13.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Equity of the Singaporean Guarantor at the time Singaporean Guarantor is request to make a payment under this Guarantee; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9b5dba9185174a9ea3ec959198dbe0e4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.13.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with respect to a Singaporean Guarantor which is an Owner, the aggregate fair market value at any time of the Vessels owned by such Singaporean Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the purposes of this Clause 18.13 only, "<font style="font-size: 10pt; font-weight: bold;">Equity</font>"
        shall mean the equity of the Singaporean Guarantor in question calculated in accordance with GAAP at the relevant time, however, adjusted if and to the extent any book value is not equal to the market value. The calculation of Equity shall not
        include the guarantee obligations pursuant to this guarantee.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 62</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e1d80b6da6148a8b43d4a1684627283">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations, Undertakings and Events of Default</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfe5888e04bc24dd4b24335f858317211">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbddd88250f2d43a28adb349a8596ee1e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representations </font>Each Borrower and each Guarantor make
                    the representations and warranties set out in this Clause 19 to each Finance Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdc7e7de01bec473e859c4d4626901d1d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Status </font>Each of the Security Parties:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z307a33c24b404351b601eb9981130609">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is a limited liability corporation, duly incorporated and validly existing under the law of its Original Jurisdiction; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf46db2f38fce49ee8ea502a4b73fc4e1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has the power to own its assets and carry on its business as it is being conducted.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79dbecb4b5324cb09747f7111a80241c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Binding obligations </font>Subject to the Legal Reservations:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4ed9a6e03604f6da8f067c4b4cccfd8">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the obligations expressed to be assumed by each of the Security Parties in each of the Relevant Documents to which it is a party are legal, valid, binding and
                    enforceable obligations; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e4ba70298bc4316b61eff6f7d742fbc">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(without limiting the generality of Clause 19.1.2(a)) each Security Document to which it is a party creates the security interests which that Security
                    Document purports to create and those security interests are valid and effective.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z72e4bf5812bb458aa4251f80b8706525">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non-conflict with other obligations </font>The entry into and
                    performance by each of the Security Parties of, and the transactions contemplated by, the Relevant Documents do not conflict with:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce4ce5e5433c4faeb0263a18d87fa3af">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any law or regulation applicable to such Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z61a7d159a0ca4de489cc2bb3b0dd17b8">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the constitutional documents of such Security Party; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z743cfc94464540d2bb3c2ed35f42ada0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any agreement or instrument binding upon such Security Party or any of such Security Party's assets or constitute a default or termination event (however
                    described) under any such agreement or instrument.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89cc7b08b5424567ba27c8fa76a2be8a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Power and authority</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze6b6255b2ce24c1fb2af3dd917476459">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Security Parties has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and
                    delivery of, the Relevant Documents to which it is or will be a party and the transactions contemplated by those Relevant Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2fc14b5405540b49130349a0ea60a0d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No limit on the powers of any Security Party will be exceeded as a result of the borrowing, grant of security or giving of guarantees or indemnities
                    contemplated by the Relevant Documents to which it is a party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2dc860b4637f4c378a57811a325e1a33">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Validity and admissibility in evidence </font>All
                    Authorisations required or desirable:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 63</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d11ca1ea96846fe90f9d9a44a3e57a2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to enable each of the Security Parties lawfully to enter into, exercise its rights and comply with its obligations in the Relevant Documents to which it is a
                    party or to enable each Finance Party to enforce and exercise all its rights under the Relevant Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z020e16116bb640ee9ffdc6ea42e8f17b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to make the Relevant Documents to which any Security Party is a party admissible in evidence in its Relevant Jurisdictions,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">have been obtained or effected and are in full force and effect, with the exception only of the
        registrations referred to in Part III of Schedule 2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions Subsequent</font>).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeae8e0e9b1434615a7aac8c77bfed621">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing law and enforcement</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the Legal Reservations:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbec645c687ed4e91b5391b61aa8ccd7e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the choice of governing law of any Finance Document will be recognised and enforced in the Relevant Jurisdictions of each relevant Security Party; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z69a1f8999d5c40478e067b4e2bb4e875">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any judgment obtained in relation to any Finance Document in the jurisdiction of the governing law of that Finance Document will be recognised and enforced in
                    the Relevant Jurisdictions of each relevant Security Party, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">save that </font>judgements from countries outside the European Union may not
                    be enforceable in Denmark.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbff3ca90ae4e451c946a8c19774dad7a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insolvency </font>No corporate action, legal proceeding or
                    insolvency proceedings or creditors' process described in Clause 23.1.7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Creditors' process</font>) has been taken or, to the knowledge of
                    any Borrower or the Guarantor, threatened in relation to a Security Party; and none of the circumstances described in Clause 23.1.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Insolvency</font>)
                    applies to a Security Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze3891e002d45428c90bbe06c7ab1ab39">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No filing or stamp taxes </font>Under the laws of the
                    Relevant Jurisdictions of each relevant Security Party it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in any of those jurisdictions or that any stamp, registration,
                    notarial or similar tax or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents except:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6be9659b601f4074986a00a01fdb0180">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">registration of particulars of those Finance Documents at the Companies Registry of the relevant Security Party as detailed in the legal opinions obtained by
                    the Agent in connection with this Agreement and payment of associated fees;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7c23d521418549b5a14e86a728516a78">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">registration of each Mortgage at the Ships Registry where title to a Vessel is registered in the relevant Owner and payments of associated fees; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbcd4af20f7e7445b95cd7f7073cd7a8e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">stamping of the share charges in relation to Owner A and Owner B,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 64</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which registrations, filing, taxes and fees will be made and paid promptly after the date of the
        relevant Finance Document.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcefaf6c16d104b76ae171a25a417f99f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deduction of Tax </font>None of the Security Parties is
                    required under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document to a Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c8b23d0b9a748b3b290c8f8e3e30c4d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No default</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac5c1a716cd641319611b5d1ccd38fae">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Event of Default and, on the date of this Agreement and each Drawdown Date, no Default is continuing or is reasonably likely to result from the advance of
                    the Loan or the entry into, the performance of, or any transaction contemplated by, any of the Relevant Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf384f184c213487383cd259c45e9404b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination
                    or any combination of any of the foregoing, would constitute) a default or termination event (howsoever described) under any other agreement or instrument which is binding on any of the Security Parties or to which its assets are
                    subject which has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e6a464a68f04f84bf060f64624280ae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No misleading information </font>Save as disclosed in writing
                    to the Agent prior to the date of this Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf94d5dec11f546269a2db504972fd819">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all material information provided to a Finance Party by or on behalf of any of the Security Parties on or before the date of this Agreement and not superseded
                    before that date is accurate and not misleading in any material respect and all projections provided to any Finance Party on or before the date of this Agreement have been prepared in good faith on the basis of assumptions which were
                    reasonable at the time at which they were prepared and supplied; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf42dfcce20544a82afdb399312336f77">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all other written information provided by any of the Security Parties (including its advisers) to a Finance Party was true, complete and accurate in all
                    material respects as at the date it was provided and is not misleading in any respect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2d19c32d28b841bbac8fca6b43ab9b2b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial statements</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z92085c0a07a043d4ab3d8e1069ff7f7f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The most recent financial statements of the Group delivered pursuant to Clause 20.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Financial statements</font>):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1eb4293818c346818c8f6427c6bf7588">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">have been prepared in accordance with GAAP; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z540fba4c3c9d4792b6a3633832533922">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">give a true and fair view of (if audited) or fairly represent (if unaudited) its consolidated financial condition as at the end of, and consolidated results
                    of operations for, the period to which they relate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 65</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbe2730145534cbbbd4ab3f5ccf4bc7d">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Since the date of the most recent financial statements delivered pursuant to Clause 20.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Financial statements</font>) there has been no material adverse change in the business, assets or financial condition of any of the Security Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbe13159b6c948c1be4ddda8ac39655b">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No proceedings pending or threatened </font>No litigation,
                    arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, are reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and belief) been
                    started or threatened against any of the Security Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8c1b5df638ae4a4eb6472340bdace740">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No breach of laws </font>None of the Security Parties has
                    breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z06facee537784b3cb96fa887ddb0cff9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental laws</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z015f64aa3c19414082ce91286e64c01f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Security Parties is in compliance with Clause 22.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Environmental compliance</font>) and to the best of its knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to an extent which has or is
                    reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49eaaf4d24de419ebe3460273034ded3">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and careful enquiry) is threatened against any of the
                    Security Parties where that claim has or is reasonably likely, if determined against that Security Party to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z12c44e09e693451db2db73ce2b3f2f06">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Taxation</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6e1d1e7286de4b3da953888fe5746211">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">None of the Security Parties is materially overdue in the filing of any Tax returns or is overdue in the payment of any amount in respect of Tax, the
                    consequence of which is likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5184c464a2374daebf186327f7156e19">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No claims or investigations are being, or are reasonably likely to be, made or conducted against any of the Security Parties with respect to Taxes, which if
                    adversely determined is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zee4662fe98cc41d4a6e3a627ac760362">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Anti-corruption law </font>Each of the Security Parties has
                    conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z585f2c00a1e143f6a81d040da818c0ca">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Encumbrance or Financial Indebtedness</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a11737ca9e14f0d9d7b479466239053">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Encumbrance exists over all or any of the present or future assets of any of the Owners, other than Permitted Encumbrances.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 66</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d9e2dc9064f4afba1d66df1cc81019f">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">None of the Owners has any Financial Indebtedness outstanding other than as permitted by this Agreement and as notified in writing to the Agent prior to the
                    date of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaf4fd69d4b3e417882b4f7128e80efb3">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pari passu ranking </font>The payment obligations of each of
                    the Security Parties under the Finance Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to
                    companies generally.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6d0bdb0b04c9407ab90d323dc243a139">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No adverse consequences</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z250dd0056efe4219960343f38222fab8">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">It is not necessary under the laws of the Relevant Jurisdictions of any of the Security Parties:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z51831e7847604b5dbfd8cb62e0d86494">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in order to enable any Finance Party to enforce its rights under any Finance Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b755dc85a0d4879aefa4b39ae65f847">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by reason of the execution of any Finance Document or the performance by it of its obligations under any Finance Document,</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in
        any of the Relevant Jurisdictions of any of the Security Parties.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z982a1edf5c064365b1bd57ab58920455">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Finance Party is or will be deemed to be resident, domiciled or carrying on business in any of the Relevant Jurisdictions of any of the Security Parties by
                    reason only of the execution, performance and/or enforcement of any Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z95ce656027d14b12870cf748337a8cbf">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.21</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Disclosure of material facts </font>No Borrower or
                    Guarantor is aware of any material facts or circumstances which have not been disclosed to the Agent and which would, if disclosed, have adversely affected the decision of a person considering whether or not to make loan facilities of
                    the nature contemplated by this Agreement available to the Borrowers.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5a174baaca4949219eb4ec16b598644a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.22</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Completeness of Relevant Documents </font>The copies of any
                    Relevant Documents provided or to be provided by the Borrowers to the Agent in accordance with Clause 4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions of Utilisation</font>)
                    are, or will be, true and accurate copies of the originals and represent, or will represent, the full agreement between the parties to those Relevant Documents in relation to the subject matter of those Relevant Documents and there are
                    no commissions, rebates, premiums or other payments due or to become due in connection with the subject matter of those Relevant Documents other than in the ordinary course of business or as disclosed to, and approved in writing by, the
                    Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6d670dabd03c48239d9e32e3f86ef588">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.23</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Immunity </font>No Security Party or any of its assets is
                    immune to any legal action or proceeding.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc243339f7d33494691e19433aa16356b">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.24</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Money laundering </font>Any borrowing by a Borrower under
                    this Agreement, and the performance of its obligations under this Agreement</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 67</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and under the other Finance Documents, will be for its own account and will not involve any breach
        by it of any law or regulatory measure relating to "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">money laundering</font>" as defined in Article 1 of the Directive (2005/EC/60) of the European
        Parliament and of the Council of the European Communities.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb6d6c65979cb4311a62cca39c38489c1">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.1.25</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions</font></font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb0a810c896754754ad5a4e291b4bb55a">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor and their respective directors, officers, joint ventures and employees and, to the best knowledge of each Borrower and each
                    Guarantor, their respective agents and representatives (each acting in the capacity as agent or, as the case may be, representative for a Borrower or a Guarantor) has been and is in compliance with Sanctions Laws applicable to it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5feca20b57d145659b0613fec88dec97">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Borrower and no Guarantor nor any other member of the Group or any Relevant Affiliate of any of them or their respective directors, officers, joint
                    ventures or employees and, to the best knowledge of each Borrower and Guarantor, their respective agents and representatives (each acting in the capacity as agent or, as the case may be, representative for a Borrower or a Guarantor):</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19cfa830805d44e88b5175a3537c9208">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party or acts directly or indirectly on behalf of a
                    Restricted Party; or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9695b03986d24786a18812950d68b56b">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is subject to or involved in any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions Laws by any Sanctions
                    Authority.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1d7ce9c0fa094a6aa61eb00b7ddab14f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repetition&#160; </font>Each Repeating Representation is deemed to
                    be repeated by each Borrower and each Guarantor by reference to the facts and circumstances then existing of each Drawdown Date and (save for those contained in Clause 19.1.11 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">No Misleading Information</font>) on each Interest Payment Date.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze29ae9c0a4634c60ae2979b08356a0d5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Information Undertakings</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The undertakings in this Clause 20 remain in force for the duration of the Facility Period.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb820d6087dbb4f32b97baf31528dba22">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial statements </font>Borrower B shall supply to the
                    Agent in sufficient copies for all of the Lenders:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1491ad9bc8f64254a778f7dc4dabc847">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as soon as the same become available, but in any event within 150 days after the end of each financial year the audited consolidated financial statements of
                    the Group for that financial year; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd01dfdbc9bea4d388065254488cc8702">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as soon as the same become available, but in any event within 60 days after the end of each quarter during each of its financial years, the unaudited
                    quarterly financial statements of the Group (including profit and loss statements, balance sheet and cash flow statements for that quarter; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 68</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd6a60943bb99401190ae468059321e8e">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as soon as the same become available but in any event no later than the 1st December of each financial year and each time the same are revised or amended,
                    detailed consolidated forward-looking budgets for the next twelve (12) months (showing, without limitation, profit and loss statements, balance sheet, cash flow statements and written assumptions) including all revisions and amendments
                    thereto (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Annual Budgets</font>"); and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z843d7c4e409e400c920394ddd1a6b14d">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if requested by the Agent, audited annual financial statements of any Subsidiary of Borrower B; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z99c1d8a1a13c45c4bad0db835d014465">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.1.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly, details of any defaults by an member of the Group relating to Financial Indebtedness in excess of ten million dollars (USD 10,000,000) or any
                    material litigation relating to a member of the Group; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.1.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">within 7 days of demand, such other information as the Agent may reasonably require.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za94fef94e63140ed919a056d88211570">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compliance Certificate and valuations of the Fleet Vessels</font></font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B shall supply to the Agent throughout the Facility Period, with its annual financial statements delivered pursuant to Clause 20.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial statements</font>) and its quarterly financial statements delivered pursuant to Clause 20.1 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial statements</font>) or Clause 17.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Additional Security</font>)
                    for the quarters ending 30 June and 31 December, a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 21 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Financial Covenants</font>) as at the date as at which those financial statements were drawn up and attaching supporting schedules.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Compliance Certificate shall be signed by:</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb1b8a06f85e46fba3f1bf6896fe9f56">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A director of Borrower B which is a member of the top management of the Group; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2d8a7ff11be7483a97654b88763ebf4c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Chief Financial Officer or the Head of Treasury of Borrower A pursuant to a power of attorney from a director of Borrower B which is a member of the top
                    management of the Group.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z60252bc0ae71496db37802a375495070">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B shall within 10 Business Days after the end of each financial quarter provide the Agent with two independent valuations of the fair market value of
                    the Fleet Vessels as of the relevant quarter from the Approved Shipbrokers addressed to Borrower B and determined in the same manner as the Market Value of the Vessels.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1382a5c186c4c3aa247f4a82150cd0d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Requirements as to financial statements</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each set of financial statements delivered by a Borrower or a Guarantor under Clause 20.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial statements</font>):</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc27db488b5f54788821141c2aa317667">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall be certified by the relevant company as giving a true and fair view of (in the case of annual financial statements), or fairly representing (in</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 69</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">other cases), its financial condition as at the date as at which those financial statements were
        drawn up; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z620a0dd97ff44c86a90e1dff10305db6">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall be prepared using GAAP, accounting practices and financial reference periods unless, in relation to any set of financial statements, it notifies the
                    Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Agent:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3bb712c15ebe4a2ca4ca0e69711489ba">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a description of any change necessary for those financial</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">statements to reflect the GAAP, accounting practices and reference periods upon
        which the earlier financial statements were prepared; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z517b4ad59baf4cb8ade28e6e40702d8a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Agent to determine whether Clause 21 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial Covenants</font>) has been complied with and make an accurate comparison between the financial position indicated in those financial
                    statements and the earlier financial statements.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If Borrower B updates or changes the financial statements or the Annual Budgets in any material
        respect, it shall deliver to the Agent such updated or changed financial statements or Annual Budgets and a written explanation of the main changes in those financial statements or Annual Budgets, together with the next Compliance Certificate
        delivered pursuant to Clause 20.2.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8dd584af02924ecf8a8aef4e696cfc16">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Information: miscellaneous </font>Each Borrower and each
                    Guarantor shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za8e99783437442f98cf86b0378bda2af">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At the same time as they are dispatched (and only if the Agent so requests), copies of all documents dispatched by a Borrower or any other Security Party to
                    its creditors generally (or any class of them);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e4644832d8d411db96ec75958f2361d">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending
                    against any Security Party and which, if adversely determined, are reasonably likely to have a Material Adverse Effect;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9cd9a9aa9814bc1b11b53000bc2d0e5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly, such information as the Security Agent may reasonably require about the Charged Property and compliance of the Security Parties with the terms of
                    any Security Documents including without limitation cash flow analyses and details of the operating costs of any Vessel; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6880e08f7e9477da6134b68e0ad89dc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.4.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly on request, such further information regarding the financial condition, assets and operations of any Security Party (including any requested
                    amplification or explanation of any item in the financial statements, budgets or other material provided by any Security Party under this Agreement) as any Finance Party through the Agent may reasonably request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 70</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd857e39640540ac99d7e8a23ffa22a1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of default</font></font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84288e288d0c47b79e595448305e90ce">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its
                    occurrence.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90781419e53e481882f52066cf39d995">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promptly upon a request by the Agent, each Borrower shall supply to the Agent a certificate signed by two of its directors or senior officers on its behalf
                    certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf71386671d1c462092eb5b3900806a63">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Know your customer" checks</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za0bd1b304a7749119452fe9da6f4e48a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1d4370e92396470599ec8ef56c2eb760">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ed08f69c3294782b7d207b802ed509d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any change in the status of a Security Party or the Sponsor after the date of this Agreement; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b29d113805147acae07e99069bde647">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such
                    assignment or transfer,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obliges the Agent or any Lender (or, in the case of Clause 20.6.1(c), any prospective new Lender) to
        comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Borrower shall promptly upon the request of the Agent or any Lender supply, or procure the
        supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in Clause 20.6.1(c), on behalf of any prospective new
        Lender) in order for the Agent, such Lender or, in the case of the event described in Clause 20.6.1(c), any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under
        all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb94bb2c5faf646a4a54a51c50a41a6b9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by
                    the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions
                    contemplated in the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z72c464594c8d433e99f66e8a08741b19">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Covenants</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb463cccd564d490a9e0d6f20dbfd3caa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B shall maintain (on a consolidated basis):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 71</font></div>
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Free Liquidity and, for so long as the availability period under the RCF Facility Agreement ends at least six months after any calculation date, the aggregate
                    amount of undrawn commitments under the RCF Facility Agreement which are available for utilisation at such date, of the greater of seventy five million dollars (USD 75,000,000) and 5% of Group Debt at all times provided that at all
                    times, the Free Liquidity shall be at least the greater of forty million Dollars (USD 40,000,000) and 5% of the Group Debt; and</font></div>
              </td>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an Equity Ratio of at least 25%.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z07d88a4b5c1540c2859024e4ba0999a4">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">21.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Borrowers or any other member of the Group enter into a loan agreement or any other financial arrangement having similar effect or a guarantee, or
                    amends, modifies or supplements an existing loan agreement, any other financial arrangement or guarantee, which includes Financial Covenants in respect of the Borrowers that are more beneficial to that lender or credit provider than the
                    Financial Covenants of the Borrowers set out herein (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Financial Covenants</font>") then the Borrowers shall promptly deliver a
                    notice in writing to the Agent (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Most Favoured Notice</font>") which shall include a reasonably detailed description of the more
                    favourable New Financial Covenants (together with a copy of the relevant New Financial Covenant).</font></div>
              </td>
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      </div>
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    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Following the delivery of a Most Favoured Notice, the Agreement shall if requested by the Agent be
        amended to include the New Financial Coveants within 15 Business Days after the Agent's request in a form acceptable to the Agent.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Clause 21.2:</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Financial



          Covenants" </font>means any financial covenant including but not limited to minimum liquidity requirements and/or requirements as to the ratio of equity to total assets and/or limitations on dividends, in each case related to Borrower B and its
        Subsidiaries, save for limitations on dividends which shall only relate to Borrower B.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">General Undertakings</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The undertakings in this Clause 22 remain in force for the duration of the Facility Period.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb660c4932ab146adb26dfe1811054a5b">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owners undertakes to comply with all undertakings contained in Schedule 11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Vessel and Insurance Undertakings</font>) of this Agreement.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event of any discrepancies between the ship covenants and the insurance covenants in the
        Mortgages and the undertakings set out in Schedule 11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Vessel and Insurance Undertakings</font>) hereto, the undertakings in Schedule 11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Vessel and Insurance Undertakings</font>) hereto shall take precedent.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Authorisations </font>Each Borrower shall promptly:</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdcca7b0fb59e45439a1ee1e252224e4b">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtain, comply with and do all that is necessary to maintain in full force and effect; and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">supply certified copies to the Agent of,</font></div>
              </td>
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      </div>
    </div>
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      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 72</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Authorisation required under any law or regulation of a Relevant Jurisdiction to:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enable any Security Party to perform its obligations under the Finance Documents to which it is a party;</font></div>
              </td>
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    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document; and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a27c6e6340c46e6a95fc97070f6fd68">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enable any Security Party to carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9deee3ad572c4cd2aceeda1e43b2f8f2">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compliance with laws</font></font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8ecf31a5dffe4666a01250b81d8cf533">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall comply in all respects with all laws to which it may be subject, if (except as regards Sanctions Laws, to which Clause
                    22.3.2 applies, and anti-corruption laws, to which Clause 22.6 applies) failure so to comply has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0525bea5e29240eab0433eae907e3670">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall comply (and shall procure that each other Security Party, shall comply) in all respects with all Sanctions Laws.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z918ff69ff8714294a93adcab8310aee0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental compliance</font></font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">comply with all Environmental Laws;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6279f6a7e6bd4c03838f4ec2c59f35da">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtain, maintain and ensure compliance with all requisite Environmental Approvals; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z05d095e677fd4c66b305b75d4e316fd1">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">implement procedures to monitor compliance with and to prevent liability under any Environmental Law,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where failure to do so has or is reasonably likely to have a Material Adverse Effect.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc236a01998fd4325bcb6a3904d24d461">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental Claims</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall promptly upon becoming aware of the same, inform the Agent in
        writing of:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zddc06e18a0944e5aa66c36b2bc3c766e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Environmental Claim against any of the Security Parties which is current, pending or threatened; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeeaf5c01a94946439358eb230afdd4c9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any of the Security Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where the claim, if determined against that Security Party has or is reasonably likely to have a
        Material Adverse Effect.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 73</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z004b1ca35715428c82b674bac21385be">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Anti-corruption law</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4686d1fc51344906b18d681664a9efb9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall not (and shall procure that no other Security Party will) directly or indirectly use the proceeds of the Loan for any
                    purpose which would breach the English Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8204440254664ed793f4c33ff4f38c5f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall (and shall procure that each other Security Party shall):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcea6f244590443e1a71006ec64656d14">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">conduct its businesses in compliance with applicable anti-corruption laws; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4c5f40ab7f14799bed06c0349cf0404">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">maintain policies and procedures designed to promote and achieve compliance with such laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbc761820ae4a4b79acce3b6f8e86f3f8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sanctions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab8fd071403340c2aa39e350ad53ddb1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall ensure that none of them, or any of their respective directors, officers or employees is or will become a Restricted
                    Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf26d36aa27c241f2a46f38a94ac73f5a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall, and shall procure that each other member of the Group and each Relevant Affiliate of any of them shall, not use any
                    revenue or benefit derived from any activity or dealing with a Restricted Party in discharging any obligation due or owing to the Finance Parties, to the extent such discharge with such revenue or benefit would be prohibited by
                    Sanctions Laws or would otherwise cause any Finance Party to be in breach of Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e7fafd0c6ae4543b9c7e1e505e5f262">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall procure that no proceeds from any activity or dealing with a Restricted Party are credited to any bank account held
                    with any Finance Party in its name or in the name of any other member of the Group or any Relevant Affiliate of any of them, to the extent such provision of proceeds would be prohibited by Sanctions Laws or would otherwise cause any
                    Finance Party to be in breach of Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fa92b96271f4b32b4b23666934c1fe9">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall, and shall procure that each other member of the Group shall, to the extent permitted by law promptly upon becoming
                    aware of them supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions Laws by any Sanctions Authority.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf009f68558d84651be38e22b4a3c301e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Borrower or Guarantor shall permit or authorise and each Borrower and each Guarantor shall prevent any Vessel being used directly or indirectly:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z058fe02183ef4dc1a978207c56e9aa49">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by or for the benefit of any Restricted Party in violation of Sanctions Laws or in any manner which would otherwise</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 74</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-left: 180pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">cause any Finance Party to be in breach of Sanctions Laws; and/or</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z349edf79821745b2a6af6757b78dd8f2">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in any trade which is reasonably likely to expose the Vessel, any Finance Party, any manager, crew or insurers to enforcement proceedings or any other
                    consequences whatsoever arising from Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf67e8ca04c924b79a78d567fd1f3fd62">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Taxation</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a3860c614b14500918b621d8eef6d6e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall (and shall procure that each other Security Party shall) generally pay and discharge all Taxes imposed upon it or its
                    assets within the time period allowed without incurring penalties unless and only to the extent that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z70faa199d3774eda9fec9d26e67349c2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such payment is being contested in good faith;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd09785f58f3649ef9ec2898e9afdf89d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements
                    delivered to the Agent under Clause 20.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial statements</font>); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdaa933c670fa4e54833dcd76de94a65b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4ec2f21f4eb439f8352e332e65e374d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Neither any Borrower nor any Guarantor may change its residence for Tax purposes without the consent of the Security Agent (such consent not to be
                    unreasonably withheld).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5bf011fa8e244198d64d685188acb15">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Evidence of good standing </font>Each Borrower will from time
                    to time if requested by the Agent provide the Agent with evidence in form and substance satisfactory to the Agent that the Security Parties and all corporate shareholders of any of the Security Parties remain in good standing.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zca7d7c1eeecc468f9038a722839ddc51">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pari passu ranking </font>Each Borrower and each Guarantor
                    shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">pari passu </font>with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z61823928ca234522821aa0a313e11489">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Negative pledge</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers and the Guarantors shall not (and shall procure that no other Security Party will)
        create nor permit to subsist any Encumbrance or other third party rights over the Vessels, or other Charged Property during the Facility Period, save for Permitted Encumbrances.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf769143668874d4da66bd9ba586a1f76">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disposals</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc7d87ecb3c59464caa009de56909adc3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.11.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as permitted under Clause 22.11.2, no Owner shall enter into a single transaction or a series of transactions (whether related or not) and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 75</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5d95f2264f7495daa0fe8ef130f5ac5">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.11.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 22.11.1 does not apply to any sale, lease, transfer or other disposal which is a Permitted Disposal or a Permitted Transaction. Clause 22.11.1 shall
                    not apply to any sale or other disposal of a Vessel for market value in circumstances where the relevant repayment (as provided in Clause 7.6) shall be made on completion of such sale.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb8399ca7327e49988e6ff94bfda54448">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Arm's length basis</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z190763784d834116ba8ebf4cb81df462">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.12.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any transactions or agreements entered into between (i) any Borrower or any Guarantor and (ii) any Guarantor or the Sponsor or the Managers or any of their
                    respective Affiliates shall be on arm's length terms and for fair market value and shall be subject to full disclosure to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ee4f15a28b04f6fa34b755cfad51e5d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.12.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following transactions shall not be a breach of this Clause 22.12:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c66c1954f2742198e28259ae6dfc5c5">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">fees, costs and expenses payable under the Relevant Documents in the amounts set out in the Relevant Documents delivered to the Agent under Clause 4.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Initial conditions precedent</font>) or agreed by the Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0803d39f117e48049ad00d590a6d891f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Permitted Transaction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7be4a3f12ef743b4b04fddb408865e73">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Merger </font>Neither any Borrower nor any Guarantor shall
                    enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction without the prior written consent of the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z14b4d22f570e49b1afdec84dcb53cb28">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change of business </font>Neither any Borrower nor any
                    Guarantor shall make any change to the general nature of its business from that carried on at the date of this Agreement it being agreed that Borrower A may discontinue its dry bulk business and Borrower B may dispose of all of its
                    vessels and continue business as a holding company without breaching this covenant.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf14e8deb427d4c46a9e82c70d2b3f19a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No other business </font>No Owner shall engage in any
                    business other than the ownership, operation, chartering and management of the relevant Vessel.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2d0c850d1d624177b48aec300c054136">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No acquisitions </font>No Owner shall acquire a company or
                    any shares or securities or a business or undertaking (or, in each case, any interest in any of them) or incorporate a company, without the prior consent of the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89a7a335d23b4723a7838b9c49e30adf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Joint Ventures </font>No Owner shall:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z628d228a68f741dc8b66d704582c9bf1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.17.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z53dbff63fb244f1991fa344eb6c8a2db">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.17.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">transfer any assets or lend to or guarantee or give an indemnity for or give security for the obligations of a Joint Venture or maintain the solvency of or
                    provide working capital to any Joint Venture (or agree to do any of the foregoing).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 76</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa248864f4b0432a80769a13ab3518db">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No borrowings </font>No Owner shall incur or allow to remain
                    outstanding any Financial Indebtedness (except for the Loan) other than the Inter-company Indebtedness which is subject to the Inter-company Indebtedness Assignment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z076997c5667e4fc2b4e409f64fda1b82">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No substantial liabilities </font>Except in the ordinary
                    course of business, no Owner shall incur any liability to any third party which is in the Agent's opinion (acting reasonably) of a substantial nature other than the Inter-company Indebtedness which is subject to the Inter-company
                    Indebtedness Assignment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1f5a949c8e4a425e9d307224d0d12c6e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No loans or credit </font>No Owner shall be a creditor in
                    respect of any Financial Indebtedness unless it is a loan made in the ordinary course of business in connection with the chartering, operation or repair of the relevant Vessel or a Permitted Transaction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z05a23f2a524d4c49a27ff1180206c107">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.21</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No guarantees or indemnities </font>No Owner shall incur or
                    allow to remain outstanding any guarantee in respect of any obligation of any person unless it is a Permitted Transaction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88da4b6499d94361b07293cf1274ad5c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.22</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dividend Payment</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d0bcf8836424c6eaa0ae6d193b6dc6d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.22.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as permitted under Clause 22.22.2 below, Borrower B shall not:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3699a0e962344dba8df178b3d0832cc0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash
                    or kind) on or in respect of its share capital (or any class of its share capital);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5957eee2829d4147bebde8b8e02da7c4">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">repay or distribute any dividend or share premium reserve;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z668ebc10b3b542259a8548b1db7915ac">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pay or allow the payment by any other member of the Group of any management, advisory or other fee to or to the order of any of the shareholders of Borrower
                    B;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f96e51181b5408a88fe2613f3bd366f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z977e975565fa483381a6a20f844138c1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">make any payment or repayment or allow any other member of the Group to make a payment or repayment under any Financial Indebtedness owed to a shareholder of
                    Borrower B or a member of the Group which is not a Borrower or a Guarantor;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each of the above being referred to herein as a "Distribution".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4fd3ea712a124061b95eb6032aa227a5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.22.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 22.22.1 above does not apply to any direct or indirect Distributions by Borrower B after the expiry of each half of each of its financial years, of up
                    to 75% of its Net Income (as defined below) for that half year period; provided that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5014784fb13e4f13ad08ce6dbae92a3c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any such Distributions are declared and made when no Default is continuing or would occur immediately after the declaration or making of such payments; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze0452dc2cbbd48728652b4bf4b52df08">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">after giving effect to any such payments, Borrower B is not in breach of any of the provisions of Clause 21 (Financial Covenants).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 77</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For this purpose, "Net Income" shall mean the net income determined based on Borrower B's financial
        statements as at 30 June or its annual audited financial statements, as the case may be. Any amount available for distribution based on Net Income for a financial year and that is not distributed shall not be carried forward.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f82497f8f4a4082bd38a2736072c0b5">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.22.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Clause 22.22 shall cease to apply at any time:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae0779e71c6b4900b4202508d6a1c7c8">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">at which the Group LTV is equal to or less than fifty per cent. (50%) and would continue to be equal to or less than fifty per cent. (50%) following the
                    Distribution; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d6bc6ff099d40cf9b4531c23ca25b76">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower is listed on the New York Stock Exchange or Nasdaq New York.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8911efdabbfc4133a9c1fe84dde3aa7f">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.22.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For this purpose "Group LTV" means the ratio of (y) the sum of the Group's Financial Indebtedness less cash and Cash Equivalents to (z) the aggregate Market
                    Value of the Fleet Vessels determined in the same manner as Market Value in respect of the Vessels as evidenced by the valuations to be provided by Borrower B to the Agent pursuant to Clause 20.2.1.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z183db09668df4ce583977444239e3afe">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.23</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inspection of records </font>Each Borrower and each Guarantor
                    will permit the inspection of its financial records and accounts from time to time by the Agent or its nominee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z519b6696c922475e97858626fe1664b2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.24</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further assurance</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c3b89ba62d34c988b7055ee4a1b5077">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.24.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall (and shall procure that each other Security Party shall) promptly do all such acts or execute all such documents
                    (including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its
                    nominee(s)):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9dd5058787bc437db1835cc67180a473">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to perfect any Encumbrance created or intended to be created under or evidenced by the Security Documents (which may include the execution of a mortgage,
                    charge, assignment or other Encumbrance over all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the Security Agent or the Finance
                    Parties provided by or pursuant to the Finance Documents or by law;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcfec49b55a904e0dbe5c3984c98c7d35">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to confer on the Security Agent or confer on the Finance Parties an Encumbrance over any property and assets of that Security Party located in any
                    jurisdiction equivalent or similar to the Encumbrance intended to be conferred by or pursuant to the Security Documents; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8eb5b90df0d64482b7478b5a78e5ed68">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 78</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b2f6f5fb0a24314adc4a145943bba87">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.24.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each Guarantor shall (and shall procure that each other Security Party shall) take all such action as is available to it (including making
                    all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Encumbrance conferred or intended to be conferred on the Security Agent or the Finance Parties by or
                    pursuant to the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc0f18fc47b7340729b573d84efb33983">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.25</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change of Manager</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb05819a07d3a423090aa96dc42ee0bee">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.25.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers shall procure that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea6c5c29104c43239af455f77192b23a">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if a Management Agreement is terminated, cancelled or otherwise ceases to remain in full force and effect at any time prior to its contractual expiry date,
                    such Management Agreement is replaced by a similar agreement in form and substance satisfactory to the Majority Lenders (acting reasonably); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf16e7e9ceafc4e039673b78109eeb58d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any new Manager provides the Agent with a Manager's Undertaking immediately upon of its appointment on terms acceptable to the Agent (acting reasonably); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5e19c9b99e0c452db37395077c65c9d8">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if a Bareboat Charter is terminated, cancelled or otherwise ceases to remain in full force and effect, Borrower A (acting as Manager) and the relevant Owner
                    shall, unless otherwise agreed by the Agent, execute a management agreement in respect of the commercial and technical management of the relevant Vessel.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36ec270ebfed42a4826d8e59e65e8c8d">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.25.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower and each relevant Owner shall procure that each vessel owned by the Group shall be managed commercially by Borrower A or another company
                    approved by the Agent (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb9922ca9d04f47019b2f1bf3b71e0a3a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.26</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Building Contracts </font>The Owners undertake not to agree
                    or to permit any changes to the Building Contracts which are likely have an adverse effect on the Market Value of the New Vessels or otherwise materially alter the Vessels, including any change in class notation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd91c6670b6f4c6c8cd46253f0bd7d8f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.27</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change of flag or classification society</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z31d5ab0080104cf9aa3ddbc5b1492046">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.27.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owners shall maintain the registration of their respective Vessels under an Approved Flag for the duration of the Facility Period. Re-flagging of a Vessel
                    under an Approved Flag is permitted, subject always to (i) the provisions of Clauses 4.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions Precedent to Re-flagging under an
                      Approved Flag</font>) and (ii) provision of prior written notice to the Agent by the relevant Owner (setting out in full the relevant details in respect of the proposed re-flagging) at least 15 Business Days before the proposed
                    re-flagging, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">provided always that </font>the Agent (acting in its reasonable discretion) may at any time withdraw its approval in respect
                    of an Approved Flag.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49d9b5f1f99a455081989532d5a92279">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.27.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owners shall maintain their respective Vessels under an Approved Classification Society for the duration of the Facility Period provided always that the
                    Agent (acting in its reasonable discretion) may at any</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 79</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">time withdraw its approval in respect of an Approved Classification Society.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z412857b1df244001b569b4dd36f37bda">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.28</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No change of control in respect of the Guarantors</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc38b9118e2c04b638924ad84739d0b08">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.28.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B shall retain throughout the Facility Period the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d74f6e4af6a484588afdd0eb89b111b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">cast, or control the casting of 100% of the votes that might be cast at a general meeting of Guarantor B and of each Owner;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z525f564f45374f3c8a01276f5bdbc8a2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">appoint or remove all of the directors or other equivalent officers of Guarantor B and of each Owner; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0a2fae6088734411bcccdc97b509914f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">give directions with respect to the management policies of Guarantor B and of each Owner; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1af8d84b88eb49f3aff9b304332f880a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.28.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower B shall retain throughout the Facility Period the legal and beneficial ownership (directly or indirectly) of 100% of the issued share capital of
                    Guarantor B and of each Owner.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb2d4cb7e7604a4da2300efc0f84971a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.29</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Chartering</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd1c24b8eb6542eea91c2d85f91265e9">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.29.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Neither the Borrowers nor any Owner nor the Bareboat Charterer shall enter into any Charter for a Vessel (except for a Bareboat Charter) which is a bareboat
                    or demise charter or passes possession and operational control of such Vessel to another person.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za4796e3fc303435ea0acd2f280e61ca1">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.29.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All Charters of the Vessels shall be on terms as to payment or amount of hire which are not materially less beneficial to the Borrowers or any Owner than the
                    terms which at that time could reasonably be expected to be obtained on the open market for vessels of the same age and type as such Vessel under charter commitments of a similar type and period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ea0f337e00e4775b94ff73e7c4d8afb">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.29.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers shall promptly notify the Agent of any Charter made for a period which is longer than thirteen (13) months (including any optional or automatic
                    extension periods) and shall deliver to the Agent, upon the Agent's reasonable request, a summary of all Charters to which the Vessels are subject, including the identity of the charterers.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9eaf070d6e884cf1a48b996fa253cd62">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.29.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers and/or the relevant Owner shall give notice of the assignments contained in the Assignments for each Vessel to the charterer under any Charter
                    for such Vessel longer than thirteen (13) months (including any optional or automatic extension periods) immediately upon entry into the Assignment (or, if later, the date of entry into such Charter) and shall ensure that the Agent
                    receives a copy of that notice, provided that, prior to the occurrence and continuance of an Event of Default, no notice shall be required to be given if that Borrower demonstrates sound commercial reasons to refrain from giving such
                    notice.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf9e93dcd216a4a709f3cba07e5da02d2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.29.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Bareboat Charterer shall not do anything which would or might prevent the Borrowers complying with this Clause 22 or the operation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 80</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and insurance provisions contained in any Mortgage or collateral deed of covenants, or fail to do
        anything required by the Bareboat Charter where failure to do so would or might have such an effect.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb00c38b9ac354fb7b7fff74f024b4eac">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.29.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Owner shall charter-in any vessels.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z52020ff01d874d6ab98ec4834c232f2c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.30</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment and Subordination </font>Any Inter-company
                    Indebtedness shall be unsecured and shall be (i) assigned to the Security Agent pursuant to an Inter-company Indebtedness Assignment and (ii) subordinated to the Loan on terms acceptable to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65b318ed48e14846bcff8aaddffa9df1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.31</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[DELIBERATELY NOT USED]</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9efb5c09e23c474fa517e502a55165db">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.32</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delivery of Vessels </font>The Owners undertake to use all
                    reasonable endeavours to take delivery of all Vessels within the Availability Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1224ed0a02c4e918ef83424e17afb47">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.33</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[DELIBERATELY NOT USED]</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z539d4725ea1c46b9a444d8e274713cb2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.34</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subordination</font></font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7076317f77324ce283e6c9fae39a2bec">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.34.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A (in its capacity as Bareboat Charterer) acknowledges that each of the Security Agent's rights and powers arising out of or pursuant to the relevant
                    Mortgage shall in all respects and at all times have precedence and priority over the rights and powers of the Bareboat Charterer arising out of or pursuant to the Bareboat Charter.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze44ec9162660411291e2a8dc989dbcd5">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.34.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A (in its capacity as Bareboat Charterer) undertakes for the duration of the Bareboat Charter not to create, or permit to subsist, any Encumbrance
                    (other than pursuant to the Security Documents) over all or any part of the relevant Vessel other than a Permitted Encumbrance.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8ce2669c29bb42ffb55d692d092d25b9">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.34.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A (in its capacity as Bareboat Charterer) undertakes for the duration of the Bareboat Charter to perform all of the relevant Owner's obligations
                    contained in Schedule 11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Vessel and Insurance Undertakings</font>) of this Agreement jointly and severally with the Owner.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.34.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A (in its capacity as Bareboat Charterer) agrees that, should an Event of Default occur and the Security Agent wish to take and enter into possession
                    of the relevant Vessel pursuant to its rights under the relevant Mortgage, the Bareboat Charterer will immediately on the demand of the Security Agent surrender possession of the relevant Vessel to or to the order of the Security Agent
                    free of the Bareboat Charter.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zad7b5517789d4e3798644cc4aa4e8ca1">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.34.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A (in its capacity as Bareboat Charterer) agrees that, should an Event of Default occur and be continuing unremedied and unwaived and the Security
                    Agent wishes to sell the relevant Vessel pursuant to its rights under the relevant Mortgage, such sale may be made free of the Bareboat Charter and any claim for loss of the same shall be made against the relevant Owner or the balance
                    (if any) of the proceeds of sale in the hands of the Security Agent after payment of the Indebtedness unless the Security Agent is obliged by law to apply such balance in favour of parties other than the Bareboat Charterer.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 81</font></div>
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22.34.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Borrower A (in its capacity as Bareboat Charterer) agrees that, should an Event of Default occur and the Security Agent wishes to take and enter into
                    possession of the relevant Vessel and/or to sell the relevant Vessel pursuant to its rights under the relevant Mortgage, the Bareboat Charter will immediately on the demand of the Security Agent be terminated.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4550bc21fb0048169ea732bb7cb3b2ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Events of Default</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9c4929fbb1f3457eba2243df03400146">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Events of Default </font>Each of the events or circumstances
                    set out in this Clause 23.1 is an Event of Default.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5935e364eb4745b3928f7e5176776746">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non-payment </font>A Security Party does not pay on the due
                    date any amount payable by it under a Finance Document at the place at and in the currency in which it is expressed to be payable unless:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z17ddebdb556e4ac1a22a0c788e1a8e24">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its failure to pay is caused by:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65266a7adef34e3385940048033e78dd">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">administrative or technical error; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4bbfc04c15464006a3d54f7af8fb27ba">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Disruption Event; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zee0b0a6b6b46437b864905cb2b978924">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">payment is made within three Business Days of its due date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za607193fcd0045fc875afe23a9c09a36">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other specific obligations</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaff8fd18b46d46649ae1b2b1032029b3">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any requirement of Clause 21 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial Covenants</font>) is
                    not satisfied.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0192373a8f68404aac33b0688ee1f095">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Security Party does not comply with any obligation in a Finance Document relating to the Insurances or with Clause 17.5 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Additional security</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za0b0d9626ea34088b850777261cf39d2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers do not comply with Clauses 7.6.1 or 7.6.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mandatory



                      prepayment on sale or Total Loss</font>)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z208219c449ce4f4a94d20ce65d7be9a1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other obligations</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4af12ae1a9094a51bb6ce8583ec6db5f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Security Party does not comply with any provision of a Finance Document (other than those referred to in Clause 23.1.1 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Non-payment</font>) and Clause 23.1.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other specific obligations</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ef20e77403a488095b5c81d4c873521">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Event of Default under this Clause 23.1.3 will occur if the failure to comply is capable of remedy and is remedied within ten Business Days of the earlier
                    of (i) the Agent giving notice to the Borrowers and (ii) the Borrowers becoming aware of the failure to comply.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zded1937ba0bc428c8cd317773ebf57ae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Misrepresentation </font>Any representation or statement made
                    or deemed to be repeated by a Security Party in any Finance Document or any other document delivered by or on behalf of a Security Party under or in connection with any Finance Document is or proves to have been incorrect or misleading
                    when made or deemed to be made.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z594fe45904344d24a983ec9f78d2b4fe">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cross default</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f4b9dacf9434434bf1ac06e5673bb4a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Financial Indebtedness of a Security Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 82</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc73227167ca247249ce3299ca5467b51">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is not paid when due nor within any originally applicable grace period; or</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc4f9a6d987654fb6a3244381c9acfde0">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is declared to be, or otherwise becomes, due and payable prior to its specified maturity as a result of an event of default (however described).</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf7cb6ad20ef74aa0aa75f7200f558534">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any commitment for any Financial Indebtedness of any Security Party is cancelled or suspended by a creditor of that Security Party <font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif;">as a result of an event of default (however described).</font></font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Event of Default will occur under this Clause 23.1.5 if the aggregate amount of Financial
        Indebtedness or commitment for Financial Indebtedness falling within (c)(f) to (c) is less than USD 10,000,000 (or its equivalent in any other currency or currencies).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f64423f861545329ee59ad2102bf755">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insolvency</font></font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Insolvency Event occurs in respect of any Security Party.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbf98fb16b474444a55ee7a95adec0ae">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Creditors' process </font>Any expropriation, attachment,
                    sequestration, distress or execution affects any asset or assets of a Security Party having an aggregate value of USD 10,000,000.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcb264bea79f94c1da6112ea148f3d50b">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Unlawfulness and invalidity</font></font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z15bf77b160a948dd99358193e6b65789">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">It is or becomes unlawful for a Security Party to perform any of its obligations under the Finance Documents or any Encumbrance created or expressed to be
                    created or evidenced by the Security Documents ceases to be effective.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8be2e8cb08694b8ca6b8557e7abfd461">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any obligation or obligations of any Security Party under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid,
                    binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf95d5ba5c1d74db49957872b34fd3e72">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Finance Document ceases to be in full force and effect or any Encumbrance created or expressed to be created or evidenced by the Security Documents ceases
                    to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z739ef0c95c8f4636b8d454f0b1e7bd5a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cessation of business </font>A Security Party other than
                    Borrower B, which may dispose of all of its vessels and continue business as a holding company, ceases, or threatens to cease, to carry on all or a substantial part of its business.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0afb7163da9747bfaaba03526cd5ab8e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change in ownership or control of a Guarantor </font>There is
                    any breach of Clause 22.28.2.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5605c7d877b4123a3f95324968beb43">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Expropriation </font>The authority or ability of a Security
                    Party to conduct its business is limited or wholly or substantially curtailed by any seizure,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 83</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">expropriation, nationalisation, intervention, restriction or other action by or on behalf of any
        governmental, regulatory or other authority or other person in relation to a Security Party or any of its assets.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zef918e587e06430da8379815999a82eb">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Repudiation and rescission of agreements</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z46fde80f40a6405e997217ced5ff9a1b">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Security Party rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or repudiate a
                    Finance Document.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9a87a9d5e523447fa68c9c6dd1b9df1b">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any of the Management Agreements is terminated, cancelled or otherwise ceases to remain in full force and effect at any time prior to its contractual expiry
                    date and is not promptly replaced by a similar agreement in form and substance satisfactory to the Majority Lenders (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z417e2c4bdd66444688a3f9701070cbc3">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions subsequent </font>Any of the conditions referred
                    to in Clause 4.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions subsequent</font>) is not satisfied within the time reasonably required by the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z75fdfdd419934e94bbbe86fba61bcb1b">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Revocation or modification of Authorisation </font>Any
                    Authorisation of any governmental, judicial or other public body or authority which is now, or which at any time during the Facility Period becomes, necessary to enable any of the Security Parties or any other person (except a Finance
                    Party) to comply with any of their obligations under any Relevant Document is not obtained, is revoked, suspended, withdrawn or withheld, or is modified in a manner which the Agent considers is, or may be, materially prejudicial to the
                    interests of any Finance Party, or ceases to remain in full force and effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a4ca7ad7e2b498dac2198d91cdcb72e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reduction of capital </font>A Guarantor reduces its
                    authorised or issued or subscribed capital.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z977d216677a64a979568e1c2c14816fb">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Challenge to registration </font>The registration of a Vessel
                    or a Mortgage is contested or becomes void or voidable or liable to cancellation or termination, or the validity or priority of a Mortgage is contested.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z757a32b03dce466b8612ad27bd1d4eb8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">War </font>The country of registration of a Vessel becomes
                    involved in war (whether or not declared) or civil war or is occupied by any other power and the Agent in its discretion (acting reasonably) considers that, as a result, the security conferred by any of the Security Documents is
                    materially prejudiced.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd209ac8d90ec49e68865c3fd982c8818">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notice of determination </font>A Guarantor gives notice to
                    the Security Agent to determine any obligations under the relevant Guarantee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za8681949f75848f09ee6be6dacdac0a8">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Litigation </font>Any litigation, arbitration,
                    administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to the Relevant Documents (other than the Charters or the Management Agreements) or the transactions
                    contemplated in the Relevant Documents or against a Security Party or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 84</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its assets which have or are reasonably likely to have a Material Adverse Effect.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z263e9df9debb4f28b942eb5d5ad05f2a">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.1.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Material Adverse Change </font>Any event of circumstance set
                    out in Clause 23.1.21 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sanctions</font>) occurs in relation to any member of the Group or an Affiliate of any of them or any member of the
                    Group or an Affiliate of any of them acts in a way contrary to the obligations set out in Clauses 22.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Environmental Compliance</font>),
                    22.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Anti-corruption law</font>) and 22.6.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Taxation</font>) and the Majority Lenders reasonably believe that such event or actions have or are reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze45d5f50f5d24e5a9c1876c8f6dced25">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acceleration </font>On and at any time after the occurrence
                    of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders:</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by notice to the Borrowers cancel the Total Commitments, at which time they shall immediately be cancelled;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4c584b899fd24a6b866a54809932e436">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by notice to the Borrowers declare that the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents are
                    immediately due and payable, at which time they shall become immediately due and payable;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by notice to the Borrowers declare that the Loan is payable on demand, at which time it shall immediately become payable on demand made by the Agent on the
                    instructions of the Majority Lenders; and/or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0a2a871036e04c55991814e4c1aa31e1">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65c0b71c1e3345ce94628dae5ce3c9cb">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by notice to the Borrowers amend or select such Interest Periods for the Loan and/or convert the Indebtedness into such other currency as the Agent may
                    determine; and/or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">take any other action, exercise any other right or pursue any other remedy conferred upon the Agent by this Agreement and/or by all or any of the Security
                    Documents or by any applicable Regulation or otherwise as a consequence of such Event of Default; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79c6cf00ac42407c95deda098dfbae90">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enforce any and all statutory rights under any applicable law, including the Danish Administration of Justice Act; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z07b2e81fbad8492b84b45955b45d8da1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.2.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">recover from the Security Parties on demand all expenses incurred or paid by the Agent or the Security Agent in connection with the exercise of the powers
                    referred to in this Clause 23.2.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8100fc3af9bd4311954ff3aa6a3c466d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Agent's Powers</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z803035f8f4ab4a13bd6549f4cc146f6e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an Event of Default shall occur, and the Agent shall demand payment of all or any part of the Indebtedness, the security constituted by each Mortgage and
                    this Agreement shall become immediately enforceable and the Security Agent shall be entitled to exercise all or any of the rights, powers, discretions and remedies vested in the Security Agent by this Clause without any requirement for
                    any court order or declaration that an</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 85</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Event of Default has occurred. The Security Agent's right to exercise those rights, powers,
        discretions and remedies shall be in addition to and without prejudice to all other rights, powers, discretions and remedies to which it may be entitled, whether by statute or otherwise. The Security Agent shall be entitled to exercise its rights,
        powers, discretions and remedies despite any rule of law or equity to the contrary, and whether or not any previous default shall have been waived, and in particular without the limitations contained in Section 103 of the English Law of Property
        Act 1925 or any statutory provision which the Security Agent considers analogous to that section under the law of any other relevant jurisdiction.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a81aa9b025549d09abfb59ac6c018aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the circumstances described in Clause 23.3.1, the Security Agent shall be entitled (but not obliged) to in respect of each Vessel:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb83b711ec5844bb18ed239b790b569a6">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">take possession of the Vessel wherever she may be; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54ba53ec246d452484b51d90062ba026">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">discharge the master and crew of the Vessel and employ a new master and crew; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z307e82b600fa4460b589fb3b4d089186">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">navigate the Vessel to such places as the Security Agent may decide or detain or lay up the Vessel; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e434ce497564a17b02f2fbdfc6ac096">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the name of the Security Agent or the name of the relevant Owner, demand, sue for, receive and give a good receipt for all sums due to the relevant Owner
                    in connection with the Vessel and, in the name of the Security Agent or the name of the relevant Owner or the name of the Vessel, commence such legal proceedings as it may consider appropriate, or conduct the defence of any legal
                    proceedings commenced against the Vessel or the relevant Owner in its capacity as owner of the Vessel; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd746a22681946ba98dda2a9d3d2a33e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sell or dispose of all or any shares in the Vessel either by private treaty or auction, on such terms as the Security Agent shall think fit (including
                    deferred payment terms and with or without the benefit of any charterparty or other contract of employment), with the power to make a loan on such terms as the Security Agent may decide to any prospective purchaser to assist in the
                    purchase of the Vessel, and the power to postpone any sale, without being liable for any loss caused by any such sale or the postponement of any such sale; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d973f622857403d97cb44eb5ebdf8f3">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">replace, maintain or repair any part of the Vessel or alter her to suit the Security Agent's requirements and put her through all appropriate surveys; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7abb37ce47db432bb9d64fc30184d32d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">employ agents, servants and others (including, without limitation, any commercial and/or technical manager in respect of the relevant Vessel) on such terms as
                    the Security Agent may in its discretion determine; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 86</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3667e96019804587b07c0fe0fbe841c6">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">charter or load the Vessel on such terms and for the carriage of <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such cargoes as
                      the Security Agent may in its discretion determine.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23080bf44c84417caa257204f78e898c">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the avoidance of doubt, if the Security Agent takes any action or enters into or completes any transaction pursuant to Clause 23.3.2 after an Event of
                    Default has been remedied, that action or transaction shall not be affected by the remedying of the Event of Default.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 87</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z549d3ba8ce3d4aed933ff1132e4a13f0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Changes to Parties</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z501a646a7b0b472f893556eebf11aeed">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Changes to the Lenders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0103673f1bb34d74b267e621e10da41f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Assignments and transfers by the Lenders</font> Subject to this Clause 24, a Lender (the "<font style="font-weight: bold;">Existing

                      Lender</font>") may:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0faaa3adabb34fcfb4de7ba16ca6e740">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">assign any of its rights; or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8470d6d48b8248878504db28547d0712">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">transfer by novation any of its rights and obligations; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9b90f6bad04c45d29d6d035aefa6c863">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sub-participate any of its rights and obligations,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">under any Finance Document to another bank or financial institution or other entity which is
        regularly engaged in or established for the purpose of making, purchasing, or investing in loans, securities or other financial assets (other than any hedge fund, opportunity fund or private equity investor) (the "<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Lender</font>").</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z078531d4b8f949df8eacf0a182db4113">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions of assignment or transfer</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd0155eaf77245a8a1af29cb704c3469">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Existing Lender must consult with the Borrowers for no more than 15 Business Days before it may make an assignment or transfer or sub-participation in
                    accordance with Clause 24.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Assignments and transfers by the Lenders</font>) unless the assignment or transfer is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zccec646573ca41eeb55e64633bb697af">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to another Lender or an Affiliate of a Lender (falling within the definition of a &#8220;New Lender&#8221;); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb7578b07f7b497bbb6da9cb68acfa35">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">made at a time when an Event of Default is continuing.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57320be80dba46e78425d77985c46348">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consent of the Borrowers to an assignment or transfer or sub-participation must not be unreasonably withheld or delayed. The Borrowers will be deemed to
                    have given their consent 15 Business Days after the Lender has requested it unless consent is expressly refused by the Borrowers within that time.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35fd78713816468bade199c0120d43bf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An assignment will only be effective on:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z528ae71f283445a08d5daab465156042">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same
                    obligations to the other Finance Parties as it would have been under if it was an Original Lender; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d98805f2c944f148f1ae2e6e2a1b35e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such
                    assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4915589f15fe4cc6ad2b28735e42d642">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">it is for a minimum amount of ten million dollars (USD 10,000,000).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 88</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f84adcb72934575ba2a4dcf732441ed">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A transfer will only be effective if the procedure set out in Clause 24.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Procedure for transfer</font>) is complied with.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f16534a95f545f6a277261970172b0b">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.2.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7032398e86294dbb83225c9b01d282e1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6a9b9f9a4b14cd48a32913a5feb92a9">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as a result of circumstances existing at the date the assignment, transfer or change occurs, a Borrower would be obliged to make a payment to the New Lender
                    or Lender acting through its new Facility Office under Clause 12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Gross Up and Indemnities</font>) or Clause 13 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increased Costs</font>),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">then the New Lender or Lender acting through its new Facility Office is only entitled to receive
        payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This Clause 24.2.5 shall not apply in respect of an
        assignment or transfer made in the ordinary course of the primary syndication of the Loan.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z083fc13e77f84d4099ac8a401e3b1713">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.2.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each New Lender confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by
                    or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to
                    the same extent as the Existing Lender would have been had it remained a Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z47364bf26bf94a59a95e0d0f27b9ed8b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Limitation of responsibility of Existing Lenders</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f62df4cc385431783d51ae7537708bc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea50ee610ca644e78cfb6576bb56112d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the legality, validity, effectiveness, adequacy or enforceability of the Relevant Documents or any other documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c3f44975296473ab5360a1ffb8bb67f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the financial condition of any Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5411dc3bc3ed49d78ab90e6264c45026">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the performance and observance by any Security Party of its obligations under the Relevant Documents or any other documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z96d945e9e3734a46a82c71f7212184a7">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the accuracy of any statements (whether written or oral) made in or in connection with any of the Relevant Documents or any other document,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and any representations or warranties implied by law are excluded.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z626b2278127a4254bbe80b0ef3643ed6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each New Lender confirms to the Existing Lender and the other Finance Parties that it:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 89</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdf2eb29eefcb42b9bea5a91a8424386d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Security Party and its
                    related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any of the Relevant Documents; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z106d5b265f854dc18720f97939988975">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">will continue to make its own independent appraisal of the creditworthiness of each Security Party and its related entities whilst any amount is or may be
                    outstanding under the Finance Documents or any Commitment is in force.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1cc6348be87a45fa8632ddad524180ba">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nothing in any Finance Document obliges an Existing Lender to:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za69a90d4524343a19922c32815d184c1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 24; or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z20f233cf59224915b7c94058796d825d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Security Party of its obligations under the
                    Relevant Documents or otherwise.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5829bd2411a4fe7911e5331cdb7539d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Procedure for transfer</font></font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb4009c92b564b1d8f312bb588e9fc08">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) a transfer is effected in accordance with Clause 24.4.3 when the Agent
                    executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 24.2.3(b), as soon as reasonably practicable after receipt by it of a duly completed
                    Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd8d683615a34c25ae61271c6f5546ca">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has
                    complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze6a59907908f4bb5b10edc705d7c16cc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Transfer Date:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1caa4dded5344a33847a0fdd9a29392d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each
                    Borrower and each Guarantor and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another shall be cancelled (being the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Discharged Rights and Obligations</font>");</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z922e3995bf2048bc8cc9a2d4878c8910">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Borrower and each Guarantor and the New Lender shall assume obligations towards one another and/or acquire rights</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 90</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">against one another which differ from the Discharged Rights and Obligations only insofar as that
        Borrower and the Guarantors and the New Lender have assumed and/or acquired the same in place of that Borrower and the Guarantors and the Existing Lender;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d0574f19bb943a0b7e3756cefaf0477">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent, the Security Agent, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would
                    have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Security Agent, and the Existing Lender
                    shall each be released from further obligations to each other under this Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z305921ae34a74e6da7cbeaff25b4ab72">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the New Lender shall become a Party as a "Lender".</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2757c45ebba64bddbb8dd4d569e1e4d7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Procedure for assignment</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9cdd5178a55f4ecca6369ad806335940">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with Clause 24.5.3 when
                    the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to Clause 24.5.2, as soon as reasonably practicable after receipt by it of a duly
                    completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b6d0bd71f414456b42e84bea8549d69">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has
                    complied with all necessary "know your customer" or similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fcde0ce27c541d1b21fb3d92de5bc52">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.5.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Transfer Date:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf76cbb63e6c48bbbfd5ed04aa29a4f1">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of any Encumbrance created or expressed to
                    be created or evidenced by the Security Documents and expressed to be the subject of the assignment in the Assignment Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24b2c1dbbdf642cd9c4977dbe0b65461">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Existing Lender will be released from the obligations (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
                      bold;">Relevant Obligations</font>") expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of any Encumbrance created or expressed to be created or
                    evidenced by the Security Documents); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1d3f5efd5d054214a10d726898f01bbe">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 91</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z821a916e89314a3183ab2e489965d87d">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.5.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lenders may utilise procedures other than those set out in this Clause 24.5 to assign their rights under the Finance Documents (but not, without the consent
                    of the relevant Security Party or unless in accordance with Clause 24.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Procedure for transfer</font>), to obtain a release by that
                    Security Party from the obligations owed to that Security Party by the Lenders nor the assumption of equivalent obligations by a New Lender) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
                      bold;">provided that </font>they comply with the conditions set out in Clause 24.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions of assignment or transfer</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35f4f863545344fc9b8b137482e0090a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Copy of Transfer Certificate or Assignment Agreement to
                      Borrowers </font>The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrowers a copy of that Transfer Certificate or Assignment Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc1e962f450c44876ab696851043ba779">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security over Lenders' rights </font>In addition to the other
                    rights provided to Lenders under this Clause 24, each Lender may without consulting with or obtaining consent from any Security Party, at any time charge, assign or otherwise create Encumbrances in or over (whether by way of collateral
                    or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1aefce52b0e4e1eb9ce318c39e30e8d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any charge, assignment or other Encumbrance to secure obligations to a federal reserve or central bank; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z18b5026392cc4984af51b0e37a6f9873">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of any Lender which is a fund, any charge, assignment or other Encumbrance granted to any holders (or trustee or representatives of holders) of
                    obligations owed, or securities issued, by that Lender as security for those obligations or securities,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">except that no such charge, assignment or Encumbrance shall:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5f89abd0fdb84d15b93a769a76d1b151">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Encumbrance for
                    the Lender as a party to any of the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb4c3b5ad5514779a07a4ba42118b1f1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">require any payments to be made by a Security Party other than or in excess of, or grant to any person any more extensive rights than, those required to be
                    made or granted to the relevant Lender under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc8f857e5ea0848d4bb3e4dda919a3e81">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fee </font>The New Lender shall, on the date on which the
                    transfer, assignment or sub-participation becomes effective, pay to the Agent (for its own account) a fee of five thousand Dollars (USD 5,000).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b2d177b2771445980710308272582d2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restriction on Debt Purchase Transaction </font>No Security
                    Party shall, and the Borrowers shall procure that no member of the Group shall, enter into any Debt Purchase Transaction or beneficially own all or any part of the share capital of a company that is a Lender or a party to a Debt
                    Purchase Transaction of the type referred to in paragraphs (b) and (c) of the definition of Debt Purchase Transaction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 92</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zed7d480566304da5bdd80811fd86f2f1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Changes to the Security Parties</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b89210fed664c1886698308647acc68">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No assignment or transfer by Security Parties </font>No
                    Security Party may assign any of its rights or transfer any of its rights or obligations under the Finance Documents, without the prior written consent of the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 93</font></div>
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    <div style="text-align: left; margin-bottom: 12pt;">
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Finance Parties</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b8893bc365d4a0f96c736ef6261bb03">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Role of the Agent and the Security Agent</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc05daada4abc4e66bff13e8c42082ca8">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Appointment of the Agent</font></font></div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48bdd3d76b9d4431892f257c0f70a128">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents and each of the Lenders and the Agent appoints
                    the Security Agent to act as its security agent under and in respect of the Security Documents.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd71199b20a364732a7d80c48c1716430">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Lenders authorises the Agent and each of the Lenders and the Agent authorises the Security Agent to perform the duties, obligations and
                    responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent or the Security Agent (as the case may be) under or in connection with the Finance Documents together with any other
                    incidental rights, powers, authorities and discretions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcab3ed5e1bf54ac9b1dc8d99bcb04116">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except in Clause 26.13 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Replacement of the Agent</font>) or
                    where the context otherwise requires, references in this Clause 26 to the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agent</font>" shall mean the Agent and the Security Agent
                    individually and collectively.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23b4bb9dc6744e07a1f53fd68b9fbc87">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Reserve Account Pledge, the Inter-company Indebtedness Assignment and any other Danish law Security Documents shall be granted by the relevant parties to
                    the Security Agent as security agent (in Danish: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">fuldm&#230;gtig</font>) for the Finance Parties in accordance with Section 18 of the Danish
                    Capital Markets Act (in Danish: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">lov om kapitalmarkeder</font>) (as amended from time to time) (in Danish: <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">v&#230;rdipapirhandelsloven</font>). Each of the Finance Parties appoints the Security Agent as security agent (in Danish: <font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;">fuldm&#230;gtig</font>) to receive and hold the Reserve Account Pledge, the Inter-company Indebtedness Assignment and any other Danish law Security Documents on behalf of and for the
                    benefit of the Finance Parties and the Security Agent agrees to receive and hold the Reserve Account Pledge, the Inter-company Indebtedness Assignment and the other Danish law Security Documents accordingly.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z40620a52c06a49d6852e6d5e3e842b4b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Instructions</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7cd522f3ef1f4ba2acfd6cc51664308a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7bf4691ec6634af9b1093f15a5286c13">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as
                    Agent in accordance with any instructions given to it by:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b3639799b074a899e4a4ee9896251eb">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf03e9d07c85e4a4daaf05d90746c5858">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in all other cases, the Majority Lenders; and</font></div>
              </td>
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      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 94</font></div>
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    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with Clause 26.2.1(a).</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document
                    stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or
                    discretion and the Agent may refrain from acting unless and until it receives those instructions or that clarification.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6fbc6769aa2e43dfa39ddac6caaaa757">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary
                    indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the
                    Security Agent.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf22a4cfdd8647769455247168a4539f">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or
                    security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with
                    those instructions.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb85bb750dca74e0dacca5088c27d0da1">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.2.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff95298e01cd43c1b1c1356212858459">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.2.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to
                    any Finance Document. This Clause 26.2.6 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance Documents or the enforcement of the Finance Documents.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5e29f807e27c42099a55fd7ce87c5ade">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Duties of the Agent</font></font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c7717fd4aad44cfa8c8a2101b2709a3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 26.3.3, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by
                    any other Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ca34d3fb65549b6b7c4e6e88b5f33b8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to Clause 24.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Copy of Transfer
                      Certificate or Assignment Agreement to Borrower</font>), Clause 26.3.1 shall not apply to any Transfer Certificate or any Assignment Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9a901a299eca4144bd442577033a4604">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any
                    document it forwards to another Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 95</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1db8cf9e40dd419497ceee52ce5a2a7f">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall
                    promptly notify the Finance Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1d5847d7a25f4327aa8b0d6e7724157b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the
                    Security Agent) under this Agreement it shall promptly notify the other Finance Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze517e0ce804f4ee4b4e547def7ea11c8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.3.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party
                    (and no others shall be implied).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z02feff89935a4e5fb63517fa6d5cdbb5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No fiduciary duties</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z086813e8134949dd8b63418742cbfd76">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 26.11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Trust</font>) which relates to the
                    Security Agent only, nothing in any Finance Document constitutes the Agent as a trustee or fiduciary of any other person.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a2aff7e9a4845a69440cd0b64d2ae91">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall not be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54fc4c8878bb411e86cd8ed7c6840c12">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business with Security Parties and the Group </font>The Agent
                    may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Borrower any other Security Party or its Affiliate and any other member of the Group.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za201e99824134947b3560d35ff87d9e2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Rights and discretions of the Agent</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z92eb51cd11084e7d8d954f99933f0f8f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3abb8c4448e4f2bb6901f294a152eb7">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04117881f4004492adaa4a11031f608e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">assume that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbc2edb451a0145bcb956c933db5b4e1a">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance
                    Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z46293a0308374bfabb82672079f3a716">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless it has received notice of revocation, that those instructions have not been revoked; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaaa7ccce29f44764878006768ed65e2f">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">rely on a certificate from any person:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2db8882b2dd74cdf9f4214fa148d8f9b">

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              <td style="width: 180pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b0753292a7b4e0591ee7f081c72571e">

            <tr>
              <td style="width: 180pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 96</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-right: 3.6pt; margin-left: 216pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as sufficient evidence that that is the case and, in the case of (A), may assume
        the truth and accuracy of that certificate.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z370b9ad1ac9f4d228bb68da4950b8377">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders or security agent for the Finance Parties (as the
                    case may be)) that:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za7b152396a1f4968a2939b93927b8ad1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Default has occurred (unless it has actual knowledge of a Default arising under Clause 23.1 (<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-style: italic;">Events of Default</font>));</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb7cce83146d9459f98184f19e4e97264">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89597ae0928245f9be432902dbcd79db">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any notice or request made by the Borrowers (other than a Drawdown Request) is made on behalf of and with the consent and knowledge of all the Security
                    Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4a0b84dd924942e1ac2ab0994a74f771">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may engage and pay for the advice or services of any lawyers, accountants, surveyors or other experts.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b9ac21b9db34c30a6fc29bc7014957c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to the generality of Clause 26.6.3 or Clause 26.6.5, the Agent may at any time engage and pay for the services of any lawyers to act as
                    independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za0750fefc9a8485ba658e1d4daafaffd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained
                    by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0fc811638a53478a92a82894977f3bb5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac1b6482b0fe48768c806aad005ea358">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be liable for any error of judgment made by any such person; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36f498c954ca419a9dd44432f35f9af2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless such error or such loss was directly caused by the Agent's gross negligence or wilful
        misconduct.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4647d9f6ba5a4bc99db4f49e6d5ae1dd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as
                    agent under this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00f887213c0b4e3ea373c41bbc538b26">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to the generality of Clause 26.6.7, the Agent:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z057f145a5b574cc18dcde8da60623376">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">may disclose; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 97</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z87f7540bfe064ef1b197204b092097b2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on the written request of the Borrowers or the Majority Lenders shall, as soon as reasonably practicable, disclose,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the identity of a Defaulting Lender to the Borrowers and to the other Finance Parties.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5fae982469e4502997a661181db5c93">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding any other provision of any Finance Document to the contrary, the Agent is not obliged to do or omit to do anything if it would or might in its
                    reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zca76f34fcdd84e908a6d133a98e9e80e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent is not obliged to disclose to any Finance Party any details of the rate notified to the Agent by any Lender or the identity of any such Lender for
                    the purpose of Clause 10.2.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Market Disruption</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f422826f7e14e3489b81d89e1a2a9c3">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.6.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any
                    financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
                    against, or security for, such risk or liability is not reasonably assured to it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1e84617aa2c34a48b0f92f195dc39dbc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Responsibility for documentation </font>The Agent is not
                    responsible or liable for:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbcff1c26946469391c95441526ffe3a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, a Security Party or any other person given in
                    or in connection with any Relevant Document or the transactions contemplated in the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z06b8f2b9a546438c916baedeee9af7d0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the legality, validity, effectiveness, adequacy or enforceability of any Relevant Document or any other agreement, arrangement or document entered into, made
                    or executed in anticipation of or in connection with any Relevant Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f514742c6fc49348207e769dcda0988">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.7.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or
                    prohibited by applicable law or regulation relating to insider dealing or otherwise.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ba6259698fa4ca899af39d884042a92">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No duty to monitor </font>The Agent shall not be bound to
                    enquire: 26.8.1 whether or not any Default has occurred;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za55c7e68c0c8419d941d4c5010f657e7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.8.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as to the performance, default or any breach by any Party of its obligations under any Finance Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc7ed4fb055624a64a74ad48171e0264a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.8.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether any other event specified in any Finance Document has occurred.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 98</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z415d8ca67e3649e9a67bb8aff24caffe">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exclusion of liability</font></font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z707209a5598043b1be5da9c206216a83">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.9.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without limiting Clause 26.9.2 (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent) the
                    Agent shall not be liable for:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z29bed1d03a1f4611a6dd1149113fa3b7">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under
                    or in connection with any Finance Document or any Encumbrance created or expressed to be created or evidenced by the Security Documents, unless directly caused by its gross negligence or wilful misconduct;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z434c273d34d44d00b57a05b601b61de1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, any Encumbrance created
                    or expressed to be created or evidenced by the Security Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or any Encumbrance
                    created or expressed to be created or evidenced by the Security Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2884f1b5d06946e2b4400904bf1f34e5">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any shortfall which arises on the enforcement or realisation of the Trust Property; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1f7c192f1c774120ab77004cafbc40d4">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">without prejudice to the generality of Clauses 26.9.1(a), 26.9.1(b) and 26.9.1(c), any damages, costs or losses to any person, any diminution in value or any
                    liability whatsoever arising as a result of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2897c91b262d4e68ab6b5a35250619b8">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any act, event or circumstance not reasonably within its control; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z095a2cda0f6a4451bee7bcc306146cd4">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the general risks of investment in, or the holding of assets in, any jurisdiction,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">including (in each case and without limitation) such damages, costs, losses, diminution in value or
        liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value
        of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes
        or industrial action.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f9cd75eb2b147bab20b685a3bc43156">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.9.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the
                    Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Relevant Document and any officer, employee or agent of the Agent may rely on this Clause.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 99</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z116143616f1045dfb2ee845a9faf590a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.9.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be
                    paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23ec9e2656e84c3dad4345690c6706f1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.9.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement shall oblige the Agent to carry out:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f61571fb78046bb8ec922e6adbe84e4">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any "know your customer" or other checks in relation to any person;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d0a7473d8ad4b0899c62ab05ac144ad">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on behalf of any Lender and each Lender confirms to the Agent that it is solely responsible for any
        such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9bc038b4ef3478b960b01343cfc449a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.9.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in
                    connection with any Finance Document or any Encumbrance created or expressed to be created or evidenced by the Security Documents shall be limited to the amount of actual loss which has been finally judicially determined to have been
                    suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at
                    any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential
                    damages, whether or not the Agent has been advised of the possibility of such loss or damages.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z199d04e92ab644bcb097adefbeea89d4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lenders' indemnity to the Agent</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbda1e5f64c64426b98556530e03d2df7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.10.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments
                    immediately prior to their reduction to zero) indemnify the Agent and every Receiver and Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the
                    relevant Agent's, Receiver's or Delegate's gross negligence or wilful misconduct) in acting as Agent, Receiver or Delegate under, or exercising any authority conferred under, under the Finance Documents (unless the relevant Agent,
                    Receiver or Delegate has been reimbursed by a Security Party pursuant to a Finance Document).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z990599b78897456b9ccc6e51c7ce3e88">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.10.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 26.10.3, the Borrowers shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to Clause
                    26.10.1</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 100</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55eb20b281fa4af1a628bb0d02197ee4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.10.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 26.10.2 shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the
                    Agent to a Security Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb61232a255f2471391772564c5066dbc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trust </font>The Security Agent agrees and declares, and each
                    of the other Finance Parties acknowledges, that, subject to the terms and conditions of this Clause 26.11, the Security Agent holds the Trust Property on trust for the Finance Parties absolutely. Each of the other Finance Parties agrees
                    that the obligations, rights and benefits vested in the Security Agent shall be performed and exercised in accordance with this Clause 26.11. The Security Agent shall have the benefit of all of the provisions of this Agreement
                    benefiting it in its capacity as security agent for the Finance Parties, and all the powers and discretions conferred on trustees by the English Trustee Act 1925 (to the extent not inconsistent with this Agreement). In addition:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd99a848cea24c1a9e7fc3313d7cb1c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.11.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Security Agent and any Delegate may indemnify itself or himself out of the Trust Property against all liabilities, costs, fees, damages, charges, losses
                    and expenses sustained or incurred by it or him in relation to the taking or holding of any of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions vested in the
                    Security Agent or any Delegate by or pursuant to the Security Documents or in respect of anything else done or omitted to be done in any way relating to the Security Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27b78c8124644d60977250c82dcac87f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.11.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the other Finance Parties acknowledge that the Security Agent shall be under no obligation to insure any property nor to require any other person to insure
                    any property and shall not be responsible for any loss which may be suffered by any person as a result of the lack or insufficiency of any insurance;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c9ff73e01214b47b4929c8ed8d1b6e1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.11.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Finance Parties agree that the perpetuity period applicable to the trusts declared by this Agreement shall be the period of 125 years from the date of
                    this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55276f8d67f44884830f81c75ff40053">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.11.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Security Agent shall not be liable for any failure, omission, or defect in perfecting the security constituted or created by any Finance Document
                    including, without limitation, any failure to register the same in accordance with the provisions of any of the documents of title of any Security Party to any of the assets thereby charged or effect or procure registration of or
                    otherwise protect the security created by any Security Document under any registration laws in any jurisdiction and may accept without enquiry such title as any Security Party may have to any asset;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z37e76d6956954a27a82f7de7f19d4f5e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.11.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Security Agent shall not be under any obligation to hold any title deed, Finance Document or any other documents in connection with the Finance Documents
                    or any other documents in connection with the property charged by any Finance Document or any other such security in its own possession or to take any steps to protect or preserve the same, and may permit any Security Party to retain
                    all such title deeds, Finance Documents and other documents in its possession; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 101</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z935e2da976244066b079040e2a9a4972">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.11.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">save as otherwise provided in the Finance Documents, all moneys which under the trusts therein contained are received by the Security Agent may be invested in
                    the name of or under the control of the Security Agent in any investment for the time being authorised by English law for the investment by trustees of trust money or in any other investments which may be selected by the Security Agent,
                    and the same may be placed on deposit in the name of or under the control of the Security Agent at such bank or institution (including the Security Agent) and upon such terms as the Security Agent may think fit.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The provisions of Part I of the English Trustee Act 2000 shall not apply to the Security Agent or the
        Trust Property.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z892b1fb38eec46f8a7a281065fb6c991">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Resignation of the Agent</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd02f4340e5a548b0b592cbdc6e15ee25">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrowers.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z07b7670e15d2450d9d99816a2d6bfebb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alternatively the Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders (after
                    consultation with the Borrowers) may appoint a successor Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b9c876791ee4d7a85ce520c3c01c820">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Majority Lenders have not appointed a successor Agent in accordance with Clause 26.12.2 within 20 days after notice of resignation was given, the
                    retiring Agent (after consultation with the Borrowers) may appoint a successor Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf65ff265a9f947d9a17ef5de316be13e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate (for reasons not related to remuneration) for it
                    to remain as agent and the Agent is entitled to appoint a successor Agent under Clause 26.12.3, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become
                    a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this Clause 26 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market
                    practice for the appointment and protection of corporate trustees together with a reasonable agency fee (acceptable to the Borrowers (acting reasonably) and those amendments will bind the Parties).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze5d8a82e4af64314aef4a2e6ab34f387">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent
                    may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8bf28758453b44a597b7135e20e8ede2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent's resignation notice shall only take effect upon the appointment of a successor and (in the case of the Security Agent) the transfer of all the
                    Trust Property to that successor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbfc5abec52b6469284c87b3ba79c4bfc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 102</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Documents (other than its obligations under Clause 26.12.5) but shall remain entitled to the benefit
        of Clause 14.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Indemnity to the Agent</font>) and this Clause 26 (and any agency fees for the account of the retiring Agent shall cease to accrue from
        (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0aeeffb964f44dc4bdc89973cb1c5749">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.12.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall resign in accordance with Clause 26.12.2 (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant
                    to Clause 26.12.3) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fc6a0d86f554fc1b3ea7902f29f7ae8">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent fails to respond to a request under Clause 12.7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">FATCA



                      information</font>) and a Borrower or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ebd1409d4ca4924a2f162e57ed0044f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the information supplied by the Agent pursuant to Clause 12.7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">FATCA information</font>) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4175af93147448b8991d121a87bddfa3">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent notifies the Borrowers and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
                    Application Date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and (in each case) a Borrower or a Lender reasonably believes that a Party will be required to make
        a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Borrower or that Lender, by notice to the Agent, requires it to resign.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5edf602a279b4b6f965869c7e20b48b3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Replacement of the Agent</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0091ec3a967a40c3a95492b394deffde">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.13.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">After consultation with the Borrowers, the Majority Lenders may, by giving 30 days' notice to the Agent (or, at any time the Agent is an Impaired Agent, by
                    giving any shorter notice determined by the Majority lenders) replace the Agent by appointing a successor Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zad81b74cf5f649b996cb2875c1dcff50">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.13.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Agent such
                    documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its function as Agent under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf75f9120d8914ceb8a5660337308aa6f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.13.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this
                    date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 26.13.2 but shall remain entitled to the benefit of Clause 14.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Indemnity to the Agent</font>) and this Clause 26 (and any agency fees</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 103</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that
        date).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc375b49116a44727ab4ee67ff5f9e819">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.13.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had
                    been an original Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b959d5353d449fdb4d042481e09834e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidentiality</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z80f4158b4fca4ac5ab6b09e84e7f128a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.14.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from
                    any other of its divisions or departments.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za899d528fa2b4ad8a3be590f31a2b0a8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.14.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent
                    shall not be deemed to have notice of it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z042bf38f65d7445786cc4813a79aff8a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.14.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent is obliged to disclose to any other person (i) any confidential
                    information or (ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab6d2225e6544e0c94316668ef85b2ad">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relationship with the Lenders</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d23e53a417f45ab8ba692208932214c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.15.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the
                    Finance Parties from time to time) as the Lender acting through its Facility Office:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc565d55305c44f6ac05a21b081a76ed">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">entitled to or liable for any payment due under any Finance Document on that day; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ebc3ee2fb604c29813adee2891b4f9b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or
                    delivered on that day,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless it has received not less than five Business Days' prior notice from that Lender to the
        contrary in accordance with the terms of this Agreement.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z08e7485911c540c0b237aaf30cc00203">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.15.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or
                    dispatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 31.6 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Electronic communication</font>)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in
                    each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the
                    purposes of Clause 31.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses</font>) and Clause 31.6.1(b) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Electronic communication</font>) and the Agent shall be entitled to treat such person as</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 104</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the person entitled to receive all such notices, communications, information and documents as though
        that person were that Lender.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1d8797a83fe0471280eb2e61698b0721">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Credit appraisal by the Lenders </font>Without affecting the
                    responsibility of any Security Party for information supplied by it or on its behalf in connection with any Relevant Document, each Lender confirms to the Agent that it has been, and will continue to be, solely responsible for making
                    its own independent appraisal and investigation of all risks arising under or in connection with any Relevant Document including but not limited to:</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00ed385f0c544971b62cec36f1ed617a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.16.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the financial condition, status and nature of each Security Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z664b77c639454cb9929c4b2a8a3c83ca">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.16.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the legality, validity, effectiveness, adequacy or enforceability of any Relevant Document and any other agreement, arrangement or document entered into, made
                    or executed in anticipation of, under or in connection with any Relevant Document;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcfe11ac4a09646029d80bffe0e08826b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.16.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with
                    any Relevant Document, the transactions contemplated by the Relevant Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of under or in connection with any Relevant Document; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b0f873f9e7b4e8388cc648a92c5f5f9">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.16.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any Encumbrance created or
                    expressed to be created or evidenced by the Security Documents or the existence of any Encumbrance affecting the Charged Property.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19a2ed96f98e412fa1f7c5f8e02a03af">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deduction from amounts payable by the Agent </font>If any
                    Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make
                    under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae2767f82f5c4d10bb5affc4f38f1281">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conduct of Business by the Finance Parties</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No provision of this Agreement will:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9df67d076d84feabebee87aef5e5578">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0bd7693627e14751be3eec6912707012">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc814d4f583a8402abf9c80a6411f0f13">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 105</font></div>
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    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sharing among the Finance Parties</font></div>
              </td>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6298fdeb2784423db3d7794e0f2c5bb3">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payments to Finance Parties </font>If a Finance Party (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recovering Finance Party</font>") receives or recovers any amount from a Security Party other than in accordance with Clause 29 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payment Mechanics</font>) (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recovered Amount</font>")



                    and applies that amount to a payment due under the Finance Documents then:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e550e62ce0a4167927e1454d2586c21">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb389a3cc51194c14869dc36df0d2fcf8">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or
                    recovery been received or made by the Agent and distributed in accordance with Clause 29 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payment Mechanics</font>), without taking account
                    of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za62a40f833af4437a5640bde2eb23730">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the "<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sharing Payment</font>") equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of
                    any payment to be made, in accordance with Clause 29.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partial payments</font>).</font></div>
              </td>
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        </table>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z85ffa9c591dc4d01b8bb40700ff224cb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Redistribution of payments </font>The Agent shall treat the
                    Sharing Payment as if it had been paid by the relevant Security Party and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-weight: bold;">Sharing Finance Parties</font>") in accordance with Clause 29.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partial payments</font>) towards the
                    obligations of that Security Party to the Sharing Finance Parties.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c3104d8e17540e6a5dcbc7f68dfed79">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recovering Finance Party's rights </font>On a distribution by
                    the Agent under Clause 28.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Redistribution of payments</font>) of a payment received by a Recovering Finance Party from a Security Party,
                    as between the relevant Security Party and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Security Party.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdfd0b00bfa3d470e9e4fa4dd0013b97e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reversal of redistribution </font>If any part of the Sharing
                    Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the
                    appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is
                    required to pay) (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Redistributed Amount</font>"); and</font></div>
              </td>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf9672138e5d6474e9329b105c75824eb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as between the relevant Security Party and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not
                    having been paid by that Security Party.</font></div>
              </td>
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      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 106</font></div>
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    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exceptions</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45467322689f49ecad7eee2a8932f7ad">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Clause 28 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and
                    enforceable claim against the relevant Security Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8e7efcbef6243318d6177424b5ccb34">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">recovered as a result of taking legal or arbitration proceedings, if:</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4168aa6e1a1492e97055910e9504291">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">it notified that other Finance Party of the legal or arbitration proceedings; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49e25622bc974318a12421653f1784ff">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable
                    having received notice and did not take separate legal or arbitration proceedings.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 107</font></div>
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    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Administration</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9772c8464a1d4cc78c2b149be1bf3f31">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payment Mechanics</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z582dad1309ce48818c43d2c7ff066c68">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payments to the Agent </font>On each date on which a Security
                    Party or a Lender is required to make a payment under a Finance Document that Security Party or that Lender shall make the same available to the Agent for value on the due date at the time and in such funds specified by the Agent as
                    being customary at the time for settlement of transactions in the relevant currency in the place of payment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payment shall be made to such account in the principal financial centre of the country of that
        currency with such bank as the Agent specifies.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z62a74cbb8f3f40ce8647f1d468035e4a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions by the Agent </font>Each payment received by
                    the Agent under the Finance Documents for another Party shall, subject to Clause 29.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Distributions to a Security Party</font>) and Clause
                    29.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Clawback and pre-funding</font>) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive
                    payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank specified by that
                    Party in the principal financial centre of the country of that currency.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6131c73bad6747548bae6dbaf6387c97">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions to a Security Party </font>The Agent may (with
                    the consent of a Security Party or in accordance with Clause 30 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Set-Off</font>)) apply any amount received by it for that Security Party
                    in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Security Party under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z164a0dbf1a5e466594122e281ed009d9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Clawback and pre-funding</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7a13ea339fb474985182e36f3771b2a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to
                    enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2bc76bb0037a4a0298ae971fb503bf63">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless Clause 29.4.3 applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount,
                    then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of
                    receipt by the Agent, calculated by the Agent to reflect its cost of funds.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc20be73a3c9c4902aeaf722d62df56f3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent has notified the Lenders that it is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then
                    if and to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z846cea243e7548aa8608ab16e37dec27">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall notify the Borrowers of that Lender's identity and the Borrowers shall on demand refund it to the Agent; and</font></div>
              </td>
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      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 108</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrowers shall on demand pay to the Agent the amount
                    (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8de8d44a527242ed873caa907e22b83c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Impaired Agent</font></font></div>
              </td>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the
                    Agent in accordance with Clause 29.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payments to the Agent</font>) may instead either:</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pay that amount direct to the required recipient(s); or</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or
                    the relevant part of that amount to an interest-bearing account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment
                    (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Paying Party</font>") and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment
                    under the Finance Documents (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recipient Party</font>" or "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-weight: bold;">Recipient Parties</font>").</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In each case such payments must be made on the due date for payment under the Finance Documents.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">pro rata </font>to their respective entitlements.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.5.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Party which has made a payment in accordance with this Clause 29.5 shall be discharged of the relevant payment obligation under the Finance Documents and
                    shall not take any credit risk with respect to the amounts standing to the credit of the trust account.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.5.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promptly upon the appointment of a successor Agent in accordance with Clause 26.13 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Replacement of the Agent</font>), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 29.5.5) give all requisite instructions to the bank with whom
                    the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 29.2 (<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Distributions by the Agent</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb675af219c8d42fb985275e60a80aaa0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.5.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Paying Party shall, promptly upon request by a Recipient Party and to the extent:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z01242de0b68b433e84c72365b91f6f29">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that it has not given an instruction pursuant to Clause 29.5.4; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 109</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49ba9c25aa244e1897866c9d268e5a63">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that it has been provided with the necessary information by that Recipient Party,</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">give all requisite instructions to the bank with whom the trust account is held to transfer the
        relevant amount (together with any accrued interest) to that Recipient Party.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z06bffb0b39344806bfcb177cd1a29ebe">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Partial payments</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd9031986a28a45ff8bdc9060e522885a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by a Security Party under the Finance Documents, the
                    Agent shall apply that payment towards the obligations of that Security Party under the Finance Documents in the following order:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57d71bf2770a4f33bbef89bce98c5b8c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent under the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ae679b779a64ab0a8c3a010d2d196ca">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z53f0dcdb75034da88f2bf540f149e81a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze374735851584540b9f72b3299cdba82">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zddbaf198a7634c5b8cc4ae7429230b18">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall, if so directed by the Majority Lenders, vary the order set out in Clauses 29.6.1(b) to 29.6.1(d).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb8af7aaeda4f4c23b7999f6947e75046">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clauses 29.6.1 and 29.6.2 will override any appropriation made by a Security Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc89d78bd7c6e49c994833b85ff4e8da7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No set-off by Security Parties </font>All payments to be made
                    by a Security Party under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a65cda0700e49ba816c4b4eb884a0d1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business Days </font>Any payment which is due to be made on a
                    day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement
        interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb54eedd2ec0243cc94f3d936f0e41eb7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency of account</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0bf79423f7db4bf39482dee47127f744">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.9.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clauses 29.9.2 to 29.9.5, dollars is the currency of account and payment for any sum due from a Security Party under any Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za9bdc84f43f2405292385b4da49d57a6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.9.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A repayment or payment of all or part of the Loan or an Unpaid Sum shall be made in the currency in which the Loan or Unpaid Sum is denominated on its due
                    date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 110</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8830a46f94b64ebb9b8b641c8a70deed">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.9.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest
                    accrued.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z368cd5170d7b45da80a6cf66f3c8a39c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.9.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z289b70b7adfd47b198f438f87b7711c9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.9.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z171de013384449358ddf0645224e14c8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Control account </font>The Agent shall open and maintain on
                    its books a control account in the names of the Borrowers showing the advance of the Loan and the computation and payment of interest and all other sums due under this Agreement. The Borrowers' obligations to repay the Loan and to pay
                    interest and all other sums due under this Agreement shall be evidenced by the entries from time to time made in the control account opened and maintained under this Clause 29.10 and those entries will, in the absence of manifest error,
                    be conclusive and binding.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zecc9d1d08f7448a291ee551636f29073">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change of currency</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1956f6598ad94cfea3b763da3b33c794">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.11.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">country as the lawful currency of that country, then:</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6440de72c61042d0ae09ce6d8d7f22c7">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into,
                    or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Borrowers); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23b2d0dca5ad45d1b0bbda9392406339">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of
                    that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd3bf1ffe2a4c4c4bbf6b2bcd73e0a084">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.11.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrowers)
                    specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d75642b9c7344579ab05c5634187c03">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Set-Off</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe5d86ae0bc34695a6aa9f002674706e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Set-off </font>A Finance Party may set off any matured
                    obligation due from a Security Party under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Security Party, regardless of the place of
                    payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of
                    the set-off.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 111</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7dc2339a44e14268ad4743ef94da0e70">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notices</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z46111c0a014f4418bb2132304cb9b38d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Communications in writing </font>Any communication to be made
                    under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd5c67417bf7644c68fe2c45fc1223fc9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Addresses </font>The address, fax number, e-mail address (and
                    the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbbafe2338c6d4cb1abf188481eb59b16">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of each Borrower and any Security Party, that identified with that Borrower's name below;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ccaebf0ba614208a6724ca5617ca885">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of each Guarantor, that identified with its name below;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za09e18934a754fb38770a8f0bdde3b03">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of each Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z854e4ead87494019ba0ee8a1a75e1f73">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of the Agent or the Security Agent, that identified with its name below,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">or any substitute address, fax number, or department or officer as the Party may notify to the Agent
        (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days' notice.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83736d56cfe04b72923496f49a4c6385">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delivery </font>Any communication or document made or
                    delivered by one Party to another under or in connection with the Finance Documents will only be effective:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z93272cdd89324c17b095db465cb8649e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if by way of fax, when received in legible form; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z40412bd36f934afb8880004682052ccd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if by way of letter, when it has been left at the relevant address,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and, if a particular department or officer is specified as part of its address details provided under
        Clause 31.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses</font>), if addressed to that department or officer.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any communication or document to be made or delivered to the Agent or the Security Agent will be
        effective only when actually received by the Agent or the Security Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's or the Security Agent's signature below (or any substitute
        department or officer as the Agent or the Security Agent shall specify for this purpose).</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All notices from or to a Security Party shall be sent through the Agent.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any communication or document which becomes effective, in accordance with this Clause 31.3, after
        5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze53abe7fe12b404fbf09fcfe3a30cc66">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of address and fax number </font>Promptly upon
                    changing its address or fax number, the Agent shall notify the other Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf8489ccc9734a64bb8b52332beb5995">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Communication when Agent is Impaired Agent </font>If the
                    Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 112</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of
        the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate
        after a replacement Agent has been appointed.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc90c4f006f5149e0907c53ba3519420a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Electronic communication</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z410d199378364173b9a6d70e9026c98c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic
                    means to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd019995b8723459b81254b542e17914a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that
                    means; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z219e26b5021c4f9c8e771a8461a4b8fc">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notify each other of any change to their address or any other such information supplied by them by not less than five Business Days' notice.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z766ab542a0454b1e8b164b1e10a48801">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic
                    communication made by a Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this purpose.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfe84393f986848709a4d78d656e0fe9f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any electronic communication which becomes effective, in accordance with Clause 31.6.2, after 5.00 p.m. in the place of receipt shall be deemed only to become
                    effective on the following day.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59ffdc82ae5a4357a596b8f3f8d6a9e3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">English language </font>Any notice given under or in
                    connection with any Finance Document must be in English. All other documents provided under or in connection with any Finance Document must be:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1e2a0dc8685c43388fb2c3d8d99b73e9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in English; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z397bb915e1a3485fa5a6562d0feeb041">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31.7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail
                    unless the document is a constitutional, statutory or other official document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z33a641b9f52a48348f0d7eb4a46697c4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">32</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Calculations and Certificates</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a280ef306e3441e882159caced6d8ea">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accounts </font>In any litigation or arbitration proceedings
                    arising out of or in connection with a Finance Document, the entries made in the accounts maintained by the Agent are <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">prima facie </font>evidence



                    of the matters to which they relate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z281ad43fecd04eb6a794c932f5946c5c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Certificates and determinations </font>Any certification or
                    determination by the Agent of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 113</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f63c2e9fecb415d9bc180126d6debcc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Day count convention </font>Any interest, commission or fee
                    accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in
                    accordance with that market practice.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z75f1abe452c449f2b410a6c47bcb4fe7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Partial Invalidity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or
        unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will
        in any way be affected or impaired.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za43e11e0126e4b0ab9833e351ce80aa2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Remedies and Waivers</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured
        Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of any Finance Party or
        Secured Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this
        Agreement are cumulative and not exclusive of any rights or remedies provided by law.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a7eb2ea3f0e41b3b306e312a7a157d8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendments and Waivers</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z500ddd8924604b1d9730a16069133a4a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Required consents</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45ac32f75e374b39a6347d3990732f97">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 35.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exceptions</font>) any term of the
                    Finance Documents may be amended or waived only with the written consent of the Majority Lenders and the Borrowers and any such amendment or waiver will be binding on all Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze541478e27e8426f9ae573a6e0627327">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 35.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z22640fb339b34abf9ef9d741b095562a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to the generality of Clauses 26.6.3, 26.6.4 and 26.6.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Rights and discretions of the Agent</font>), the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under
                    this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za9ffc2e7e5ce4e92a65881fc6b509712">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exceptions</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb9a53ed41d214122901232d2e47888d2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An amendment, waiver or (in the case of a Security Document) a consent of, or in relation to, any term of any Finance Document that has the effect of changing
                    or which relates to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6702df1bea874ec8b0add0b1a6f40fcb">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the definition of "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Majority Lenders</font>" in Clause 1.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Definitions</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd03f6fb257cd4627b1b72b2204fecef4">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an extension to the date of payment of any amount under the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 114</font></div>
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    <div style="margin-top: 9.95pt; margin-bottom: 25.15pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf0b9f5be45b463eadc519f0bdb498f0">

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              <td style="width: 108pt;"><br>
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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable;</font></div>
              </td>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd55657be05fa4e6586607b2b65790127">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an increase in any Commitment, an extension of the Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the
                    Lenders rateably;</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8beffbcc8a064f70ae8650c91f0f7215">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a change to a Security Party, other than as contemplated by and in accordance with the provisions of Clause 7.11 or Clause 22.27.1;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04e93dd26c4e49fd996b6be4860607f3">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any provision which expressly requires the consent of all the Lenders;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d7f0517851c48d0b8a04bf361ef2501">

            <tr>
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 2.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Finance Parties' rights and obligations</font>),
                    Clause 24 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Lenders</font>), this Clause 35, Clause 40 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Governing Law</font>) or Clause 41.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Jurisdiction of English courts</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf21fe9bd32e548bca9380bf2966ad4ff">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4b4ef76fdb247ba87eb0f9a33a4aeda">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Guarantee;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff89a238e1b04a2fad5e35c9e81372e2">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Charged Property; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b0696be40ec40448a83d8f40deab7ca">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the manner in which the proceeds of enforcement of the Security Documents are distributed; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71f39a052bc841f28eeb01efc5da5401">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the release of the Guarantee or of any Encumbrance created or expressed to be created or evidenced by the Security Documents unless permitted under this
                    Agreement or any other Finance Document or relating to a sale or disposal of an asset which is the subject of any Encumbrance created or expressed to be created or evidenced by the Security Documents where such sale or disposal is
                    expressly permitted under this Agreement or any other Finance Document;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall not be made, or given, without the prior consent of all the Lenders and the Borrowers.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b17b41b80794661bb47f0c85e2b63b1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An amendment or waiver which relates to the rights or obligations of the Agent or the Security Agent (each in their capacity as such) may not be effected
                    without the consent of the Agent or the Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a4c8db1de754e018ebcfcc6d6d1f1b7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Excluded Commitments</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z058787ac9ac748e6ab23deed4c6eb185">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote
                    of Lenders under the terms of this Agreement within 5 Business Days of that request being made; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf79951e279b94cd89a25a1034e6c02db">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Lender which is not a Defaulting Lender fails to respond to such a request (other than an amendment, waiver or consent referred to in</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 115</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clauses 35.2.1(b), 35.2.1(c) and 35.2.1(d) (<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Exceptions</font>)) or such a vote <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">within 10 Business Days of that request being made,</font></font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(unless, in either case, the Borrowers and the Agent agree to a longer time period in relation to any
        request):</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb739392de254e2680eda0e6d719b2e5">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its Commitment(s) shall not be included for the purpose of calculating the Total Commitments when ascertaining whether any relevant percentage (including, for
                    the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1dea4734703f4100bcf74a758c4a858a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to
                    approve that request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45ea6062ca954a16a92c02605f48aee2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Replacement of Lender</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf466f2ec66ed4d5f98b9a2b9ac1c39c2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc28feb4f15344519f4156d06c84efbe">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Lender becomes a Non-Consenting Lender (as defined in Clause 35.4.4); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z305425d443cd4c2cb5a036f78e06bf6f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Borrower or any other Security Party becomes obliged to repay any amount in accordance with Clause 7.1 (<font style="font-size: 10pt; font-family: 'Times
                      New Roman', Times, serif; font-style: italic;">Illegality</font>) or to pay additional amounts pursuant to Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax gross-up</font>),



                    Clause 12.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Indemnity</font>) or Clause 13.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Increased costs</font>) to any Lender,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">then the Borrowers may, on ten Business Days' prior written notice to the Agent and such Lender,
        replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 24 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the
          Lenders</font>) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-weight: bold;">Replacement Lender</font>") selected by the Borrowers, which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 24 (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Lenders</font>) for a purchase price in cash payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender's participation
        in the outstanding Loan and all accrued Interest Break Costs, Break Funding Costs and other amounts payable in relation thereto under the Finance Documents.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za009bdcdce6f48ae86bbfa0a3a1867b0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The replacement of a Lender pursuant to this Clause 35.4 shall be subject to the following conditions:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z451dd79116d34f8d89157a70d9ab4708">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrowers shall have no right to replace the Agent or Security Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaab6f7c07b1049568bfa4a737db54523">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">neither the Agent nor the Lender shall have any obligation to the Borrowers to find a Replacement Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 116</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb30142b826de4bb7a3e6492d81339b85">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 15 days after the date on which that Lender is deemed
                    a Non-Consenting Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb84958a5505c46c58cb766ea90f7fcaa">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in no event shall the Lender replaced under this Clause 35.4 be required to pay or surrender to such Replacement Lender any of the fees received by such
                    Lender pursuant to the Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0091bdd7d0374d058807a6615afbbc1e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Lender shall only be obliged to transfer its rights and </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obligations
                    pursuant to Clause 35.4.1 once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z87a2b374ec354209b43a7ca0c9d4f422">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Lender shall perform the checks described in Clause 35.4.2(e) as soon as reasonably practicable following delivery of a notice referred to in Clause 35.4.1
                    and shall notify the Agent and the Borrower when it is satisfied that it has complied with those checks.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za349bf605bf44a838eca08e1a503ee2a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.4.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4bc11cdef05944faa0b0476f69fc3bb2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrowers or the Agent (at the request of the Borrowers) have requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment
                    of, any provisions of the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1135d35ec01446df9ee5fcecd03662f5">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the consent, waiver or amendment in question requires the approval of all the Lenders; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z315719eaa5c5422b8c7e4fa6e7aaba8f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lenders whose Commitments aggregate more than 66 % per cent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more
                    than 66 % per cent of the Total Commitments prior to that reduction) have consented or agreed to such waiver or amendment,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">then any Lender who does not and continues not to consent or agree to such waiver or amendment shall
        be deemed a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non-Consenting Lender</font>".</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea2809ea15414593affa78af06b73be1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disenfranchisement of Defaulting Lenders</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z250302627c374eada353e510150b28cb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For so long as a Defaulting Lender has any Commitment, in ascertaining:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b39f5e9deb647ecb3c45894c7972c7e">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Majority Lenders; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z40d45158c1104c67b70a6cbe648e9948">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fadf9ece5cc49b89d2bd660f75f8178">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf193547996704344a0413d4f4a8a6616">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the agreement of any specified group of Lenders,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders
        under the Finance Documents, that</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 117</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Defaulting Lender's Commitment will be reduced by the amount of its participation in the Loan it has
        failed to make available and, to the extent that that reduction results in that Defaulting Lender's Commitment being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of (i) and (ii).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf9a17ce56e7a482a9e5c49ae0cfa4429">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the purposes of this Clause 35.5, the Agent may assume that the following Lenders are Defaulting Lenders:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb8cc766e29ea45aa9a1707f0e06895c9">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Lender which has notified the Agent that it has become a Defaulting Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48105042f7b140a383f1d1e63692003c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Lender in relation to which it is aware that any of the events or circumstances referred to in (a), (b) or (c) of the definition of "Defaulting Lender"
                    has occurred,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless it has received notice to the contrary from the Lender concerned (together with any
        supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z749c2b6fe71b4a1baa5152531d949b06">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Replacement of a Defaulting Lender</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z666980f3904245d791152190820cadff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrowers may, at any time a Lender has become and continues to be a Defaulting Lender, by giving ten Business Days' prior written notice to the Agent and
                    such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 24 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Changes to the Lenders</font>) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a "<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Replacement Lender</font>") selected by the Borrowers which confirms its willingness to assume and does assume all the obligations, or all the relevant
                    obligations, of the transferring Lender in accordance with Clause 24 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Lenders) </font>for a purchase price in cash payable
                    at the time of transfer which is either:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z12f6371add614863b749c0ad536f1ef5">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loan and all accrued interest, Interest Break Costs,
                    Break Funding Costs and other amounts payable in relation thereto under the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z93f91c0a1fb043d1b6763eebe020d294">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in an amount agreed between that Defaulting Lender, the Replacement Lender and the Borrowers and which does not exceed the amount described in (a).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6996a32960ab4ae5b45d069ee1fb01a6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 35.6 shall be subject to the following conditions:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83c0bf5613dd4fadb9935ba5a999d412">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrowers shall have no right to replace the Agent or Security Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 118</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1bc87849e9c49d981adf94909895dd8">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">neither the Agent nor the Defaulting Lender shall have any obligation to the Borrowers to find a Replacement Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1074ed6416ab4edd8dd90cd98e68e15c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the transfer must take place no later than 10 Business Days after the notice referred to in Clause 35.6.1;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z051e9686a29a426599b2dae44b3625e1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant
                    to the Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb6919783a5cd4061b34cab270f42ae2a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to 35.6.1 once it is satisfied that it has complied with all
                    necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0e226e9781aa4b09a24291d97b0d05b2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.6.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Defaulting Lender shall perform the checks described in Clause 35.6.2(e) as soon as reasonably practicable following delivery of a notice referred to in
                    Clause 35.6.1 and shall notify the Agent and the Borrowers when it is satisfied that it has complied with those checks.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4eeaed570d04cd28d7ded5ae22025cd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidentiality</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b6dec69394f482394fb497b7f06d317">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidential Information </font>Each Finance Party agrees to
                    keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 36.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Disclosure of
                      Confidential Information</font>) and Clause 36.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Disclosure to numbering service providers</font>), and to ensure that all Confidential
                    Information is protected with security measures and a degree of care that would apply to its own confidential information. The Finance Parties acknowledge that all information relating to the participants or investors in the Sponsor is
                    considered by the Borrowers and the Sponsor to be particularly commercially sensitive and highly confidential and is not to be shared with any person other than (i) in accordance with Clause 36.2.1, Clause 36.2.2(e) or Clause 36.2.2(f)
                    or (ii) in all other circumstances with the prior written consent of the Sponsor (such consent not to be unreasonably withheld) on a case by case basis.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6670dd7d136e4e7f81eccfe82ec81717">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure of Confidential Information </font>Subject to
                    Clause 36.1, any Finance Party may disclose:</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e9432ebf67b45b1b1790d427424f602">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners such Confidential Information as
                    that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 36.2.1 is informed in writing of its confidential nature and that some or all of such Confidential
                    Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound
                    by requirements of confidentiality in relation to the Confidential Information;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4179a40b9725415d8cf6d1ff55178c10">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any person (who, in relation to Clauses 36.2.2 (a), (b), (d) or (g) satisfies the requirements to Clause 24.1.2 to be a New Lender):</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 119</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f3f8aeeb5dd4ed4ba267fcefa0fc213">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance
                    Documents or which succeeds (or which may potentially succeed) it as Agent or Security Agent and, in each case, to any of that person's Affiliates, and professional advisers;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c8666ad4a3f45079c3f68104b45cbf5">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other
                    transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Security Parties and to any of that person's Affiliates, and professional advisers;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7caab50c06c84324bf7ae86bc75511c4">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">appointed by any Finance Party or by a person to whom Clause 36.2.2(a) or 36.2.2(b) applies to receive communications, notices, information or documents
                    delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under Clause 26.15.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Relationship



                      with the Lenders</font>));</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z61c0185988f049238bba4ecd49b6ff8f">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in Clause
                    36.2.2(a) or 36.2.2(b);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2122d71f204c4435b8a531b6f53fca4e">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to whom information is required to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or
                    similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ad5e31caa644ce583cc01ef3f47eac7">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other
                    investigations, proceedings or disputes;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcccc4b21826f4891afd1026f3065ed8d">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 24.7 (<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security over Lenders' rights</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d180823ccb6414bbd44ece7ed78819c">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">who is a Party; or</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54d4b14aac8840c1b066529cffab5f6a">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with the consent of each Borrower;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in each case, such Confidential Information as that Finance Party shall consider appropriate if:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z60b1726a4b8e4e5c9539d437df22bce6">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to Clauses 36.2.2(a), 36.2.2(b) and 36.2.2(c), the person to whom the Confidential Information is to be given has entered into a Confidentiality
                    Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential
                    Information;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 120</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to Clause 36.2.2(d), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise
                    bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z47df265107b94b1395b28900a3b62b0f">

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              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to Clauses 36.2.2(e), 36.2.2(f) and 36.2.2(g), the person to whom the Confidential Information is to be given is informed of its confidential
                    nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the
                    circumstances; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Provided that </font>in relation to Clauses 36.2.2 (e) and (f) the relevant Finance Parties shall notify the Borrowers of
                    any relevant request (if so permitted, prior to any relevant disclosure) and shall provide the minimum disclosure to meet any such requirement.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z37815b83b3a2457d9d4d8a08b9834bcb">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any person appointed by that Finance Party or by a person to whom Clause 36.2.2(a) or 36.2.2(b) applies to provide administration or settlement services in
                    respect of one or more of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this Clause 36.2.3 if the service provider
                    to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking and agree to share such information only with parties who would qualify as New Lenders under Clause 24.1.2;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a61414ce9454e89bd0a631fba4037a4">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to
                    carry out its normal rating activities in relation to the Finance Documents and/or the Security Parties if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all
                    of such Confidential Information may be price-sensitive information. Any Lender may also disclose the size and term of the Loan and the name of each of the Security Parties to any investor or a potential investor in a securitisation (or
                    similar transaction of broadly equivalent economic effect) of that Lender's rights or obligations under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z05dd6c8d83134a4d86e598ee7cffe15d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure to numbering service providers</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z37825644743b461ab635e3194cc048f1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering
                    services in respect of this Agreement, the Loan and/or one or more Security Parties the following information:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za733ceb6e8f643589a537ff5cd933fe4">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">names of Security Parties;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 121</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z401e7011dd534353b11364ba3992016d">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">country of domicile of Security Parties;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58d3147e14814d4a801239ed88a4df16">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">place of incorporation of Security Parties;</font></div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf15caf8597004b4fadf4b84cdb3609da">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde77a97a6d6d4a26bca10fe93e13c569">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 40 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Governing law</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb3286756ef75439ab797d8b3663f74a6">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the name of the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0dc64d340c4a4f36a956c13ea2cfc570">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">date of each amendment and restatement of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74633aaf01474cf1a86586e75f589f19">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">amount of Total Commitments;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c6bd13aae1f4246bfc37775b0bb994c">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">currencies of the Loan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3b84b4d8d97b4ec4a3250ccee8ebbee2">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">type of Loan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83855fd74a09412c8b71613cce40f009">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(k)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ranking of the Loan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30012a740fef44adbfc1b814a6003236">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(l)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Termination Date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91233c4c49ae46babc229c9d1cb20745">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(m)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">changes to any of the information previously supplied pursuant to (a) to (l); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b8d245729b4485b9dbc51b4dffc754f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(n)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such other information agreed between such Finance Party and that Security Party,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to enable such numbering service provider to provide its usual syndicated loan numbering
        identification services.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb7644c9a5aa4c28868431eff232abd3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Loan and/or one or more Security Parties by a numbering
                    service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z996df452d3ae4bfb882abcbae191c726">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.3.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Borrower represents that none of the information set out in Clauses 36.3.1(a) to 36.3.1(n) is unpublished price-sensitive information.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d9fe654f846469080bec5a37bdb1ce2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.3.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall notify the Borrowers and the other Finance Parties of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7084d95d39c4184a45d520663dec1ef">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Loan and/or one or more Security Parties; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf068f0d30a264f7d9780f1774be930ac">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the number or, as the case may be, numbers assigned to this Agreement, the Loan and/or one or more Security Parties by such numbering service provider.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3374fad12d904cdd93d540f380590b2c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire agreement </font>This Clause 36 constitutes the entire
                    agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
                    Information.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 122</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd208c3fd69504c61b9ab6d46b3a1e916">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inside information </font>Each of the Finance Parties
                    acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to
                    insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z47bcaec984da44a9b9215c3191c86e88">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of disclosure </font>Each of the Finance Parties
                    agrees (to the extent permitted by law and regulation) to inform the Borrowers:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9a814748a6f145b8b8055fb62d1bb832">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of the circumstances of any disclosure of Confidential Information made pursuant to Clause 36.2.2(e) (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Disclosure of Confidential Information</font>) except where such disclosure is made to any of the persons referred to in that Clause during the ordinary course of its supervisory or
                    regulatory function; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z22c230e08c6c4344aae8cc010ce00049">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">upon becoming aware that Confidential Information has been disclosed in breach of this Clause 36.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf6f86a1525f04202995026b9d62233da">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Continuing obligations </font>The obligations in this Clause
                    36 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 24 months from the earlier of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a0b9e2b009e44489b262a2bc6f54c45">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date on which all amounts payable by the Security Parties under or in connection with the Finance Documents have been paid in full and the Loan has been
                    cancelled or otherwise ceases to be available; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97fe3df450684dd6910df67b789faea5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date on which such Finance Party otherwise ceases to be a Finance Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z835668c5e16547e79b6da55ad74188ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure of Lender Details by Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z173598a2e65f41099779661c7fb42837">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Supply of Lender details to Borrowers </font>The Agent shall
                    provide to the Borrowers within seven Business Days of a request by the Borrowers (but no more frequently than once per calendar month) a list (which may be in electronic form) setting out the names of the Lenders as at that Business
                    Day, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under
                    or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom
                    any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b4158b68edf4c59a3803db903d11ad8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Supply of Lender details at Borrowers' direction</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za6daeef8ccca4ad09eb592eebf590a14">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall, at the request of the Borrowers, disclose the identity of the Lenders and the details of the Lenders' Commitments to any:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z780fdf179dac457d937c923f2447bf33">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">other Party or any other person if that disclosure is made to facilitate, in each case, a refinancing of the Financial Indebtedness</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 123</font></div>
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    </div>
    <div style="text-align: left; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">arising under the Finance Documents or a material waiver or amendment of any term of any Finance
        Document; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Security Party.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7344d715053b4cd6bf35771ddafd9642">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 37.2.3, the Borrowers shall procure that the recipient of information disclosed pursuant to Clause 37.2.1 shall keep such information
                    confidential and shall not disclose it to anyone and shall ensure that all such information is protected with security measures and a degree of care that would apply to the recipient's own confidential information.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The recipient may disclose such information to any of its officers, directors, employees, professional advisers, auditors and partners as it shall consider
                    appropriate if any such person is informed in writing of its confidential nature, except that there shall be no such requirement to so inform if that person is subject to professional obligations to maintain the confidentiality of the
                    information or is otherwise bound by duties of confidentiality in relation to the information.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9089c22f85e245e9aa3675a91fa66b6f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Supply of Lender details to other Lenders</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf21d994631e246118aab731bd671445e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Lender (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosing Lender</font>") indicates to the
                    Agent that the Agent may do so, the Agent shall disclose that Lender's name and Commitment to any other Lender that is, or becomes, a Disclosing Lender.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9669d894613b4c36aa8d2334fd0318fe">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall, if so directed by the Requisite Lenders, request each Lender to indicate to it whether it is a Disclosing Lender.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc8fbbff0423a4cdf978d6fdf3e215f95">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lender enquiry </font>If any Lender believes that any entity
                    is, or may be, a Lender and:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za63227988e9f4a8591daeb524bc8b39a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that entity ceases to have an Investment Grade Rating; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4009a8103c334206b816ccbd80924a20">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an Insolvency Event occurs in relation to that entity,</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall, at the request of that Lender, indicate to that Lender the extent to which that
        entity has a Commitment.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb613949f13ae4443860c2aeab1c6a921">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">37.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lender details definitions</font> In this Clause 37:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investment



          Grade Rating</font>" means, in relation to an entity, a rating for its long-term unsecured and non-credit-enhanced debt obligations of BBB- or higher by Standard &amp; Poor's Rating Services or Fitch Ratings Ltd or Baa3 or higher by Moody's
        Investors Service Limited or a comparable rating from an internationally recognised credit rating agency.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Requisite



          Lenders</font>" means a Lender or Lenders whose Commitments aggregate 15 per cent (or more) of the Total Commitments (or if the Total Commitments have been reduced to zero, aggregated 15 per cent (or more) of the Total Commitments immediately
        prior to that reduction).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 124</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">38</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Counterparts</font></div>
              </td>
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    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Document may be executed in any number of counterparts, and this has the same effect as
        if the signatures on the counterparts were on a single copy of the Finance Document.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c684d43ac524963ba17dfb339173789">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Joint and Several Liability</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa3569809e934ec39e9288f6ee5a5468">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Nature of liability </font>The representations, warranties,
                    covenants, obligations and undertakings of the Owners (in their capacity as Guarantors) contained in this Agreement shall be joint and several so that each Guarantor shall be jointly and severally liable for all of the same and such
                    liability shall not in any way be discharged, impaired or otherwise affected by:</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any forbearance (whether as to payment or otherwise) or any time or other indulgence granted to any other Owner or any other Security Party under or in
                    connection with any Finance Document;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze0ec4d1264b74a0ba8ba72f901afe186">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amendment, variation, novation or replacement of any other Finance Document;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa0a51026ae94899b06265221a68e69e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any failure of any Finance Document to be legal valid binding and enforceable in relation to any other Owner or any other Security Party for any reason;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the winding-up or dissolution of any other Owner or any other Security Party;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1d2ac800f82540629b139e85d68a57fe">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.1.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the release (whether in whole or in part) of, or the entering into of any compromise or composition with, any other Owner or any other Security Party; or</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z15aa224490324a4487fd266d6187aa7d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.1.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other act, omission, thing or circumstance which would or might, but for this provision, operate to discharge, impair or otherwise affect such liability.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a804100e8814c75b28e4fbfd049e72e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No rights as surety </font>Until the Indebtedness has been
                    unconditionally and irrevocably paid and discharged in full, each Guarantor agrees that it shall not, by virtue of any payment made under this Agreement on account of the Indebtedness or by virtue of any enforcement by a Finance Party
                    of its rights under this Agreement or by virtue of any relationship between, or transaction involving, the relevant Guarantor and any other Guarantor or any other Security Party:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exercise any rights of subrogation in relation to any rights, security or moneys held or received or receivable by a Finance Party or any other person; or</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4dca233cca94419f9cf14ffcfb6f005b">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exercise any right of contribution from any other Guarantor or any other Security Party under any Finance Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2dc3309b3bdd4affbfc5dc87c585dfd7">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exercise any right of set-off or counterclaim against any other Guarantor or any other Security Party; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 125</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receive, claim or have the benefit of any payment, distribution, security or indemnity from any other Guarantor or any other Security Party; or</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39.2.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless so directed by the Agent (when the relevant Guarantor will prove in accordance with such directions), claim as a creditor of any other Guarantor or any
                    other Security Party in competition with any Finance Party; and</font></div>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div style="text-align: justify; margin-bottom: 12pt;">
        <div>
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                <td style="width: 54pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">39.2.6</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Guarantor shall hold in trust for the Finance Parties and forthwith pay or transfer (as appropriate) to the Agent any such payment (including an amount
                      equal to any such set-off), distribution or benefit of such security, indemnity or claim in fact received by it.</font></div>
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      </div>
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    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 126</font></div>
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    <div style="margin-bottom: 12pt;"><br>
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    <div style="text-align: left; margin-bottom: 12pt;">
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Section 12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law and Enforcement</font></div>
              </td>
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    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">40</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law</font></div>
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      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement is governed by Danish law, except for Clause 26.11 (Trust), which shall be governed by
        English law.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">41</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enforcement</font></div>
              </td>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z892f80b1b8b54a2dafbf2893300d6560">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jurisdiction of Danish courts </font>The City Court of
                    Copenhagen (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">K&#248;benhavns Byret</font>) has exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement
                    (including a dispute relating to the existence, validity or termination of this Agreement) (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dispute</font>"). Each Party agrees that the
                    courts of Denmark are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Clause 41.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall
        be prevented from taking proceedings relating to a Dispute in any other courts with a legitimate basis for jurisdiction. To the extent allowed by law, any Finance Party may take concurrent proceedings in any number of jurisdictions.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1690e7658b974b9f905368afe64afb7e">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Service of process</font></font></div>
              </td>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to any other mode of service allowed under any relevant law, each Borrower and each Guarantor;</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8731b47feda046e395eff07cdf368c8b">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">irrevocably appoints Borrower A as its agent for service of process in relation to any proceedings before the Danish courts in connection with any Finance
                    Document; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6609825ea7ac4202998cf48a31d42028">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">agrees that failure by a process agent to notify that Borrower or that Guarantor (as the case may be) of the process will not invalidate the proceedings
                    concerned.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b8902f2611b4f47bba343bac0dbb368">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process or terminates its appointment as
                    agent for service of process, the relevant Borrower or the relevant Guarantor (as the case may be) must immediately (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Agent.
                    Failing this, the Agent may appoint another agent for this purpose.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 127</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-left: 3.6pt; margin-top: 0.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 1</font></div>
    <div style="text-align: left; margin-left: 3.6pt; margin-top: 5.95pt; margin-bottom: 38.1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Original Lenders</font></div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z7d861070ecb340138fd0db03a08f47bc">

        <tr>
          <td style="width: 33.35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 6.45pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name of Original Lender</font></div>
          </td>
          <td style="width: 33.3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment</font></div>
          </td>
          <td style="width: 33.34%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: left; margin-right: 20.15pt; margin-left: 5.75pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treaty Passport scheme reference number and jurisdiction of residence (if
                applicable)</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danmarks Skibskredit A/S (CVR number 27492649)</font></div>
          </td>
          <td style="width: 33.3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">USD 149,163,191.35<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>(Existing Tranche)</font></div>
          </td>
          <td style="width: 33.34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">N/A</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.35%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danmarks Skibskredit A/S (CVR number 27492649)</font></div>
          </td>
          <td style="width: 33.3%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">USD 87,800,000<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>(New Tranche)</font></div>
          </td>
          <td style="width: 33.34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">N/A</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 128</font></div>
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    <div><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 2</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part I</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions Precedent to Execution of this Agreement</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc91b27cee71341518be9b7494a2d41c8">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Parties</font></div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zca553ea630b544b884f44266a218b836">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Constitutional documents </font>Copies of the constitutional
                    documents of each Security Party together with such other evidence as the Agent may reasonably require that each Security Party is duly incorporated in its country of incorporation and remains in existence with power to enter into, and
                    perform its obligations under, the Relevant Documents to which it is or is to become a party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Certificates of good standing </font>A certificate of good
                    standing in respect of each Security Party (if such a certificate can be obtained).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf43cce4823db4d4c9cc63dbe2a434c69">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Board resolutions </font>A copy of a resolution of the board
                    of directors of each Security Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf927ccb25971475bb5e8fd44df6e12d1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute those Finance
                    Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5d269abf9a314643ae0bc17dd40c3b1f">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising a specified person or persons to execute those Relevant Documents (and all documents and notices to be signed and/or dispatched under those
                    documents) on its behalf.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8c82bd2946f545169c627f0a13df3ae7">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Specimen signatures </font>A specimen of the signature of
                    each person authorised by the resolutions referred to in (c).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb92b3737f7f54096a70c3dfd32b7b122">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shareholder resolutions </font>A copy of a resolution signed
                    by all the holders of the issued shares in each Security Party, approving the terms of, and the transactions contemplated by, the Finance Documents to which that Security Party is a party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9490524ddefc4533b2e2bde1c8f82a95">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Officer's certificates </font>An original certificate of a
                    duly authorised officer of each Security Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2bdb0c66cffc4434baf8b7e5cc364202">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1e5d25da5c864ec9b4b7e1d261b8c793">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">setting out the names of the directors, officers and shareholders of that Security Party and the proportion of shares held by each shareholder; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8de8c1508a4245f4b1fb5e3f54715d32">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">confirming that borrowing or guaranteeing or securing, as appropriate, the Loan would not cause any borrowing, guarantee, security or similar limit binding on
                    that Security Party to be exceeded.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd8ffb0b22c7543e9964df270262346f2">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Evidence of registration </font>Where such registration is
                    required or permitted under the laws of the relevant jurisdiction, evidence that the</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 129</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">names of the directors, officers and shareholders of each Security Party are duly registered in the
        companies registry or other registry in the country of incorporation of that Security Party.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f4edf27d904422187e38dbfd6cea755">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Powers of attorney </font>The original notarially attested
                    and legalised power of attorney of each of the Security Parties under which the Finance Documents to which it is or is to become a party are to be executed or transactions undertaken by that Security Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd47f6273d6c7478ca1cc0e4341e8b900">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Documents </font>The Guarantee and the Share Charges
                    together with all other documents required by any of them, including, without limitation, all share certificates, certified copy share registers or registers of members, transfer forms, proxy forms, letters of resignation and letters of
                    undertaking.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63812272bf4f417599ed171cac6d4ad7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other documents and evidence</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54bd86e27afb4781a9b6651bae9c4b6a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Process agent </font>Evidence that any process agent referred
                    to in Clause 41.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Service of process</font>) and any process agent appointed under any other Finance Document has accepted its
                    appointment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z793a98a9ab5a424c91acc5412eb85902">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Authorisations </font>A copy of any other Authorisation
                    or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any
                    Relevant Document or for the validity and enforceability of any Relevant Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z12f96e1e17c1411d86e98cf3aebe2906">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original Budgets </font>A copy of the Original Budgets of the
                    Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f9afdb5dec44903ab50a81ae863eb8a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">"Know your customer" documents </font>Such documentation and
                    other evidence as is reasonably requested by the Agent in order for the Lenders to comply with all necessary "know your customer" or similar identification procedures in relation to the transactions contemplated in the Finance Documents
                    and any additional information required by the Agent to comply with anti-money laundering legislation and legislation against the financing of terrorism.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z18158036380c4f7999860ac811183d8a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Equity Commitment </font>Evidence satisfactory to the Agent
                    that a minimum of USD 89,000,000 has been committed into OCM Holdings and the Guarantors by way of a letter of equity commitment from the Sponsor or other Affiliate of the Sponsor acceptable to the Agent together with a certificate from
                    a director of the entity committing the equity confirming the amount of that entity's called and uncalled capital.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 130</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part II</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions Precedent to each Drawing</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zebc938f44f5b43dc83c986625f67bea8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bringdown Certificate</font>. A certificate in respect of each
                    Security Party dated no more than five Business Days prior to the Drawdown Date, signed by a director or duly authorised officer of each relevant Security Party, confirming that none of the documents and evidence delivered by such
                    Security Party to the Agent pursuant to Schedule 2, Part I, paragraph 1, (or clause 2 of the Supplemental Agreement, in the case of the Owners of the New Vessels and in the case of the Borrower) have been modified, amended, or revoked
                    since their delivery to the Agent, except as set forth in such certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6e5ce068538c40beb627e117193e7fc2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security and related documents</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z925339f9cda145cf9254e696fb1e2e35">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel documents </font>Photocopies, certified as true,
                    accurate and complete by the Owner, of:</font></div>
              </td>
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        </table>
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ddec918aba44439aee9580f80252fc1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the relevant MOAs and, if applicable, the Building Contract as the case may be) including all amendments thereto;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdcbbae6e3b524fbe9e5251a3c6645c46">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such documents as the Agent may reasonably require to evidence the nomination of the Owner as purchaser of the Vessel pursuant to the relevant MOAs and, if
                    applicable, the Building Contract as the case may be);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd9575ea2124344cfaff5f1e4ddfeeca8">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the bill of sale transferring title in the Vessel to the Owner free of all encumbrances, maritime liens or other debts;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9e5aa6672d1c459cbd52dfecc3cbfef4">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the protocol of delivery and acceptance evidencing the</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> unconditional
                    physical delivery of the Vessel by the Seller (or the Builder) to the Owner pursuant to the MOA (or the Building Contract);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65942254b87543118a2161136baec968">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Charter or other contract of employment of the Vessel which will be in force on the Drawdown Date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3d79d06e49104bc7bffef8470d94db3d">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Management Agreements;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za54f1171fb934bf1a1eaeaf9b1886f28">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(vii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if available) the Vessel's current Safety Construction, Safety Equipment, Safety Radio and Load Line Certificates;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc3de61bde919442eb3bb9470a9e3e754">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(viii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if available) evidence of the Vessel's current Certificate of Financial Responsibility issued pursuant to the United States Oil Pollution Act 1990;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z17a29ce461324f23baa608690d6d38e4">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ix)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if available) the Vessel's current SMC;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f59d5cdb41544b68b1472315fc4dcdd">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(x)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the ISM Company's current DOC;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc5b07f1f2e74c4b97cdcd6710529fb9">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if available) the Vessel's current ISSC;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 131</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5cba96a0f8147c995254d4629b01388">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if available) the Vessel's current IAPPC;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z70b8666f53d7409587c23c555ef26198">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xiii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Vessel's current Tonnage Certificate; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z62fa0ddd0ec74b87b927175871cebf17">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(xiv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in case of a New Vessel, evidence e.g. by a copy of the appropriate certificate that a Scrubber has been installed on the relevant New Vessel,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in each case together with all addenda, amendments or supplements.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04d7af8ff12f45168bd8c489d542c9dd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Evidence of Owner's title </font>Evidence that on the
                    Drawdown Date (i) the Vessel will be at least provisionally registered under an Approved Flag in the ownership of the Owner and (ii) the Mortgage will be registered against the Vessel with first priority no later than simultaneously
                    with the release of the Drawing by the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z29dacf7dadce43cdb9b9279fea13eb65">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Evidence of insurance </font>Evidence that the Vessel is
                    insured in the manner required by the Security Documents and that letters of undertaking will be issued in the manner required by the Security Documents, together with (if required by the Agent) the written approval of the Insurances by
                    an insurance adviser appointed by the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2d2dcd7b4c8d412db73a5c401e7e8c4c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confirmation of class </font>A Certificate of Confirmation of
                    Class or Class Certificate for hull and machinery confirming that the Vessel is classed with the highest class applicable to vessels of her type with Lloyd's Register or such other classification society as may be acceptable to the
                    Agent (acting reasonably) free of overdue recommendations affecting class.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z937e511aee3f4c66bc1dff7fee153c4f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Documents </font>The Mortgage and the Assignments in
                    respect of the Vessel, the Inter-company Indebtedness Assignment and if applicable, the Managers' Undertakings, together with all other documents required by any of them, including, without limitation, all notices of assignment and/or
                    charge and reasonable evidence that those notices will be duly acknowledged by the recipients <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">provided always that </font>notices of
                    assignment will only be served on Charterers if the charter period is more than 13 months.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00348e3413004fd393551e7f47981223">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Building Contract </font>Evidence that the Vessel has been
                    constructed in accordance with the Building Contract in all material respects and that no changes have been made to the Building Contract which are not permitted under this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a9e33296c8d4211bda8694560c93db8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Relevant Documents </font>Copies of each of the
                    Relevant Documents not otherwise comprised in the documents listed in this Part I of Schedule 2.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z78c8e433c990409cb8084e91f91591d2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Legal opinions</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following legal opinions, each addressed to the Agent, the Security Agent and the Lenders and
        capable of being relied upon by any persons who become Lenders pursuant to the primary syndication of the Loan or confirmation satisfactory to the Agent that such opinions will be given (and the Agent undertakes to use all reasonable endeavours to
        receive such confirmation prior to the Drawdown Date):</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 132</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zedc9243c2f984ad795c7966f4b219535">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a legal opinion as to English law;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5807cbca3401448d86ce41870bf97d71">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a legal opinion as to Singapore Law; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z77af86e8523743a690440630e6ebc2ac">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a legal opinion as to Danish law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e0d75960b794fe680439639e4f74b08">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other documents and evidence</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc98468b01ce5455c8d8854c49629237e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drawdown Request </font>A duly completed Drawdown Request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8cd023275efe40ffa3c17ccf1ecf8aed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Authorisations </font>A copy of any other Authorisation
                    or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the relevant Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by
                    any Relevant Document or for the validity and enforceability of any Relevant Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd3d282958a4e4601b5ea2f759fca358b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fees </font>Evidence that the fees, costs and expenses then
                    due from the Borrower under Clause 11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fees</font>) and Clause 16 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Costs and Expenses</font>) have been paid or will be paid by the relevant Drawdown Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z28b7ee0b67a644c896328a38f62104b8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Material Adverse Effect </font>No event or circumstance has
                    occurred which would or is reasonably likely to affect the ability of any Security Party to perform its payment obligations under any Finance Document as they fall due.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z42b5cd406ec0424899c427d68bc5e2c8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loan Note </font>A copy of any loan note or other evidence of
                    indebtedness from the Owner of the relevant Vessel to the relevant Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 133</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part III</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions Subsequent</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z297bca76461f49288ef7ca351f9bceb3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Evidence of Owner's title </font>Certificate of ownership and
                    encumbrance/transcript of register (or equivalent) issued by the Registrar of Ships (or equivalent official) of the flag stated in the Preliminary confirming that (i) the Vessel is permanently registered under that flag in the ownership
                    of the Owner, (ii) the Mortgage has been registered with first priority against the Vessel and (iii) there are no further Encumbrances registered against the Vessel.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48e203ace28c4bac8256a38971d30293">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Letters of undertaking </font>Letters of undertaking in
                    respect of the Insurances as required by the Security Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Finance Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z448db21253b24da4b06a4109e4d3a164">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acknowledgements of notices </font>Acknowledgements of all
                    notices of assignment and/or charge served pursuant to any Security Documents received by the Agent pursuant to Part II of this Schedule 2.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c1f809662a54de8986eb4d1cac9876e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Legal opinions </font>Such of the legal opinions specified in
                    Part I and Part II of this Schedule 2 as have not already been provided to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57046e4e16d94c7dbeb09de1874a4f38">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Companies Act registrations </font>Evidence that the
                    prescribed particulars of any Security Documents received by the Agent pursuant to Part I of this Schedule 2 have been delivered to the Registry of Companies/Corporations in the relevant jurisdiction within the statutory time limit.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc428bea564f491288dfae7982eb1821">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compliance Certificate </font>The Borrower and each Guarantor
                    shall supply to the Agent as soon as practicable and in any event by the last day of the Availability Period, a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 21 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial Covenants</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7959d70c622a450c9da2bc99fde182be">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel Certificates </font>If and to the extent that any of
                    the items listed in Schedule 2, Part II, paragraph 2 (vii) to (xiii) and Schedule 2 Part II, paragraph (e) are not delivered to the Agent on or prior to the Drawdown Date, the Borrower shall supply such items to the Agent as soon as
                    practicable and in any event no later than 3 calendar months of that Drawdown Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdc7bc073a8294d7fb3c688b83f214777">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Master's receipt </font>The master's receipt for the Mortgage
                    (other than a Mortgage in respect of a Newbuilding).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 134</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part IV</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions Precedent to Re-flagging under an Approved Flag</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z34c2e9f8fc65438f975f7ea6d10abc56">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate from the relevant Owner confirming that none of the documents delivered to the Agent pursuant to Clauses 4.1, 4.2 and 4.3 have been amended or
                    modified in any way since the date of their delivery to the Agent, or copies, certified by a duly authorised officer of the relevant Owner as true, complete, accurate and neither amended nor revoked, of any which have been amended or
                    modified.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd98bf1e9dc17402bbc1b62356b86e0cd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy, certified by the relevant Owner as true, complete and accurate and neither amended nor revoked, of a resolution of the directors and a resolution of
                    the shareholders of that Owner (together, where appropriate, with signed waivers of notice of any directors&#8217; meetings) approving, and authorising or ratifying the execution of the new Mortgage and any document to be executed by that
                    Owner pursuant to the new Mortgage.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf76b054974614a2bb45b399c7a9caeea">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A notarially attested and legalised power of attorney of the relevant Owner under</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which the new Mortgage and any documents required pursuant to it are to be
        executed by that Owner.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41bb5031522645c78f41cbd3adf05e60">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The relevant new Mortgage.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84e33caa468d4ad18bc5732b898b2aab">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evidence that immediately prior to the relevant re-flagging the new Mortgage will be capable of being registered against the relevant Vessel with first
                    priority through the relevant Registrar of Ships (or equivalent official) immediately following the re-flagging.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z092f7b53e23341fe82db6d04cbf198a3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Confirmation satisfactory to the Agent that all legal opinions required by the Finance Parties in respect of the re-flagging will be given substantially in
                    the form required by the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f4799078f6d4dbbb0246b13e4301c28">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Default shall have occurred and be continuing.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9c67179d6cd448efa610a10280ee71ab">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate of ownership and encumbrances (or equivalent) issued by the relevant Registrar of Ships (or equivalent official) confirming that, following the
                    relevant re-flagging, (a) the relevant Vessel is permanently registered under the relevant Approved Flag in the ownership of the relevant Owner, (b) the new Mortgage has been registered with first priority against that Vessel and (c)
                    there are no further Encumbrances registered against that Vessel.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc42f3a5e34774550afa6bedf44347e13">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evidence that the relevant Vessel has been deleted from her previous approved Flag.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z09b1998ea8e54f69bd73b361a36c4135">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Such of the legal opinions specified in Part IV of this Schedule 2 (Conditions Precedent to Re-flagging under an Approved Flag) as have not already been
                    provided to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5dd36d8a73514d9dbf79691f0c9dce9f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Within ten (10) Business Days of the re-flagging, confirmation satisfactory to the Agent that the Insurances in respect of the relevant Vessel remain in full
                    force and effect notwithstanding the re-flagging.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 135</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 3</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Drawdown Request</font></div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd53ea8f582704a3181ee6c16c5a0722c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danmarks Skibskredit A/S</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dear Sirs</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S and TORM PLC &#8211; USD 236,936,191.35 Loan Agreement dated 10 April <font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif;">2014 as amended and restated on &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2018 (the "Agreement")</font></font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae20fca9ebaa401787d71fb2651e4736">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Agreement. This is a Drawdown Request. Terms defined in the Agreement have the same meaning in this Drawdown Request unless given a different
                    meaning in this Drawdown Request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z60a772ca70d84218ae1666eb98026e0a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We wish to make a Drawing on the following terms:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zc06ad9327ef949eb980373a0f30a44fa">

        <tr>
          <td style="width: 10.98%; vertical-align: top;">&#160;</td>
          <td style="width: 39.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proposed Drawdown Date:</font></div>
          </td>
          <td style="width: 36.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family:
                  'Times New Roman', Times, serif;">] (or, if that is not a Business Day, the next Business Day)</font></font></div>
          </td>
          <td style="width: 12.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: top;">&#160;</td>
          <td style="width: 39.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Currency of Drawing:</font></div>
          </td>
          <td style="width: 36.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">USD</font></div>
          </td>
          <td style="width: 12.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: top;">&#160;</td>
          <td style="width: 39.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amount:</font></div>
          </td>
          <td style="width: 36.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
          </td>
          <td style="width: 12.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: top;">&#160;</td>
          <td style="width: 39.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest Period:</font></div>
          </td>
          <td style="width: 36.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
          </td>
          <td style="width: 12.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: top;">&#160;</td>
          <td style="width: 39.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Vessel:</font></div>
          </td>
          <td style="width: 36.92%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
          </td>
          <td style="width: 12.19%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 10.98%; vertical-align: top;">&#160;</td>
          <td style="width: 39.92%; vertical-align: top;">&#160;</td>
          <td style="width: 36.92%; vertical-align: top;">&#160;</td>
          <td style="width: 12.19%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4eba5d9392304879a3afbf97cfc32c73">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We confirm that each condition specified in Clause 4.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Further



                      conditions precedent</font>) is satisfied on the date of this Drawdown Request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf267ab86081640e2b41e9c5dd9f8b552">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Drawdown Request is irrevocable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yours faithfully</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">...........................................<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>authorised signatory for<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>[TORM A/S/TORM PLC]</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 136</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 4</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Transfer Certificate</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9169f187690b47fcb03c11e61bd20aee">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danmarks Skibskredit A/S as Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc3c3a0d54c3b47e88ee38440999f5886">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Existing Lender</font>] (the "<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing Lender</font>") and [<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The New Lender</font>] (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Lender</font>")</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S and TORM PLC &#8211; USD 236,936,191.35 Loan Agreement dated 10 April 2014 as amended and restated
        on [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2018] (the "Loan Agreement")</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z62b373f97f7440eaac56f123b30061a1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Loan Agreement. This agreement (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agreement</font>")



                    shall take effect as a Transfer Certificate for the purposes of the Loan Agreement. Terms defined in the Loan Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za2b18a44461744a38567e076eb417624">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to Clause 24.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Procedure for transfer</font>) of
                    the Loan Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcaf492af3db74bbd91a2f0f25e050579">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation and in accordance with Clause 24.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Procedure for transfer</font>) all of the Existing Lender's rights and obligations under the Loan Agreement and the other Finance Documents
                    which relate to that portion of the Existing Lender's Commitment(s) and participations in the Loan under the Loan Agreement as specified in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="ze01e1bcb79c34005a9bdda531046c52f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 54pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: 180pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The proposed Transfer Date is [</font><font style="display: inline-block; text-indent: 0px; font-size:
                  1px; width: 180pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">].</font></td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z340aa80c353545eb86f17ca74d5b381a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 31.2 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses</font>) are set out in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z62c3b1e794694a6f9e9e052fc4e536d7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in Clause 24.3.1(c) (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Limitation of responsibility of Existing Lenders</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z345fe6fed21e4602848a6b5b0cc4f48d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
                    this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z478461c138204b3b9aca10f7628f1a1b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c9e789c9d044849aad94384c051b6ba">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 11.55pt; margin-bottom: 22.5pt;">
      <div>
        <div>
          <div><br>
          </div>
          <div style="text-align: left; margin-top: 11.55pt; margin-bottom: 22.5pt;">
            <div>
              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z78e63587b0c94389a5d95b94bf76677d">

                  <tr>
                    <td style="width: 54pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">
                      <div>Note:</div>
                    </td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender's interest
                          in any Encumbrance created or expressed to be created or evidenced by the Security Documents in all jurisdictions. It is the responsibility of the New Lender to ascertain whether</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="page-break-after:always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
          </div>
          <div style="margin-top: 11.55pt; margin-bottom: 22.5pt;"><br>
          </div>
        </div>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 137</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-top: 11.55pt; margin-bottom: 22.5pt;"><br>
    </div>
    <div style="text-align: left; margin-left: 45pt; margin-top: 0.05pt; margin-bottom: 673.15pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">any other documents or other formalities are required to
        perfect a transfer of such a share in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 138</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Schedule</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment/rights and obligations to be transferred</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[insert relevant details]</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[Facility Office
          address, fax number and attention details for notices and account details for payments</font>,]</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z1dca46ab375f4e8a84f5e6a30a679e3a">

        <tr>
          <td style="width: 39.33%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Existing Lender]</font></div>
          </td>
          <td style="width: 33.5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[New Lender]</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
          <td style="width: 27.17%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.33%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 33.5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 27.17%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.33%; vertical-align: top;">&#160;</td>
          <td style="width: 33.5%; vertical-align: top;">&#160;</td>
          <td style="width: 27.17%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement is accepted as a Transfer Certificate for the purposes of the Loan Agreement by the Agent and the
        Transfer Date is confirmed as [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;].</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 139</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 5</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Assignment Agreement</font></div>
    <div style="text-align: left; margin-top: 13.25pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z368d676f12444a69816f8e0eb5723fc5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danmarks Skibskredit A/S as Agent and TORM A/S as Borrower for and on behalf of each Security Party</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 9.9pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z789b9fbd3755441eb77354b036d8762c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Existing Lender</font>] (the "<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing Lender</font>") and [the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">New Lender</font>] (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Lender</font>")</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S and TORM PLC &#8211; USD 236,936,191.35 Loan Agreement dated 10 April 2014 and amended and
        restated on [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2018] (the "Loan Agreement")</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z81565978121c4268ad588c227679a6ca">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Loan Agreement. This is an Assignment Agreement. This agreement (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-weight: bold;">Agreement</font>") shall take effect as an Assignment Agreement for the purpose of the Loan Agreement. Terms defined in the Loan Agreement have the same meaning in this Agreement unless given a different
                    meaning in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb38517139a4845709c3c8fc598e421a7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to Clause 24.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Procedure for assignment</font>) of
                    the Loan Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9ebdfbada568445c8c3361ace05c2f3f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Loan Agreement, the other Finance Documents and in
                    respect of any Encumbrance created or expressed to be created or evidenced by the Security Documents which correspond to that portion of the Existing Lender's Commitment(s) and participations in the Loan under the Loan Agreement as
                    specified in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6bff82c27ddb488a9da8384f9917278d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's Commitment(s) and
                    participations in the Loan under the Loan Agreement specified in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91646a2899ee4303b2872bc50f4f2b7d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z604513e7fe82461a824d83bba1bc1255">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The proposed Transfer Date is [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;].</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9503a2a572ea400684b567e3f1e6a163">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Transfer Date the New Lender becomes Party to the relevant Finance Documents as a Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd063efb517c342d6a35c99c49aa1ae1a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Facility Office and address, fax number and attention details for notices of the</font><font style="font-size: 10pt; font-family: 'Times New Roman',
                    Times, serif;"> New Lender for the purposes of Clause 31.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses</font>) are set out in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32b2619ba64842dda0b2235447cb69f0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender expressly acknowledges the limitations on the Existing Lender's</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                    serif;"> obligations set out in Clause 24.3.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Limitation of responsibility of Existing Lenders</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc67996eefd6a4a3dba13d3a110de0b89">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 24.6 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Copy of Transfer Certificate or</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 140</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Assignment



          Agreement to Borrower</font>), to the Borrower (on behalf of each Security Party) of the assignment referred to in this Agreement.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z957ee21acf4a47bba5741aa147796549">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
                    this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zea31ea7fefab4073a8a22e58e5fb7a80">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54922e17ab1946f08f8d5a3f015d9be0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6837415a0e9a4798a4e7a3a93f1bb338">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender's interest in any Encumbrance
                    created or expressed to be created or evidenced by the Security Documents in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer
                    of such a share in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 141</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Schedule</font></div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment/rights and obligations to be transferred by
        assignment, release and accession</font></div>
    <div style="text-align: left; margin-top: 12.8pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">[<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">insert
          relevant details</font>]</font></div>
    <div style="text-align: left; margin-top: 9.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">[<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-style: italic;">Facility
          office address, fax number and attention details for notices and account details for payments</font>]</font></div>
    <div style="text-align: left; margin-right: 18pt; margin-left: 10.8pt; margin-top: 9.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z013f4c0440e447ae9248d3386b10e752">

        <tr>
          <td style="width: 39.33%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Existing Lender]</font></div>
          </td>
          <td style="width: 33.5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[New Lender]</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
              </font></div>
          </td>
          <td style="width: 27.17%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.33%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 33.5%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 27.17%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 39.33%; vertical-align: top;">&#160;</td>
          <td style="width: 33.5%; vertical-align: top;">&#160;</td>
          <td style="width: 27.17%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement is accepted as an Assignment Agreement for the purposes of the Loan Agreement by the Agent and the
        Transfer Date is confirmed as [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">].</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Signature of this Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment
        referred to in this Agreement, which notice the Agent receives on behalf of each Finance Party.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danmarks Skibskredit A/S</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(as Agent)</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 142</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin: 0px 0px 0px 54pt; text-align: left; text-indent: -54pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 6</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Compliance Certificate</font></div>
    <div style="text-align: left; margin-top: 12.8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd3e4d373dd648959396f3c1beb23ac4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danmarks Skibskredit A/S</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 12.8pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97a5e4836152487381fd2f16f916952b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-top: 12.85pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></div>
    <div style="text-align: left; margin-top: 12.85pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dear Sirs</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S and TORM PLC &#8211; USD 236,936,191.35 Loan Agreement dated 10 April <font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif;">2014 and amended and restated on [</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;">2018] (the "Agreement")</font></font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9951c539b9d346d58b9be839cb98e736">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate
                    unless given a different meaning in this Compliance Certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5bf7477bf51b4c94bc43a27e3f951f8d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I/We confirm that with respect to the financial quarter ending [30 June][31 December] of the Group:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9596cdaa1d6f4c0486826de9b933c898">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity Ratio: The Equity Ratio is []. [Requirement: Equity Ratio shall not be less than twenty-five per cent. (25%)]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf8a55cfa498841698431ea0a0444817b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Free Liquidity: The Free Liquidity is [ ] being in excess of USD 75,000,000 and representing [ ]% of Group Debt</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf52c64ebbff4776a1a87e32856a13c2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[I/We confirm that the LTV Coverage calculated in accordance with Clause 17.5</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                    serif;"> (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Additional Security</font>) is [ ], and attach copies of the underlying valuations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1fb7c29eec7b4144acbcd667542562d6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[I/We confirm that no Event of Default is continuing and no Change of Control has occurred.] [<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-style: italic;">If this statement cannot be made, the certificate should identify any Event of Default that is continuing and the steps, if any, being taken to remedy it, or the change of control that has occurred
                      as the case may be.</font>]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;"><br>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zc45917df146347a0831d1203c0231ca5">

          <tr>
            <td colspan="2" style="width: 52.14%; vertical-align: bottom;">&#160;</td>
            <td style="width: 47.86%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="width: 52.14%; vertical-align: bottom;">&#160;</td>
            <td style="width: 47.86%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 9.54%; vertical-align: bottom;">
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Signed:</div>
            </td>
            <td style="width: 42.6%; vertical-align: bottom;">&#160;.....................................................................</td>
            <td style="width: 47.86%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 9.54%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42.6%; vertical-align: bottom;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Chief Executive Officer of<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></font></div>
            </td>
            <td style="width: 47.86%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
    </div>
    <br>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 143</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 7</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessels/Owners/Flags/Current Managers</font></div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z6dbf887748ca4225a0e2c3cbda390728">

        <tr>
          <td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel</font></div>
          </td>
          <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); padding-left: 1px; padding-right: 1px;">
            <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IMO Number</font></div>
          </td>
          <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commercial Manager</font></div>
          </td>
          <td style="width: 17%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Technical Manager</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM FREYA" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel
                  2</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9250490</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM GERD" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel 3</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9240897</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM GERTRUD" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel



                  4</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9240885</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM GUNHILD" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel



                  5</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9172193</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 12.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM HELVIG" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;
                  font-weight: bold;">Vessel 7</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9288021</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM INGEBORG" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel

                  8</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9243320</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM RAGNHILD" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel

                  9</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9290579</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM THYRA" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font><font style="font-weight: bold;"> 11</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9250488</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM VALBORG" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font>
                <font style="font-weight: bold;">12</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9243318</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 21.6pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM THOR" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font><font style="font-weight: bold;"> 14</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9712292</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 25.2pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">VesselCo 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM THUNDER" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font>
                <font style="font-weight: bold;">15</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9712307</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 25.2pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">VesselCo 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM TIMOTHY" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font>
                <font style="font-weight: bold;">16</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9726487</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 25.2pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">VesselCo 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM LOKE" ("<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font>
                <font style="font-weight: bold;">17</font>")</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9301914</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 14.4pt; margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 11 Pte. Ltd</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">"TORM TROILUS"</font></div>
          </td>
          <td style="border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); vertical-align: top; width: 18%; padding: 0px 1px 0px 4px; text-align: left;">
            <div style="margin-right: 27.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">9726475</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Vessel Co 11 Pte.</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 15.95pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 144</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    <div style="margin-top: 0.35pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z3a60d3733d004fbd91e0a64a721c20de">

        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel</font> <font style="font-weight: bold;">18</font>")</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ltd</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 17%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hull No. 15121034 under the construction at Guangzhou Shipyard International Company Limited ("<font style="font-size: 10pt;
                  font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font> <font style="font-weight: bold;">19</font>")</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">To be advised</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">VesselCo 5 K/S</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 19.9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hull No. 15121035 under the construction at Guangzhou Shipyard International Company Limited ("<font style="font-size: 10pt;
                  font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font> <font style="font-weight: bold;">20</font>")</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">To be advised</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">VesselCo 5 K/S</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 19.9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hull No. 15121036 under the construction at Guangzhou Shipyard International Company Limited ("<font style="font-size: 10pt;
                  font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font> <font style="font-weight: bold;">21</font>")</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">To be advised</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">VesselCo 5 K/S</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 19.9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 7.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Hull No. 15121037 under the construction at Guangzhou Shipyard International Company Limited ("<font style="font-size: 10pt;
                  font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Vessel</font> <font style="font-weight: bold;">22</font>")</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.4pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">To be advised</font></div>
          </td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-left: 5.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">VesselCo 5 K/S</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 19.9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
          <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); text-align: left;">
            <div style="margin-right: 15.15pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Torm A/S*</font></div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 25.45pt;"><br>
    </div>
    <div style="text-align: left; margin-top: 0.3pt; margin-bottom: 31.4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">* acting in its capacity as Bareboat Charterer of the Vessel</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 145</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-top: 0.3pt; margin-bottom: 31.4pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 8</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Supplementary Agreement</font></div>
    <div style="text-align: justify; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[DELIBERATELY NOT USED]</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 146</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 9</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repayment Profile / Drawings</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 147</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 10</font></div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved Shipbrokers</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9709326581c443c88cb4a97fac931dda">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fearnleys, Oslo;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7dfe723d3e774bd788c92765b0c6a847">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">SSY;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcfee3a6e443e4019a231ab4f537a4832">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clarksons;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc002aed2c7a4465eb246bbbd335e2e1b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Inge Stensland;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6cc0e98bbbe44b47bba09b8e508b8fd4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">BRS;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5e3cdd4521084d05af44ba86941cce5c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Maersk Brokers;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0385c4edded1412e9512040df1e48766">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such other reputable and independent brokers with knowledge of the product tanker market appointed by the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 148</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Schedule 11</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd56b1679cbff4e1cb1fc94ce78a4ba2c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel and Insurance Undertakings</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc3e6a3267354b4581852e2dcebdde24">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbad97d8ef1104b58844fb68f4c6f3416">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner covenants to ensure at its own expense throughout the Facility Period that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4edda8c6c1444385a8f99d7824a4d543">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Vessel owned by it remains insured against fire and all usual marine risks (including hull interest, freight interest and excess risks) and war risks
                    (including blocking and trapping) on an agreed value basis for an amount which is the greater from time to time of (a) her full market value and (b) an amount which equals one hundred and ten per cent (110%) of the aggregate of the
                    amount of the Appropriate Amount in respect of the Vessel. The amount of the hull and machinery marine risks for each Vessel shall at all times represent at least eighty per cent (80%) of her full market value; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4cc7444f87ad40eabf6675951343d266">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Vessel owned by it remains entered in a protection and indemnity association which is a member of the International Group of P&amp;I Clubs (or is
                    otherwise approved by the Security Agent acting reasonably) in both protection and indemnity classes, or remains otherwise insured against protection and indemnity risks and liabilities (including, without limitation, protection and
                    indemnity war risks) and for the highest amount available for vessels of her specification with a protection and indemnity association which is a member of the International Group of P&amp;I Clubs including oil pollution liability risk;
                    and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z891fa81953b74575b1921744df94616b">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Security Agent agrees that, if and for so long a Vessel may be laid up with the approval of the Security Agent, each Owner may at its own expense take out
                    port risk insurance on the Vessels in place of hull and machinery insurance.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf79d9c9fcbe14667bdaa62a323e58434">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner undertakes to place the Obligatory Insurances in such markets, denominated in dollars, on such terms and conditions (always applying the terms of
                    the Nordic Marine Insurance Plan 2013 (as amended from time to time) or such other insurance plan or conditions considered market standard, and with such brokers, underwriters and associations as the Security Agent shall have previously
                    approved in writing or with such first class insurer with a credit rating of no less than "A-" with A.M. Best and/or "BBB" with Standard &amp; Poor's or an equivalent rating from another rating agency of similar reputation which may be
                    approved by the Security Agent, acting reasonably. No Owner shall alter the terms of any of the Obligatory Insurances in any material respect, and will supply the Security Agent from time to time on request with such information as the
                    Security Agent may in its discretion require with regard to the Obligatory Insurances and the brokers, underwriters or associations through or with which the Obligatory Insurances are placed. Each Owner</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 149</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall reimburse the Security Agent on demand for all costs and expenses incurred by the Security
        Agent in obtaining from time to time a report on the adequacy of the Obligatory Insurances, including as set out in Clause 1.1.5 of this Schedule 11 from an insurance adviser instructed by the Security Agent. Each Owner shall be liable to pay (or
        reimburse the Security Agent) for no more than one such report per year, unless (i) such report is obtained in connection with the occurrence of and Event of Default or (ii) there has been a material change to the Insurances, including as set out
        in Clause 1.1.5 of this Schedule 11.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fab5e903572467eaf17432b167d075e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner undertakes duly and punctually to pay all premiums, calls and contributions, and all other sums at any time payable in connection with the
                    Obligatory Insurances, and, at its own expense, to arrange and provide any guarantees from time to time required by any protection and indemnity or war risks association. From time to time at the Security Agent's request, each Owner
                    will provide the Security Agent with evidence satisfactory to the Security Agent that such premiums, calls, contributions and other sums have been duly and punctually paid; that any such guarantees have been duly given; and that all
                    declarations and notices required by the terms of any of the Obligatory Insurances to be made or given by or on behalf of each Owner to brokers, underwriters or associations have been duly and punctually made or given.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6d476b2712b4a58b15f46d96c08a7c0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner will comply in all respects with all terms and conditions of the Obligatory Insurances and will make all such declarations to brokers, underwriters
                    and associations as may be required to enable the Vessel to operate in accordance with the terms and conditions of the Obligatory Insurances. No Owner will do, or permit to be done, any act, or make, or permit to be made, any omission,
                    as a result of which any of the Obligatory Insurances may become liable to be suspended, cancelled or avoided, or may become unenforceable, or as a result of which any sums payable under or in connection with any of the Obligatory
                    Insurances may be reduced or become liable to be repaid or rescinded in whole or in part. In particular, but without limitation, no Owner will permit the Vessels owned by it to be employed other than in conformity with the Obligatory
                    Insurances without first taking out additional insurance cover in respect of that employment in all respects to the satisfaction of the Security Agent, and each Owner will notify the Security Agent without undue delay of any material
                    new requirement imposed by any broker, underwriter or association in relation to any of the Obligatory Insurances.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b9f7f38b0b44fa98e5639867ff096cb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner will, no later than the day of the expiry of any of the Obligatory Insurances, renew them and shall immediately give the Security Agent such
                    details of those renewals as the Security Agent may require. In the event that the Obligatory Insurances are not placed on the terms of the Nordic Marine Insurance Plan 2013 upon their renewal, the Security Agent shall, at the cost of
                    each Owner, have the right to obtain a report on the adequacy of the Obligatory Insurances from an insurance adviser instructed by the Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 150</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd47cc00d81f848fba340bad0da3b9da5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner shall reimburse the Security Agent the costs, premiums and expenses of taking out and keeping in force the Mortgagees' Insurances in relation to
                    each Vessel for an amount which equals one hundred and ten per cent (110%) of the Appropriate Amount of such Vessel then outstanding. Such insurance can be taken out by the relevant Owner if the Security Agent so agrees (acting
                    reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84e7de5c002241398de35f0d843e783d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner shall, at its own cost, take out such additional insurances as may from time to time be required by any public body, classification society or
                    other similar entity having authority over each Owner or the Vessels owned by it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35c70309eca94d238b35cb31595ea852">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner shall deliver to the Security Agent extracts (and, if required by the Security Agent, pro-forma originals) of all policies and certificates of
                    entry (including, if required by the Security Agent receipts for premiums, calls or contributions and other documents relating to the Insurances) and shall procure that letters of undertaking in such form as the Security Agent (acting
                    reasonably) may approve shall be issued to the Security Agent by the brokers through which the Insurances are placed (or, in the case of protection and indemnity or war risks associations, by their managers). If a Vessel is at any time
                    during the Facility Period insured under any form of fleet cover, the relevant Owner shall (if possible) procure that those letters of undertaking contain confirmation that the brokers, underwriters or association (as the case may be)
                    will not set off claims relating to that Vessel against premiums, calls or contributions in respect of any other vessel or other insurance, and that the insurance cover of that Vessel will not be cancelled by reason of non-payment of
                    premiums, calls or contributions relating to any other vessel or other insurance. Failing receipt of those confirmations, the relevant Owner will (if required by the Security Agent (acting reasonably)) instruct the brokers, underwriters
                    or association concerned to issue a separate policy or certificate for that Vessel in the sole name of the relevant Owner or of such Owner's brokers as agents for such Owner.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb4ef99c51e3484b9041814706832ced">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner shall promptly provide the Security Agent with full information regarding any Major Casualty.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf3cd6cbc6472469795cefe5e9adeb831">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner agrees that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd020120820d04a0dbe87f1e18161da24">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">at any time after the occurrence and during the continuation of an Event of Default, the Security Agent shall be entitled to collect, sue for, recover and
                    give a good discharge for all claims in respect of any of the Insurances; to pay collecting brokers the customary commission on all sums collected in respect of those claims; to compromise all such claims or refer them to arbitration or
                    any other form of judicial or non-judicial determination; and otherwise to deal with such claims in such manner as the Security Agent shall in its discretion think fit;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z80ed27c5973c475ca7b28eceebcd0658">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether or not an Event of Default shall have occurred or be continuing, the proceeds of any claim under any of the Insurances</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 151</font></div>
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    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-left: 144pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of a Total Loss shall be paid to the Security Agent and applied by the Security Agent in
        accordance with Clause 7.6; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5dccaf0e69bc4fe5ae875f9fa44c34ad">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all sums paid under the Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or discharging the liability in
                    respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd5b438e8cbe74501a78c762097c0f985">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent agrees that any amounts which may become due under any protection and indemnity entry or insurance shall be paid to the relevant Owner to
                    reimburse such Owner for, and in discharge of, the loss, damage or expense in respect of which they shall have become due, unless, at the time the amount in question becomes due, an Event of Default shall have occurred and be
                    continuing, in which event the Security Agent shall be entitled to receive the amounts in question and to apply them either in reduction of the Indebtedness or, at the option of the Security Agent, to the discharge of the liability in
                    respect of which they were paid.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb1ff53a5687547b3ae6fe1ba5898c1c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner agrees that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff2bd8f7c1fc49dcba48cadfc91e0dd6">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Owner shall settle, compromise or abandon any claim under or in connection with any of the Insurances (other than a claim of less than the Threshold Amount
                    arising other than from a Total Loss) without the prior written consent of the Security Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za87e02f6a5b1438c943a9f33a8feca14">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if an Owner fails to effect or keep in force the Obligatory Insurances, the Security Agent may (but shall not be obliged to) effect and/or keep in force such
                    insurances on the Vessel and such entries in protection and indemnity or war risks associations as the Security Agent in its discretion considers desirable, and the Security Agent may (but shall not be obliged to) pay any unpaid
                    premiums, calls or contributions; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbdbbda4c834c4e6ba065575867a8ce4a">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Owner will reimburse the Security Agent from time to time on demand for all such premiums, calls or contributions paid by the Security Agent, together
                    with interest at the Default Rate from the date of payment by the Security Agent until the date of reimbursement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z571e907624f4407aad2a7a69504f9f6a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner shall:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6636bc7a81b74782a2eedd63675735f0">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">comply with all Environmental Laws;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b4f34c584114984b1e3acee4c0cca65">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtain, maintain and ensure compliance with all requisite Environmental Approvals; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8d50cf5732c044a9ae1cb629eab3965b">

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              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">implement procedures to monitor compliance with and to prevent liability under any Environmental Law,</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where failure to do so has or is reasonably likely to have a Material Adverse Effect.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 152</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner shall comply with the requirements of the United States Oil Pollution Act 1990 (the "<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-weight: bold;">Act</font>") if a Vessel owned by it is to trade in the United States of America and Exclusive Economic Zone (as defined in the Act). Before any such trade is commenced and during the entire period
                    during which such trade is carried on, the relevant Owner shall:</font></div>
              </td>
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    <div style="text-align: justify; margin-bottom: 12pt;">
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbfddad36280a40ffa7aa08c7b6c4d0b8">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pay any additional premiums required to maintain protection and indemnity cover for oil pollution up to the limit available to that Owner for the relevant
                    Vessel in the market; and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d8e825ff45f4cf59889a648e290314b">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">make all such quarterly or other voyage declarations as may from time to time be required by the relevant Vessel's protection and indemnity association in
                    order to maintain such cover, and, if required by the Security Agent, promptly deliver to the Security Agent copies of such declarations; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z841bdba2939d4f08bf8c5d75b0785d7d">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">submit the relevant Vessel to such additional periodic, classification, structural or other surveys which may be required by the relevant Vessel's protection
                    and indemnity insurers to maintain cover for such trade and, if required by the Security Agent, promptly deliver to the Security Agent copies of reports made in respect of such surveys; and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3359b468fc594881a5ffaa818d110555">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">implement any recommendations contained in the reports issued following the surveys referred to in Clause 1.1.14(c) within the relevant time limits, and, if
                    required by the Security Agent, provide evidence satisfactory to the Security Agent that the protection and indemnity insurers are satisfied that this has been done; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1105b79ed23a4052a94dbf3a856ed7f4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.1.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in addition to the foregoing (if such trade is in the United States of America and Exclusive Economic Zone):</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a0c650e215248d1bd652c41fcd859bc">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtain and retain a certificate of financial responsibility under the Act in form and substance satisfactory to the United States Coast Guard and, if required
                    by the Security Agent, provide the Security Agent with evidence of the same; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z032fe991720446dfb30ea85aadf4c0ab">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">procure that the protection and indemnity insurances do not contain a US Trading Exclusion Clause or any other analogous provision and, if required by the
                    Security Agent, provide the Security Agent with evidence that this is so; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36aac549b4334c8bba86b92b6b59c749">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">comply strictly with any operational or structural regulations issued from time to time by any relevant authorities under the Act so that at all times the
                    relevant Vessel falls within the provisions which limit strict liability under the Act for oil pollution.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf6e7d56ea0b44b458d64f06e130606d0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operation and Maintenance</font></font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner undertakes towards the Security Agent:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 153</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z321cd7159cc9466895a994883fc4b878">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to keep each Vessel owned by it seaworthy and in a state of repair consistent with prudent ownership and sound ship management practice; and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd912a697fdb84d84a9c215a83ef3d504">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to maintain the registration of each Vessel owned by it under its current flag; to effect and maintain registration of the relevant Mortgage at the Vessel's
                    Ship Registry; and not cause nor permit to be done any act or omission as a result of which either of those registrations might be defeated or imperilled; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa0442f0eb0b4cb1a4307c5c3e782547">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to maintain each Vessel owned by it in a condition entitling such Vessels to the highest class applicable to vessels of their type with a classification
                    society approved by the Security Agent free of recommendations and qualifications; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z78bfa73e6be74a36bd37f52b51613d52">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to carry on board each Vessel owned by it all applicable operating certificates and other documents which may from time to time be required by law,
                    conventions or regulations applicable to the relevant Owner to be carried on board each Vessel owned by it; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not without the prior written consent of the Security Agent to make, nor permit nor cause to be made, any material change in the structure, type or speed of
                    the Vessels owned by it; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30e4cdc012024cb288ffb8f0cecd854a">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to procure that all repairs to each Vessel owned by it or replacements of parts or equipment of each Vessel owned by it are effected in such a way as not to
                    diminish the value of such Vessel and with replacement parts or equipment the property of each Owner and free of all Encumbrances (other than the relevant Mortgage); and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z482a64e0c50a462d93bec2046f0536bc">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to permit the Security Agent and all persons appointed by the Security Agent to board each Vessel owned by it from time to time during the Facility Period
                    (without materially interfering with the relevant Vessel&#8217;s trading or operation) to inspect such Vessel's state and condition, with only one such inspection each calendar year being at the expense of the Owner, and, if such Vessel shall
                    not be in a state and condition which complies with the requirements of this Agreement, to effect such repairs as shall in the opinion of the Security Agent be desirable to ensure such compliance, without prejudice to the Security
                    Agent's other rights under or pursuant to the relevant Mortgage or this Agreement; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">immediately to notify the Security Agent of any arrest or detention of any Vessel owned by it, and to cause such Vessel to be released from arrest or
                    detention as quickly as possible, and in any event within sixty (60) days from the date of arrest or detention and immediately to notify the Security Agent in the same manner of the release of such Vessel; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0995806767cb466ea298f0f0aea23a32">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">from time to time on request of the Security Agent to produce to the Security Agent written evidence satisfactory to the Security Agent confirming that the
                    master and crew of each Vessel owned by it have no claims for wages beyond the ordinary arrears and that the master has no claim for disbursements other than those properly incurred by him in the</font></div>
              </td>
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      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 154</font></div>
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    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ordinary course of trading of such Vessel on the voyage then in progress; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74de5346084c48a1bed238d37996fd60">

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              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not during the Facility Period to sell, agree to sell, or otherwise dispose of, or agree to dispose of, any shares in any Vessel owned by it unless the
                    relevant Borrower complies with its obligations under Clause 7.6 of this Agreement (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mandatory Prepayment on sale or Total Loss</font>); and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfcdd23a467f34021a86330607def433a">

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              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not during the Facility Period to change the name of any Vessel owned by it without prior notice to the Security Agent; and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63dfabe5c51840c3803245c110cede2b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not during the Facility Period to lay up any Vessel owned by it without the prior written consent of the Security Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z688bdef3085140729f5ee60735f969a5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the event of any requisition or seizure of any Vessel owned by it, to take all lawful steps to recover possession of such Vessel as soon as it is entitled
                    to do so; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8553e733e226498ba08d007c84ff8ddb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to give to the Security Agent from time to time during the Facility Period on request such information as the Security Agent may require with regard to the
                    Vessel's employment, position and state of repair and, on the Security Agent's request, to supply the Security Agent with copies of all Charters and other similar contracts of employment relating to any Vessel owned by it and copies of
                    the deck and engine logs of any Vessel's owned by it; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe9c5083cfee42058956149b8baa0190">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to comply with all requirements from time to time of the classification society of any Vessel owned by it and to give to the Security Agent from time to time
                    during the Facility Period on request copies of all classification certificates of each Vessel owned by it and reports of surveys required by the each Vessel's classification society (each Owner by its execution of this Agreement
                    irrevocably authorising the Security Agent to obtain such information and documents from each Vessel's classification society as the Security Agent may from time to time require), and to notify the Security Agent immediately of any
                    requirement or recommendation imposed by each Vessel's classification society; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf45574d321114f57b5783a8ac285cc37">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not during hostilities (whether or not a state of war shall formally have been declared and including, without limitation, any civil war) to permit each
                    Vessel owned by it to be employed in carrying any goods which may be declared to be contraband of war or which may render the Vessel liable to confiscation, seizure, detention or destruction, nor to permit the Vessel to enter any area
                    which is declared a war zone by any governmental authority or by such Vessel's insurers unless that employment or voyage is either (a) permitted under the terms of the Insurances or (b) (to the extent not covered by the Insurances)
                    covered by additional insurance taken out by the relevant Owner at such Owner's expense, which additional insurance shall be deemed to be part of the Insurances and of the Assigned Property; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 155</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff64f47642e6465fbc231b37b36d9b37">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not without the prior written consent of the Security Agent to let any Vessel owned by it on any demise charter (irrespective of duration) or on any time
                    charter (which, inclusive of any extension option is capable of exceeding 13 months), consecutive voyage charter or other contract of employment nor to employ any Vessel owned by it, in each case in any way which might impair the
                    security created by the Finance Documents; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zffc57d43f5cf484a8dffcd386f8d2ed6">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">duly to perform (unless prevented by force majeure), and to take all necessary steps to enforce the performance by charterers and shippers of, all
                    charterparties and other contracts of employment and all bills of lading and other contracts relating to each Vessel owned by it; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71bc91597a9e4899bb0d1acbd1628cf9">

            <tr>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not following the occurrence and during the continuation of an Event of Default to let any Vessel owned by it on charter or renew or extend any charter or
                    other contract of employment of any Vessel owned by it, nor agree to do so, without the prior written consent of the Security Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a3dbf11c4b14bd498d073dc08b63f11">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Owner shall generally pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and
                    only to the extent that:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zed90e5e1bc7c49d6bfd550ba09fcf791">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such payment is being contested in good faith;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ebb890006104bef89b1e45caaedf9de">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements
                    delivered to the Agent under Clause 20.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial statements</font>) of this Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc8d07a0f78394ec3b6ac8bbafc68ec82">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88f7acf1de094d9590b669978819e327">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.21</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not at any time during the Facility Period without the prior written consent of the Security Agent (and then subject to such conditions as the Security Agent
                    may impose) to create nor grant nor permit to exist any Encumbrance over the Vessel or any share in any Vessel owned by it or any of the Assigned Property other than any Permitted Encumbrances existing from time to time; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze704e523d96b4f6ea5d41094342e670e">

            <tr>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.22</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to notify the Security Agent immediately if the relevant Owner becomes aware of any legal proceedings or arbitration involving (i) any Vessel owned by it or
                    (ii) the relevant Owner, where the amount claimed by any party (ignoring any counterclaim or defence of set-off) exceeds or may reasonably be expected to exceed the Threshold Amount; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z526ee78fb5994f01bed0a8ec2aa99325">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.23</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not without the prior written consent of the Security Agent to put any Vessel owned by it into the possession of any person for the purpose of work or repairs
                    estimated to cost more than USD 6,000,000 (except for repairs where the amount above such threshold is recoverable under the</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 156</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Insurances and in respect of which the insurers have agreed to make payment in accordance with any
        applicable loss payable clause) unless that person shall have given an undertaking to the Security Agent in such terms as the Security Agent shall require not to exercise a lien on the relevant Vessel for the cost of the work; and</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf726f30a64c94f1b969c71384db8ac24">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.24</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to keep proper books of account in respect of each Vessel owned by it and the Earnings and as and when required by the Security Agent to make such books
                    available for inspection on behalf of the Security Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf7c39462dbda4e08b5fbfcfe0bc3fe0e">

            <tr>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.25</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not to appoint anyone other than the Managers as commercial or technical managers of any Vessel owned by it, nor permit the commercial or technical management
                    of any Vessel owned by it to be sub-contracted or delegated to any third party (save as is permitted in the relevant Management Agreement). For the avoidance of doubt and subject to Clause 22.25 of this Agreement (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change of Manager</font>), no prior written consent of the Agent will be required in connection with the termination or cancellation of a
                    Management Agreement; and</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z13c03db39dcc4671914c8f880b514e2b">

            <tr>
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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.26</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to take all reasonable precautions to prevent any infringements of any anti-drug legislation in any jurisdiction in which each Vessel owned by it shall trade
                    and in particular (if any Vessel owned by it is to trade in the United States of America) to take all reasonable precautions to prevent any infringements of the Anti-Drug Abuse Act of 1986 of the United States of America; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za0d0fccbad904adaaa62e0de0ee6c606">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.27</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to comply in all material respect, or procure that the operator of any Vessel owned by it will comply in all material respects, with the ISM Code or any
                    replacement of the ISM Code and in particular, without limitation, to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z72d671e248224af99a61408d0d535962">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">procure that each Vessel owned by it emains for the duration of the Facility Period subject to a safety management system developed and implemented in
                    accordance with the ISM Code; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb4e61d08d08c45f8bddc86bc79a70e29">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">maintain for each Vessel owned by it throughout the Facility Period a valid and current SMC and provide a copy to the Security Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z737df43b655f4400aa947855809b4816">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">procure that the ISM Company maintains throughout the Facility Period a valid and current DOC and provide a copy to the Security Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48ad5e91ba5e4be8aa84afdf33ca29d1">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notify the Security Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the SMC of the Vessel or
                    of the DOC of the ISM Company; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcb97a2be75e9402eb59b9af95b1569c7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.28</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to comply all material respect in relation to each Vessel owned by it with the ISPS Code or any replacement of the ISPS Code and in particular, without
                    limitation, to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 157</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b078f8ba5524a649dc49e46785fe784">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">procure that each Vessel owned by it and the company responsible for such Vessel's compliance with the ISPS Code comply with the ISPS Code; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb1c37b81f7543c19b8a8285d9160f5a">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">maintain for each Vessel owned by it throughout the Facility Period a valid and current ISSC and provide a copy to the Security Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d3699fc189642faa509b65109ed5e13">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notify the Security Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf536d8773d094d448b0fe6be08299291">

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              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.2.29</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to comply all material respect in relation to each Vessel owned by it with Annex VI or any replacement of Annex VI and in particular, without limitation, to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z049b30a9d3584f99917aa90304d64b04">

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              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">procure that the master and crew of each Vessel owned by it are familiar with, and that each Vessel owned by it complies with, Annex VI; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63c6956aa2164038985641cecc7c74aa">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">maintain for the each Vessel owned by it throughout the Facility Period a valid and current IAPPC and provide a copy to the Security Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z959e49c7625d4d3b8879eab2a537e8f5">

            <tr>
              <td style="width: 108pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notify the Security Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the IAPPC.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z712528696f3644f7988d28e6aa30efa6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Schedule 11:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assigned



          Property</font>" means the Insurances, the Earnings and the Requisition Compensation.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Default



          Rate</font>" means interest at the rate calculated in accordance with Clause 8.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Default interest</font>) of the Agreement.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Major



          Casualty</font>" means any casualty to a vessel for which the total insurance<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>claim, inclusive of any deductible, exceeds or may exceed the Threshold Amount.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgagees'



          Insurances</font>" means all policies and contracts of mortgagees' interest insurance and mortgagees' additional perils (oil pollution) insurance.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Obligatory



          Insurances</font>" means the insurances and entries referred to in Clause 1.1.1 of this Schedule 11 and, where applicable, those referred to in Clauses 1.1.4 and/or 1.1.5 of this Schedule 11.</font></div>
    <div style="text-align: justify; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Threshold



          Amount</font>" means one million dollars (USD1,000,000) or its equivalent in any other currency.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 158</font></div>
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    <div style="text-align: left; text-indent: -54pt; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Signatures</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z860622d8628b4fe38e82c9c147d6a867">

        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Borrower A and Guarantor B</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM A/S</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(CVR No. 22460218)</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address: Tuborg Havnevej 18</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK-2900 Hellerup</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax no.: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Department/Officer: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Email: man@torm.com;</font><font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;"> <u>csm@torm.com</u></font></font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Borrower B and Guarantor A</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Company number 09818726)</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address: TORM PLC, c/o TORM A/S,</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tuborg Havnevej 18</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK-2900 Hellerup</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax no.: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Department/Officer: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Email: man@torm.com;</font><font style="font-size: 10pt;
                  font-family: 'Times New Roman', Times, serif;"> </font><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">csm@torm.com</font></u></font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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            <div>&#160;</div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 8 Pte. Ltd.</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address: c/o TORM A/S.</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax no.: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Email: man@torm.com;</font><font style="font-size: 10pt;
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
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            <div>&#160;</div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 11 Pte. Ltd.</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address: c/o TORM A/S</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax no.: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Email: man@torm.com;</font><font style="font-size: 10pt;
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
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            <div>&#160;</div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 5 K/S</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(CVR No, 38911538)</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address: c/o TORM A/S</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax no.: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Department/Officer: [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Email: man@torm.com;</font><font style="font-size: 10pt;
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Agent, Security Agent and Original Lender</font></div>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S</font></div>
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          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(CVR no. 27492649)</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address: Sankt Annae Plads 3</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK-1250 Copenhagen K, Denmark</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax no.: +45 33 33 9666</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
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          <td style="width: 48.95%; vertical-align: top;">
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Email:danmarks@skibskredit.dk;</font></font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">loanadmin@skibskredit.dk</font></font></u></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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      <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">In witness </font>of
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting by</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the duly authorised</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/Christian Gorrissen</font></font></u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the presence of:</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Christian Gorrissen</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Witness signature:&#160; <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Jens Norgil Damgaard</font></u></font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jens Norgil Damgaard</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address:&#160; TORM A/S</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK-2900 Hellerup</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" style="width: 100%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
              </font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
              </font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Borrower B, Guarantor A, and Headbareboat Charterer</font></div>
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">company number 09818726</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting by</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its duly authorised</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/Christian Gorrissen</font></font></u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the presence of:</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Christian Gorrissen</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Witness signature:&#160; <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Jens Norgil Damgaard</font></u></font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jens Norgil Damgaard</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address:&#160; TORM A/S</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18 Tuborg Havnevej</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK-2900 Hellerup</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
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    </table>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Owner A and Guarantor</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Signed sealed</font> and <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">delivered</font></font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as a <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deed</font></font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 8 Pte. Ltd</font></font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting by</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/Christian Gorrissen</font></font></u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its duly authorised</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attorney</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the presence of:</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Witness signature:&#160; <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Jens Norgil Damgaard</font></u></font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jens Norgil Damgaard</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address:&#160; TORM A/S</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Owner B and Guarantor</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Signed sealed</font> and <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">delivered</font></font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as a <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deed</font></font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting by</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/Christian Gorrissen</font></font></u></div>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Christian Gorrissen</font></div>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its duly authorised</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attorney</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the presence of:</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
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          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jens Norgil Damgaard</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address:&#160; TORM A/S</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
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          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
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          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.95%; vertical-align: top;">
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
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          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VesselCo 5 K/S</font></font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
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          </td>
          <td style="width: 2.46%; vertical-align: top;">&#160;</td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting by</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">
            <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/Christian Gorrissen</font></font></u></div>
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          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its duly authorised</font></div>
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          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attorney</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the presence of:</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">&#160;</td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Witness signature:&#160; <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Jens Norgil Damgaard</font></u></font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:&#160; Jens Norgil Damgaard</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address:&#160; TORM A/S</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18 Tuborg Havnevej</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK-2900 Hellerup</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td style="width: 48.95%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
          <td style="width: 2.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td style="width: 48.59%; vertical-align: middle;">&#160;</td>
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          </td>
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          </td>
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          <td style="width: 48.95%; vertical-align: top;"><br>
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          <td style="width: 48.95%; vertical-align: top;"><br>
          </td>
          <td style="width: 2.46%; vertical-align: top;"><br>
          </td>
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          <td style="width: 48.95%; vertical-align: top;"><br>
          </td>
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            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As Original Lenders, Agent and Security Agent</font></div>
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            <td style="width: 2.46%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;">&#160;</td>
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            <td style="width: 48.95%; vertical-align: top;">&#160;</td>
            <td style="width: 2.46%; vertical-align: top;">&#160;</td>
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          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Danmarks Skibskredit A/S</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(CVR no. 27492649)</font></div>
            </td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting by</font></div>
            </td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td style="width: 24.3%; vertical-align: middle;"><u>/s/ Michael Friech</u><br>
            </td>
            <td style="width: 24.3%; vertical-align: middle;"><u>/s/ Marcus Christensen</u></td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">&#160;</td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td style="width: 24.3%; vertical-align: middle;">Michael Friech</td>
            <td style="width: 24.3%; vertical-align: middle;">Marcus Christensen</td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its duly authorised</font></div>
            </td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the presence of:</font></div>
            </td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">&#160;</td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Witness signature: <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Brian D. Kristiansen</font></u></font></div>
            </td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:&#160; Brian D. Kristiansen</font></div>
            </td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address: Annexgardsvej 39</font></div>
            </td>
            <td style="width: 2.46%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
            </td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 48.95%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK-2610 R&#248;dovre</font></div>
            </td>
            <td style="width: 2.46%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 48.59%; vertical-align: middle;">&#160;</td>
          </tr>

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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.8</font><br>
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  <div style="text-align: left; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">TORM plc<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
    </font>2018 MANAGEMENT LONG-TERM INCENTIVE PLAN</div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Purpose</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;">TORM plc, company registration number 09818726 (&#8220;TORM), an English company has adopted this management incentive plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Plan</u></font>&#8221;) to increase
      shareholder value and to advance the interests of TORM and its subsidiaries by providing share-based or cash-based economic incentives (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Incentives</u></font>&#8221;)
      designed to attract, retain, reward, and motivate key employees of TORM and its subsidiaries and to strengthen the mutuality of interests between those service providers and TORM&#8217;s shareholders.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;">Under the Plan, Incentives consist of opportunities (a)&#160;to purchase or receive A Shares of a nominal value of US$&#160;0.01 of TORM (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>A Shares</u></font>&#8221;) or
      Depositary Interests, (b)&#160;to earn cash awards valued in relation to A Shares, or (c)&#160;to earn other cash-based performance awards, in each case on terms determined under the Plan.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Certain Definitions</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 2.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;">As used herein, the following words or terms shall have the meanings below:</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Adoption Date</u></font>&#8221; shall mean the date of the Committee&#8217;s adoption of the Plan.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Affiliate</u></font>&#8221; (and variants thereof) shall mean a Person that controls, or is controlled by, or is under common control with, another specified Person, either
      directly or indirectly.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Beneficial Owner</u></font>&#8221; (and variants thereof), with respect to a security, shall mean a Person who, directly or indirectly (through any contract, understanding,
      relationship or otherwise), has or shares (i)&#160;the power to vote, or direct the voting of, the security, and/or (ii)&#160;the power to dispose of, or to direct the disposition of, the security or the traded interest in that security.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Business Reorganisation</u></font>&#8221; shall mean the consummation of a reorganization, merger or consolidation (including a merger or consolidation of TORM or any direct or
      indirect subsidiary thereof), or sale or other disposition of all or substantially all of the assets, of the Group.</font></div>
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  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Change of Control</u></font>&#8221; has the meaning given to it in Section 12.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Change of Control Value</u></font>&#8221; shall equal the amount determined by whichever of the following items is applicable:</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;">the price per share to be paid to TORM&#8217;s shareholders in the relevant transaction;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;">the price per share offered to TORM&#8217;s shareholders in any tender offer or exchange offer whereby a Change of Control takes place;</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;">in all other events, the Fair Market Value (as defined in Section 13.8) per A Share, as determined by the Committee as of the date determined by the Committee to be the date of conversion of such options or exercise of instruments; or</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;">in the event that the consideration offered to TORM&#8217;s shareholders in any Change of Control transaction consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration
      offered that is other than cash.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Committee</u></font>&#8221; has the meaning given to it in Section 3.1.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Depositary</u></font>&#8221; means Computershare DR Nominees Limited, as nominee for Computershare Trustees (Jersey) Limited or another depositary approved by the Committee that
      will act as depositary for the purposes of holding A Shares and allowing Depositary Interests to be held by Persons and, if either (i) the relevant A Shares are not subject to transfer restrictions or (ii) on cessation of all transfer restrictions
      applicable to A Shares represented by such Depositary Interests (or, if earlier, when the relevant A Shares are covered by an effective registration statement filed with the U.S. Securities and Exchange Commission or on the sale of the relevant A
      Shares pursuant to an exemption from applicable transfer restrictions), Cede &amp; Co. as nominee for the Depositary Trust Corporation (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>DTC</u></font>&#8221;).</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>control</u></font>&#8221; (and variants thereof) shall mean, with respect to any Person, the possession, direct or indirect, of the power to direct or cause the direction of the
      management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.&#160; A general partner, manager or adviser is deemed to control a limited partnership.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Depositary Interests</u></font>&#8221; means either depositary receipts in respect of A Shares issued by Computershare Trustees (Jersey) Limited or book entry interests in A Shares
      allocated by DTC as the context requires (and, for the avoidance of doubt, excludes CREST depository interests).</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Fair Market Value</u></font>&#8221; has the meaning given in Section 13.8.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Immediate Family Members</u></font>&#8221; of a Plan participant shall be defined as the spouse and natural or adopted children or grandchildren of the participant and their
      spouses.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Person</u></font>&#8221; shall mean a natural person or company, and shall also mean the group or syndicate created when two or more Persons act as a syndicate or other group</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(including, without limitation, a partnership or limited partnership) for the purpose of acquiring, holding, or disposing
      of a security, except that Person shall not include an underwriter temporarily holding a security pursuant to an offering of the security.&#160; References to a Person in the Plan include successors and assigns of such Person.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Successor Corporation</u></font>&#8221; shall mean a corporation that is a successor holding company of the Group in place of TORM or a preceding successor corporation, as a result
      of a Business Reorganisation or other transaction or series of transactions, and excluding for the avoidance of doubt, an entity in the Sponsor Group.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Sponsor Group</u></font>&#8221; means OCM Njord Holdings S.&#224; r.l. and its Affiliates, excluding TORM or any other Successor Corporation and their respective subsidiaries.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Administration</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 3.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Composition</u></font>.&#160; The Plan shall generally be administered by the board of directors of TORM or by a subcommittee thereof to whom such board of directors
      may delegate all or part of its authority in respect of the Plan from time to time (collectively, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Committee</u></font>&#8221;). In any event, the board of directors of
      TORM has the ultimate decision making authority in respect of the Plan,</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 3.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Authority</u></font>.&#160; The Committee shall have full power and authority to administer the Plan, including awarding Incentives under the Plan and entering into
      agreements with, or providing notices to, participants as to the terms of the Incentives (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Incentive Agreements</u></font>&#8221;). Specifically, the Committee thereof
      shall have full and final authority and discretion over the Plan and any Incentives granted under it, including, but not limited to, the right, power, and authority, to: (a)&#160;determine the Persons to whom Incentives will be granted under Section 4 and
      the time at which such Incentives will be granted; (b)&#160;subject to Section 7.9, determine the terms, provisions, and conditions of each Incentive (including, if applicable, the number of A Shares or Depositary Interests covered by the Incentive),
      which need not be identical and need not match any default terms set forth in the Plan; (c)&#160;subject to Section 7.9, amend any outstanding Incentives or accelerate the time at which any outstanding Incentives may vest; (d)&#160;correct any defect, supply
      any omission, or reconcile any inconsistency in the Plan or any Incentive in the manner and to the extent it deems necessary or desirable to further the Plan&#8217;s objectives; (e)&#160;establish, amend, and rescind any rules or regulations relating to
      administration of the Plan that it determines to be appropriate; (f)&#160;resolve all questions of interpretation or application of the Plan or Incentives granted under the Plan; (g) determine any matters for the purposes of Section 12.2; (h) implement an
      adjustment to the Plan or the Incentives pursuant to Section 13.5; or (i)&#160;make any other determination that it believes necessary or advisable for the proper administration of the Plan.&#160; Committee decisions in matters relating to the Plan shall be
      final, binding, and conclusive on all Persons, including the Group and Plan participants.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Eligible Participants</u></font>.&#160; Key employees of the Group shall become eligible to receive Incentives under the Plan when designated by the Committee.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Types of Incentives</u></font>.&#160; Incentives may be granted under the Plan to eligible participants in the form of (a)&#160;share options, (b)&#160;share appreciation rights (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>SARs</u></font>&#8221;), (c)&#160;restricted shares, (d)&#160;restricted share units (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>RSUs</u></font>&#8221;),
      (e)&#160;Other Share-Based Awards (as defined in Section 10), or (f)&#160;Cash-Based Performance Awards (as defined in Section 11).&#160; Any</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">entitlement to A Shares under this Plan may be, at the discretion of the Committee, a right to be issued with an A Share
      or a Depositary Interest which is held by a Depositary.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Shares Subject to the Plan</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 6.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Percentage of Shares</u></font>.&#160; Subject to adjustment as provided in Section 13.5, the maximum percentage of A Shares (together with Depositary Interests) that
      may be delivered to participants and their permitted transferees under the Plan is expected to be up to 7% of TORM&#8217;s share capital from time to time.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 6.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Share Counting</u></font>.&#160; Any A Shares subject to an Incentive that is subsequently canceled, forfeited, or expires prior to exercise or realization, whether in
      full or in part, shall be available again for issuance or delivery under the Plan.&#160; Notwithstanding the foregoing, however, A Shares subject to an Incentive under the Plan shall not be available again for issuance or delivery under the Plan if such A
      Shares were (a)&#160;tendered in payment of the Exercise Price, or (b)&#160;covered by, but not issued upon settlement of, share-settled SARs.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 6.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Minimum Vesting Requirements</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Incentives

      granted under the Plan may have minimum vesting schedules as prescribed by the Committee.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No
      minimum vesting period applies to (i)&#160;A Shares or Depositary Interests issued or allocated in payment of cash amounts earned under the Group&#8217;s annual incentive plans; or (ii)&#160;A Shares or Depositary Interests issued or allocated in settlement of a
      Cash-Based Performance Award granted under Section 11 prescribed by the Committee.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 6.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Type of A Shares</u></font>.&#160; To the extent permitted by applicable law, A Shares (or Depositary Interests) issued under the Plan may be made available from
      authorized and previously unissued shares or previously issued shares held as treasury shares or shares held through an employee benefit trust.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Share Options and Share Appreciation Rights</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Grant of Appreciation Awards</u></font>.&#160; The Committee may grant appreciation awards in the form of share options or share appreciation rights as provided in
      this Section 7.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A
      share option is a right to acquire A Shares (or Depositary Interests) from TORM or an employee benefit trust established by TORM.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A SAR
      is a right to receive, without payment to TORM, a number of A Shares, Depositary Interests, cash, or any combination thereof (as specified in the applicable Incentive Agreement), and the number or amount of which is determined pursuant to the formula
      set forth in Section 7.6(c).</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each
      share option or SAR granted by the Committee under the Plan shall be subject to the terms and conditions of the Plan, including but not limited to, this Section 7, and the applicable Incentive Agreement.</font></div>
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  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exercise Price</u></font>.&#160; The exercise price per A Share (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Exercise Price</u></font>&#8221;)

      of a grant of options or SARs shall be determined by the Committee at grant, subject to adjustment under Section 12.2 or Section 13.5.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Number</u></font>.&#160; The number of A Shares subject to each grant of share options or SARs shall be determined by the Committee, subject to Section 6 and
      adjustment as provided in Section 12. 2 or Section 13.5.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Vesting and Exercisability</u></font>.&#160; Subject to Section 6.3, at the time an award of share options or SARs is made, the Committee shall establish the time or
      times at which the Incentive shall vest and become exercisable.&#160; Each award of share options or SARs may have a different vesting period.&#160; An acceleration of the vesting period shall occur (a)&#160;as provided under Section 13.3 in the event of
      termination of employment under the circumstances as may be provided in the Incentive Agreement and (b)&#160;unless otherwise provided in the Incentive Agreement, as described in Section 12 in the event of a Change of Control.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Term</u></font>.&#160; The term of each share option or SAR shall be determined by the Committee, but shall not exceed a maximum term of 10 years.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Manner of Exercise</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each
      share option may be exercised, in whole or in part, by giving written notice to TORM, specifying the number of A Shares to be purchased.&#160; The exercise notice shall be accompanied by the aggregate Exercise Price due for the A Shares to be purchased.&#160;
      The aggregate Exercise Price shall be payable in Danish kroner or in another currency as determined by the Committee and may be paid (i)&#160;in cash; (ii)&#160;by check; (iii)&#160;except as may be prohibited by applicable law, by delivery, or attestation of
      ownership in accordance with procedures established by the Committee, of A&#160;Shares (or Depositary Interests), which A Shares shall be valued for this purpose at the Fair Market Value on the business day preceding the date on which TORM received notice
      of exercise; (iv)&#160;except as may be prohibited by applicable law, by delivery of irrevocable written instructions to a broker approved by TORM (with a copy to TORM) to immediately sell a portion of the A Shares issuable under the option (or the
      relevant Depositary Interest) and to deliver promptly to TORM the amount of sale proceeds (or loan proceeds if the broker lends funds to the participant for delivery to TORM) to pay the aggregate Exercise Price; (v)&#160;if approved by the Committee at
      its sole discretion and subject to any requirements the Committee may deem fit to impose, through a net exercise procedure whereby the optionee surrenders the option in exchange for that number of A&#160;Shares <font style="font-size: 10pt; font-family:
        'Times New Roman', Times, serif; color: #000000;">(or Depositary Interests) </font>with an aggregate Fair Market Value equal to the difference between the aggregate Exercise Price of the options being surrendered and the aggregate Fair Market
      Value of the A&#160;Shares subject to the option on the business day preceding the date on which TORM received notice of exercise; or (vi)&#160;in such other manner as may be authorized from time to time by the Committee.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">A SAR may be exercised, in whole or in part, by giving written notice to TORM, specifying </font>the<font style="font-size: 10pt;
        font-family: 'Times New Roman', Times, serif; color: #000000;"> number of SARs that the holder wishes to exercise.&#160; TORM shall, within 30 days of receiving such notice, deliver to the holder, the A&#160;Shares (or </font>Depositary Interests<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">), cash, or combination of A Shares (or Depositary Interests) and cash to which the holder is entitled as provided in the Incentive Agreement, calculated as
        provided in Section 7.6(c).</font></font></div>
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  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the
      SAR is payable in cash, then the holder is entitled to a cash payment equal to the appreciation value of the number of A Shares as to which the SAR is being exercised, calculated by (i)&#160;subtracting the Exercise Price of the SAR from the Fair Market
      Value of an A&#160;Share on the business day preceding the date on which TORM received notice of exercise then (ii)&#160;multiplying by the number of A&#160;Shares as to which the SAR is being exercised (such value, the &#8220;<font style="font-size: 10pt; font-family:
        'Times New Roman', Times, serif;"><u>Appreciation</u></font>&#8221;).&#160; If the SAR is payable in A&#160;Shares <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(or </font>Depositary Interests<font style="font-size:
        10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">)</font>, then the holder is entitled to receive a number of A&#160;Shares <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">(or </font>Depositary

      Interests<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">) </font>equal to the Appreciation divided by the Fair Market Value of an A&#160;Share on the business day preceding the date on which TORM received
      notice of exercise, rounded down to the next whole share, with cash paid in lieu of fractional shares.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>No Dividend Equivalent Rights</u></font>.&#160; Participants shall not be entitled to any dividend equivalent rights (or rights in respect of any other distributions
      made by TORM) for any period of time prior to exercise of the Incentive.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Cancellation</u></font>.&#160; Upon approval of the Committee, and except as may be prohibited by applicable law, TORM may cancel a previously-granted share option or
      SAR<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>by mutual agreement with the participant prior to exercise by payment to the holder of the amount per A Share by which: (a)&#160;the Fair Market
      Value of an A&#160;Share on the trading day immediately preceding the date of cancellation exceeds (b)&#160;the Exercise Price, or by payment of such other mutually agreed upon amount; <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
        serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that no such cancellation shall be permitted if prohibited by Section 7.9.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>General Prohibition Against Repricing</u></font>.&#160; Except for adjustments pursuant to Section 13.5 or actions permitted to be taken by the Committee in the event
      of a Change of Control, unless approved by TORM&#8217;s shareholders, (a)&#160;the Exercise Price of any outstanding option or SAR granted under the Plan may not be decreased after the date of grant and (b)&#160;an outstanding option or SAR that has been granted
      under the Plan may not, as of any date that such option or SAR has a per share Exercise Price that is greater than the then current Fair Market Value of an A&#160;Share, be surrendered to TORM as consideration for the grant of a new option or SAR with a
      lower Exercise Price, restricted shares, RSUs, an Other Share-Based Award, a cash payment, or Depositary Interests.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 7.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Securities Law Restrictions</u></font>.&#160; By acquiring A&#160;Shares (or interests in A&#160;Shares) pursuant to the exercise of a share option or SAR, the relevant
      participant agrees and acknowledges that those A&#160;Shares (or Depositary Interests) may be subject to U.S. securities laws restrictions on the transfer of such A&#160;Shares (or Depositary Interests) and that the relevant A&#160;Shares may be issued to the
      Depositary and depositary receipts in respect of them may be issued by the Depositary.&#160; Each certificate for A&#160;Shares (and Depositary Interests) shall bear the following legend:</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;The shares of common stock represented hereby have not been
      registered under the Securities Act of 1933, as amended (the &#8220;Act&#8221;), or any state securities laws, and may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of in the absence of (i)&#160;an effective registration statement
      under the Act and compliance with applicable state securities laws or (ii)&#160;an applicable exemption therefrom and an opinion of counsel satisfactory to the issuer that such registration is not required.&#8221;</font></div>
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  <div style="text-align: justify; text-indent: 36pt; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alternatively, where, in the discretion of the Committee, no
      physical certificates are issued, the appropriate restrictions may be reflected in the records of TORM&#8217;s transfer agent and/or the Depositary.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Restricted Shares</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 8.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Grant of Restricted Shares</u></font>.&#160; The Committee may award restricted shares to such eligible participants as provided in this Section 8.&#160; An award of
      restricted shares shall be subject to such restrictions on transfer, forfeitability provisions, and such other terms and conditions, including the attainment of specified performance goals, as the Committee may determine, subject to the provisions of
      the Plan and applicable law.&#160; Restricted shares may, at the absolute discretion of the Committee, be awarded by way of issue of restricted shares to a Depositary and the issue or allocation by the Depositary of Depositary Interests to the relevant
      participant, such Depositary Interests being subject to like restrictions as the restricted shares.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 8.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>The Restricted Period</u></font>.&#160; Subject to Section 6.3, at the time an award of restricted shares is made, the Committee shall establish the period of time
      during which the shares are restricted (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Restricted Period</u></font>&#8221;), following which the restrictions shall lapse and the restricted shares shall vest.&#160; Each
      award of restricted shares may have a different Restricted Period.&#160; The expiration of the Restricted Period shall occur (a)&#160;as provided under Section 13.3 in the event of termination of employment under the circumstances as may be provided in the
      Incentive Agreement and (b)&#160;unless otherwise provided in the Incentive Agreement, as described in Section 12 in the event of a Change of Control.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 8.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Escrow</u></font>.&#160; The participant receiving restricted shares shall enter into an Incentive Agreement with TORM setting forth the conditions of the grant.&#160; At
      the direction of the Committee certificates, if issued, representing restricted shares or Depositary Interests in restricted shares may (at the sole discretion of the Committee) be registered in the name of the Depositary or participant and deposited
      with TORM, together with a stock power endorsed in blank by the participant.&#160; Each such certificate may bear legends in substantially the following form:</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;The transferability of this certificate and the securities
      represented by it are subject to the terms and conditions (including conditions of forfeiture) contained in the TORM plc 2018 management incentive plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Plan</u></font>&#8221;),

      and an agreement entered into between the beneficial owner and TORM plc (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>TORM</u></font>&#8221;) thereunder.&#160; Copies of the Plan and the agreement are on file at the principal
      office of TORM.&#8221;; and</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-right: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;The shares of common stock represented hereby have not been
      registered under the Securities Act of 1933, as amended (the &#8220;Act&#8221;), or any state securities laws, and may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of in the absence of (i)&#160;an effective registration statement
      under the Act and compliance with applicable state securities laws or (ii)&#160;an applicable exemption therefrom and an opinion of counsel satisfactory to the issuer that such registration is not required.&#8221;</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alternatively, in the discretion of the Committee, ownership of the restricted shares or Depositary
      Interests in restricted shares and the appropriate restrictions may be reflected in the records of TORM&#8217;s transfer agent and/or the Depositary and no physical</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">certificates may be issued. In such case, restricted shares shall be issued to and held by the Depositary which will issue
      Depositary Interests to the participant or to an employee benefit trust established by the Company or Subsidiary or another nominee (as determined by the Committee), in each case on behalf of the participant.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 8.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Dividends on Restricted Shares</u></font>.&#160; Any and all cash and share dividends and other distributions paid with respect to the restricted shares shall be
      subject to any restrictions on transfer, forfeitability provisions, or reinvestment requirements as the Committee may, in its discretion, prescribe in the Incentive Agreement.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 8.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Forfeiture</u></font>.&#160; In the event of the forfeiture of any restricted shares or Depositary Interests under the terms provided in the Incentive Agreement
      (including any additional shares or Depositary Interests that may result from the reinvestment of cash and share dividends, if so provided in the Incentive Agreement), such forfeited shares shall be surrendered and any certificates cancelled.&#160; The
      participants shall have the same rights and privileges, and be subject to the same forfeiture provisions, with respect to any additional shares received pursuant to Section 13.5.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 8.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Expiration of Restricted Period</u></font>.&#160; Upon the expiration or termination of the applicable Restricted Period and the satisfaction of any other conditions
      prescribed by the Committee, the restrictions applicable to the restricted shares shall lapse and TORM shall direct the transfer agent to remove all restrictions and legends from the book entry for the vested shares and/or Depositary Interests,
      except for any restrictions and legends that may be imposed by law or regulations.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 8.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rights as a Shareholder</u></font>.&#160; Subject to the terms and conditions of the Plan and any restrictions on the receipt of dividends and other distributions that
      may be imposed in the Incentive Agreement, each participant who is registered as the owner of restricted shares shall have all the rights of a shareholder with respect to shares during the Restricted Period, including without limitation, the right to
      vote such shares.&#160; Each participant who receives Depositary Interests instead of restricted shares agrees that the Depositary will be the legal owner of the restricted shares and, accordingly, the participant will not have the rights conferred on
      shareholders by TORM&#8217;s articles of association or under applicable law. As the legal owner of those restricted shares, the Depositary will be entitled to enjoy and exercise all of the rights attached to the restricted shares, provided that, similar
      to other securities held by depositaries, the Depositary will grant contractual rights to the holders of the Depositary Interests substantially equivalent in effect to the rights attached to the A Shares but not directly enforceable against TORM
      (subject to compliance with the depositary agreement and applicable law and regulations). Accordingly, the Employee&#8217;s ability to exercise shareholder rights in respect of restricted shares will be determined by the agreements between TORM and the
      Depositary.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Restricted Share Units</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 9.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Grant of Restricted Share Units</u></font>.&#160; A restricted share unit, or RSU, represents the right to receive from TORM on the respective scheduled vesting or
      settlement date for such RSU one A&#160;Share (or a Depositary Interest in respect of one A&#160;Share).&#160; An award of RSUs may be subject to the attainment of specified performance goals or targets, forfeitability provisions, and such other terms and
      conditions as the Committee may determine, subject to the provisions of the Plan. If decided at the Committee&#8217;s discretion from time to time or in relation to specific Persons to grant RSUs, RSUs are intended to be granted annually. No</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">grant of RSUs in one instance shall automatically entitle any Person to receive grants at any subsequent time.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 9.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Vesting and Settlement</u></font>.&#160; Subject to Section 6.3, at the time an award of RSUs is made, the Committee shall establish the period of time during which
      the RSUs shall vest and when the RSUs may settle. Settlement may be in A&#160;Shares or in Depositary Interests at the Committee&#8217;s discretion.&#160; Each award of RSUs may have a different vesting or settlement period.&#160; An acceleration of the vesting and
      settlement may occur (a)&#160;as provided under Section 13.3 in the event of termination of employment under the circumstances as may be provided in the Incentive Agreement and (b)&#160;unless otherwise provided in the Incentive Agreement, as described in
      Section 12 in the event of a Change of Control.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 9.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Dividend Equivalent Accounts</u></font>.&#160; Subject to the terms and conditions of the Plan and the applicable Incentive Agreement, as well as any procedures
      established by the Committee, prior to the vesting and settlement of RSUs granted under the Plan, the Committee may determine to pay dividend equivalent rights (or rights to other distributions made by TORM) with respect to RSUs, in which case,
      unless determined by the Committee to be paid currently, TORM shall establish a bookkeeping account for the&#160; participant and reflect in that account any securities, cash, or other property comprising any dividend or property distribution with respect
      to each A&#160;Share underlying each RSU.&#160; The participant shall have no rights to the amounts or other property credited to such account except to the extent provided in the Incentive Agreement.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 9.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rights as a Shareholder</u></font>.&#160; Subject to the restrictions imposed under the terms and conditions of the Plan and any other restrictions that may be imposed
      in the Incentive Agreement, each participant receiving RSUs shall have no rights as a shareholder with respect to such RSUs until such time as the RSUs vest and A&#160;Shares are issued to the participant.&#160; Each participant who receives Depositary
      Interests instead of A Shares agrees that the Depositary will be the legal owner of the A Shares and, accordingly, the participant will not have the rights conferred on shareholders by TORM&#8217;s articles of association or under applicable law. As the
      legal owner of those restricted shares, the Depositary will be entitled to enjoy and exercise all of the rights attached to the A Shares, provided that, similar to other securities held by depositaries, the Depositary will grant contractual rights to
      the holders of the Depositary Interests substantially equivalent in effect to the rights attached to the A Shares but not directly enforceable against TORM (subject to compliance with the depositary agreement and applicable law and regulations).
      Accordingly, the participant&#8217;s ability to exercise shareholder rights in respect of A Shares will be determined by the agreements between TORM and the Depositary.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Other Share-Based Awards</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 10.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Grant of Other Share-Based Awards</u></font>.&#160; Subject to the limitations described in Section 10.2 hereof, the Committee may grant to eligible participants other
      share-based awards, which shall consist of awards (other than options, SARs, restricted shares, RSUs, or Cash-Based Performance Awards described in Section 7 to Section 9 and Section 11) paid out in A&#160;Shares (or Depositary Interests) or the value of
      which is based in whole or in part on the value of A&#160;Shares (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Other Share-Based Awards</u></font>&#8221;).&#160; Other Share-Based Awards may be awards of A&#160;Shares (or Depositary
      Interests), awards of phantom shares, or may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of, or appreciation in the value of, A&#160;Shares (including, without limitation,
      securities convertible or exchangeable into or exercisable for A&#160;Shares (or Depositary</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interests), as deemed by the Committee consistent with the purposes of the Plan.&#160; The Committee shall determine the terms
      and conditions of any Other Share-Based Award (including which rights of a shareholder, if any, the recipient shall have with respect to A&#160;Shares (or Depositary Interests) associated with any such award) and may provide that such award is payable in
      whole or in part in cash.&#160; An Other Share-Based Award may be subject to the attainment of such specified performance goals or targets as the Committee may determine, subject to the provisions of the Plan.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 10.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Vesting</u></font>.&#160; Subject to Section 6.3, at the time that an Other Share-Based Award is made, the Committee shall establish the period of time during which
      the Other Share-Based Award shall vest and following which all restrictions shall lapse.&#160; Each award of Other Share-Based Award may have a different vesting period.&#160; An acceleration of the vesting period shall occur (a)&#160;as provided under Section 13.3
      in the event of termination of employment under the circumstances as may be provided in the Incentive Agreement and (b)&#160;unless otherwise provided in the Incentive Agreement, as described in Section 12 in the event of a Change of Control.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Cash-Based Performance Awards</u></font>.&#160; The Committee may grant Incentives in the form of cash-based performance awards to eligible participants, which shall
      consist of the opportunity to earn awards based on performance and valued in Danish kroner (or in another currency as determined by the Committee) rather than A&#160;Shares (or Depositary Interests) (&#8220;<font style="font-size: 10pt; font-family: 'Times New
        Roman', Times, serif;"><u>Cash-Based Performance Awards</u></font>&#8221;).&#160; At the Committee&#8217;s election and as provided in the Incentive Agreement, Cash-Based Performance Awards may be settled in cash, A&#160;Shares (or Depositary Interests), or a
      combination of them. A Cash-Based Performance Award shall be subject to such terms and conditions, including the attainment of specified performance goals, as the Committee may determine, subject to the provisions of the Plan.&#160; Subject to Section
      6.3, at the time that a Cash-Based Performance Award is granted, the Committee shall establish the vesting criteria for such Incentive, including, as applicable, the performance period, the time or times at which any payout shall be deemed vested and
      payable.&#160; An acceleration of vesting shall occur (a)&#160;as provided under Section 13.3 in the event of termination of employment under the circumstances as may be provided in the Incentive Agreement and (b)&#160;unless otherwise provided in the Incentive
      Agreement, as described in Section 12 in the event of a Change of Control.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Change of Control</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 12.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Change of Control Defined</u></font>.&#160; Unless otherwise provided in an Incentive Agreement, &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
        serif;"><u>Change of Control&#8221;</u></font> shall mean:</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A
      transaction or series of transactions, including a Business Reorganisation, that results in:</font></div>
  <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1) the Sponsor Group holding Beneficial Ownership of less than 1/3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>of the issued and
      outstanding A Shares or common stock in TORM or the Successor Corporation (as applicable); <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>AND</u></font></font></div>
  <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2) the acquisition by any Person (other than the Sponsor Group) of Beneficial Ownership of 1/3 or more
      of the issued and outstanding A Shares or common stock in TORM or the Successor Corporation (as applicable); or</font></div>
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  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">approval

      by the shareholders of TORM or the Successor Corporation (as applicable) of a complete winding-up, liquidation or dissolution of TORM or the Successor Corporation (as applicable).</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything herein to the contrary, the following transactions shall not constitute a
      Change of Control: (i) a reorganization, merger or consolidation amongst members of the Group, (ii) any acquisition of A&#160;Shares (or Depositary Interests) by TORM or its subsidiaries, (iii) any acquisition of A&#160;Shares (or Depositary Interests) by any
      employee benefit plan (or related trust) sponsored or maintained by the Group, (iv) a reincorporation or redomiciliation of a member of the Group in a different jurisdiction, or (v) changes to the Group&#8217;s holding structure, a listing of a member of
      the Group or any other transaction, in each case, in which there is no substantial change in the Beneficial Ownership of the Group. See also Section 13.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
        italic;">Adjustment</font>) below.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 12.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Effect of a Change of Control</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;">Except as otherwise provided in an Incentive Agreement and notwithstanding any other provision of the Plan, in the event of a Change of Control, all outstanding Incentives shall, as determined by the Committee in its sole discretion:</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;">be assumed or an equivalent award shall be substituted by the successor corporation or a parent or subsidiary of such successor corporation, or</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;">become vested and immediately and fully exercisable, during such period immediately prior to such Change of Control as may be determined by the Committee, and all forfeiture restrictions shall be waived, or</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
      Times, serif;"> cancelled by the Committee for Fair Market Value (as determined by the Committee), which in the case of any Incentives that set out a strike price, exercise price or similar payment obligation, may equal the excess of the Change of
      Control Value over such strike price, exercise price or similar payment obligation.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For
      the purposes of this Section, the Incentive shall be considered assumed or substituted if, following the transaction, the Incentive confers the right to purchase or receive, for each A Share or Depositary Interest subject to the Incentive immediately
      before the transaction, the consideration (whether stock, other securities or property) received in the transaction by Beneficial Owners of A Shares for each A Share or Depositary Interest beneficially owned on the effective date of the transaction
      (and if holders were offered a choice of consideration, the type of consideration chosen by the Beneficial Owners of a majority of the outstanding A Shares or Depositary Interests, pursuant to the transaction (but not any statutory squeeze out or
      other procedure resulting from the transaction) but for those purposes ignoring those Beneficial Owners who are not entitled to elect for certain types of consideration for legal or regulatory reasons); provided, however, that if such consideration
      received in the transaction is not solely common stock of the successor corporation, its parent or subsidiary, then the Committee may, with the consent of the successor corporation, its parent or subsidiary, provide for the consideration to be
      received upon the exercise of the Incentive, for each A Share or Depositary Interest, subject to the Incentive, to be solely</font></div>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">11</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">common stock of the successor corporation its parent or subsidiary, equal in Fair Market Value to the per share
      consideration received by holders of A Shares in the transaction.</font></div>
  <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>General</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.1</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Duration</u></font>.&#160; No Incentives may be granted under the Plan after the date that is 10 years following the Adoption Date; <font style="font-size: 10pt;
        font-family: 'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that the Plan shall remain in effect after such
      date with respect to Incentives granted prior to that date, until all such Incentives have either been satisfied by the issuance of A&#160;Shares (or Depositary Interests) or otherwise been terminated under the terms of the Plan and all restrictions
      imposed on A&#160;Shares (or Depositary Interests) in connection with their issuance under the Plan have lapsed.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.2</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Transferability</u></font>.&#160; No Incentives granted hereunder may be transferred, pledged, assigned or otherwise encumbered by a participant, except: (a) by will;
      (b) by the laws of descent and distribution; or (c) if permitted by the Committee (i) to Immediate Family Members, (ii) to a partnership in which the participant and/or Immediate Family Members, or entities in which the participant and/or Immediate
      Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole partners, (iii) to a limited liability company in which the participant and/or Immediate Family Members, or entities in which the participant and/or Immediate
      Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole members, or (iv) to a trust for the sole benefit of the participant and/or Immediate Family Members. Any attempted assignment, transfer, pledge, hypothecation
      or other disposition of Incentives, or levy of attachment or similar process upon Incentives not specifically permitted herein, shall be null and void and without effect.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.3</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Effect of Termination of Employment or Death</u></font>.&#160; In the event that a participant ceases to be an employee of the Group or to provide services to the
      Group for any reason, including death, disability, early retirement, or normal retirement, any Incentives may be exercised, shall vest, or shall expire at such times as may be determined by the Committee and provided in the Incentive Agreement (in
      compliance with applicable law).</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.4</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Additional Conditions</u></font>.&#160; Anything in the Plan to the contrary notwithstanding, TORM shall have no obligation to issue any Incentives or A&#160;Shares (or
      Depositary Interests) pursuant to the Plan unless the issuance and delivery of such Incentives or A Shares (or Depositary Interests) complies with all applicable laws, regulations of governmental authority and the requirements of any securities
      exchange on which the Incentives or A Shares (or Depositary Interests) may then be listed. The Committee may require, as a condition to the issuance of Incentives or A Shares (or Depositary Interests), that the participant make such covenants,
      agreements and representations, and that any certifications representing the Incentives bear such legends, as the Committee deems necessary or desirable.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.5</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Adjustment</u></font>.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding

      anything to the contrary herein, in the event of any transaction or series of transactions resulting in a change in the Group&#8217;s holding structure or change in the outstanding share capital of TORM after the Adoption Date by reason of reorganization,
      recapitalization, reclassification, redomiciliation, stock dividend, stock split, stock issuance, combination of shares, stock exchange, corporate exchange or Business Reorganisation or other similar transaction which does not constitute a Change of
      Control under Section 12.1(a), including for the avoidance of doubt, a Business Reorganisation</font></div>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">12</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whereby a Successor Corporation of the Group is established through which the Sponsor Group holds at least an equivalent
      economic interest in the Group as it currently holds through TORM, the Committee at its discretion and without liability to any Person shall make such substitution or adjustment as it deems to be equitable, as to (i) the number or kind of shares or
      other securities issued or to be issued pursuant to the Plan or pursuant to outstanding Incentives, including to substitute Incentives existing prior to the transaction with substantially the same rights in such acquiring Successor Corporation (ii)
      the strike price or exercise price of any Incentive, or (iii) any other affected terms of the Plan or an Incentive.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without

      prejudice to the generality of the foregoing, the Committee may at its discretion determine that following any applicable transaction described in this section, an Incentive shall confer the right to purchase or receive, for each A Share (or
      Depositary Interests) subject to the Incentive immediately before the transaction, the consideration (whether stock, other securities or property) received in the transaction by holders of A Shares (or Depositary Interests) for each A Share (or
      Depositary Interest) held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding A Shares (or Depositary Interests), pursuant
      to the transaction (but not any statutory squeeze out or other procedure resulting from the transaction); provided, however, that if such consideration received in the transaction is not solely common stock of the successor corporation, its parent or
      subsidiary, then the Committee may, with the consent of the successor corporation, its parent or subsidiary, provide for the consideration to be received upon the exercise of the Incentive, for each A Share (or Depositary Interest in an A&#160;Share)
      subject to the Incentive, to be solely common stock of the successor corporation its parent or subsidiary, equal in Fair Market Value to the per share consideration received by holders of shares in A Shares in the transaction.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No
      substitution or adjustment shall require the issuance of a fractional share under the Plan and the substitution or adjustment shall be limited by deleting any fractional share.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.6</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>No Continued Employment</u></font>.&#160; No participant under the Plan shall have any right, because of his or her participation, to continue in the employ of the
      Group for any period of time or to any right to continue his or her present or any other rate of compensation.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.7</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Amendments to or Termination of the Plan</u></font>.&#160; The Committee may amend or discontinue the Plan at any time; <font style="font-size: 10pt; font-family:
        'Times New Roman', Times, serif; font-style: italic;">provided</font>, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">however</font>, that to no such amendment may:</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">materially

      revise the Plan without the approval of the shareholders to the extent such approval is required under applicable listing standards of any exchange on which A&#160;Shares (or Depositary Interests) are listed;</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">amend
      Section 7.9 to permit repricing of options or SARs without the approval of shareholders; or</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">materially

      impair, without the consent of the recipient, an Incentive previously granted, except that the Group retains all of its rights under Section 12.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the avoidance of doubt, nothing in this Section 13.7 shall impair the Committee&#8217;s rights under
      Section 13.5.</font></div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">13</font></div>
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  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A material revision of the Plan as used in this Section 13.7 includes (1)&#160;except for adjustments
      permitted herein, a material increase to the maximum number of A&#160;Shares (or Depositary Interests) that may be issued through the Plan; (2)&#160;a material increase to the benefits accruing to participants under the Plan; (3)&#160;a material expansion of the
      classes of Persons eligible to participate in the Plan; (4)&#160;an expansion of the types of Incentives available for grant under the Plan; (5)&#160;a material extension of the term of the Plan; and (6)&#160;a material change that reduces the price at which
      A&#160;Shares (or Depositary Interests) may be offered through the Plan.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.8</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Definition of Fair Market Value</u></font>.&#160; Whenever &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Fair Market Value</u></font>&#8221;
      of a member of the Group&#8217;s shares are required to be determined for purposes of the Plan, it shall be determined in good faith by the Committee, and if such shares are listed, then, shall be based on the closing sale price on the applicable date (or
      if no sale of the shares shall have been made on that day, on the next preceding day on which there was a sale of the shares) on the consolidated transaction reporting system of the stock exchange with the greatest volume of trading in the Group&#8217;s
      shares during the immediately preceding 90 days prior to the time of determination (as such volume is reported in any source the Committee deems reliable). The determination of the Committee shall be conclusive and binding on all Persons.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.9</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Sub-plans</u></font>.&#160; The Committee may establish sub-plans under the Plan for purposes of satisfying securities, tax, or other laws of various jurisdictions in
      which the Group intends to grant Incentives.&#160; Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable.&#160; All sub-plans shall be deemed a part of the Plan, but any sub-plan
      shall apply only to the participants specified in that sub-plan, whether specified by individual name, job-title, classification, employer, or jurisdiction.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.10</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>No Trust or Fund Created</u></font>.&#160; Neither the Plan nor any Incentive shall create or be construed to create a trust or separate fund of any kind or a
      fiduciary relationship between the Group and a participant or any other Person.&#160; To the extent that any Person acquires the right to receive payments from the Group pursuant to an Incentive, such right shall be no greater than the right of any
      unsecured general creditor of the Group.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.11</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Tax</u></font>. Unless otherwise agreed in writing, the Group shall have the power and right to deduct or withhold from any amount payable to a participant under
      the Plan or otherwise, or require a participant to remit to the Group, an amount sufficient to satisfy any taxes employee national insurance contributions, social security charges (as applicable) or penalties required by applicable law or regulation
      to be paid (whether following withholding or otherwise) with respect to any taxable event arising as a result of the Plan. Unless otherwise agreed in writing, Plan participants are solely responsible and liable for the satisfaction of any tax
      liability, employee national insurance contributions, other social security charges (as applicable) or penalties that may arise in connection with Incentives and the Group shall not have any obligation to indemnify or otherwise hold any such Person
      harmless from any or all of such taxes, employee national insurance contributions, other social security charges (as applicable) or penalties.&#160; The participant shall make all tax elections and filings required by applicable law or as reasonably
      required by the Committee within the time limits required by law and provide to the Group such information as it shall require for the purposes of fulfilling its obligations in respect of any such filings and elections. Unless otherwise agreed in
      writing, the participant shall indemnify the Group against, and shall pay to the Group, the full amount of any tax, employee national insurance contribution, any other social security charge or penalty arising from any Incentive within 90 days of
      that liability arising to the extent that the Group has not recovered such amounts from the participant by way of deduction or withholding</font></div>
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">14</font></div>
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  <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">from any other payment. Subject to applicable law and at its discretion, the Group shall have the power and right to
      transfer to the relevant employee social security liabilities of the applicable member of the Group.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.12</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Offset</u></font>. If a participant under the Plan becomes entitled to a cash payment under an Incentive, and if at such time, the participant has any outstanding
      debt, obligation or other liability representing an amount owed to the Group, then the Group, upon a determination of the Committee and to the extent permitted by applicable law, may offset such amount so owing against the amount of cash otherwise
      distributable.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.13</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Governing Law</u></font>.&#160; The Plan will be construed and administered in accordance with the laws of England and Wales, without giving effect to principles of
      conflict of laws and subject to the non-exclusive jurisdiction of the English courts.</font></div>
  <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 13.14</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
      serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Severability</u></font>.&#160; If any term or provision of the Plan shall at any time or to any extent be invalid, illegal, or unenforceable in any respect as written,
      in whole or in part, such provision shall be deemed modified or limited to the extent necessary to render it valid and enforceable to the fullest extent allowed by law.&#160; Any such provision that is not susceptible of such reformation shall be ignored
      so as to not affect any other term or provision hereof, and the remainder of the Plan, or the application of such term or provision to Persons or circumstances other than those as to which it is held invalid, illegal or unenforceable, shall not be
      affected thereby and each term and provision of the Plan shall be valid and enforced to the fullest extent permitted by law.</font></div>
  <div style="margin-bottom: 12pt;"><br>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">15</font></div>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.12</font><br>
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  <div>
    <div style="text-align: right; margin-bottom: 48pt;"><img width="658" height="94" src="image0.jpg"></div>
    <div style="text-align: left; margin-bottom: 60pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">EXECUTION VERSION</div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 14pt; font-family: 'Times New Roman', Times, serif;">TERM FACILITY AGREEMENT US$70,000,000</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="za2843a7877d64cecb57fbb9c58f1fec3">

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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #1E5569;">LAW FIRM</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">WWW.KROMANNREUMERT.COM</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">CVR NO. DK 62 60 67 11</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;"> <br>
              </font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #1E5569;">RESPONSIBLE PARTNER</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">THOMAS KAAS</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">MAY 2018</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">MATTER ID. 1046164 CML/CML</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">DOC. NO. 51275537-21</font></div>
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          <td colspan="2" style="width: 57.84%; vertical-align: top;">&#160;</td>
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          <td style="width: 16.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Between</font></div>
          </td>
          <td colspan="2" style="width: 57.84%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as Borrower</font></div>
            <div>&#160;</div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and</font></div>
          </td>
          <td colspan="2" style="width: 57.84%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM A/S</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VESSELCO 6 K/S</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as Guarantors</font></div>
            <div>&#160;</div>
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          <td style="width: 16.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">arranged by</font></div>
          </td>
          <td colspan="2" style="width: 57.84%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABN AMRO BANK N.V.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as Arranger</font></div>
            <div>&#160;</div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with</font></div>
          </td>
          <td colspan="2" style="width: 57.84%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABN AMRO BANK N.V.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as Original Lender</font></div>
            <div>&#160;</div>
          </td>
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          <td style="width: 16.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and</font></div>
            <div>&#160;</div>
          </td>
          <td colspan="2" style="width: 57.84%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABN AMRO BANK N.V.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as Agent and Security Agent</font></div>
            <div>&#160;</div>
          </td>
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          <td style="width: 16.96%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 57.84%; vertical-align: top;">&#160;</td>
        </tr>
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          <td colspan="2" style="width: 57.84%; vertical-align: top;">&#160;</td>
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          <td style="width: 16.96%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date</font></div>
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          <td style="width: 24.93%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7 May</font></div>
          </td>
          <td style="width: 32.92%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
          </td>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-bottom: 102pt;"><br>
    </div>
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          <td style="width: 22.79%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #1E5569;">COPENHAGEN</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">SUNDKROGSGADE 5</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">DK-2100 COPENHAGEN &#216;</font></div>
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          <td style="width: 3.34%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 22.76%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #1E5569;">AARHUS</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">R&#197;DHUSPLADSEN 3</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">DK-8000 AARHUS C</font></div>
          </td>
          <td style="width: 3.34%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 22.59%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #1E5569;">LONDON</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">65 ST. PAUL'S CHURCHYARD</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;">LONDON EC4M 8AB</font></div>
          </td>
          <td style="width: 3.34%; vertical-align: top;">&#160;</td>
          <td style="width: 21.84%; vertical-align: top; border-top: #000000 2px solid;">&#160;</td>
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    <div><br>
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    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONTENTS</font></div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="za22e74881f904560bc62df1621eb328e">

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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DEFINITIONS AND INTERPRETATION</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6</font></div>
          </td>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">THE FACILITY</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">32</font></div>
          </td>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PURPOSE</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35</font></div>
          </td>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONDITIONS OF UTILISATION</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UTILISATION</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REPAYMENT</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37</font></div>
          </td>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ILLEGALITY, PREPAYMENT AND CANCELLATION</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">38</font></div>
          </td>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INTEREST</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">41</font></div>
          </td>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INTEREST PERIODS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CHANGES TO THE CALCULATION OF INTEREST</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FEES</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">44</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TAX GROSS UP AND INDEMNITIES</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INCREASED COSTS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">51</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OTHER INDEMNITIES</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">53</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MITIGATION BY THE LENDERS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">COSTS AND EXPENSES</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">57</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GUARANTEE AND INDEMNITY</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">59</font></div>
          </td>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REPRESENTATIONS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">62</font></div>
          </td>
        </tr>
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          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INFORMATION UNDERTAKINGS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">70</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FINANCIAL COVENANTS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">73</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GENERAL UNDERTAKINGS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">77</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DEALINGS WITH MORTGAGED VESSELS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">81</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zb0cd3bd0ceda4256a112d05f78d01cc9">

        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONDITION AND OPERATION OF MORTGAGED VESSELS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">84</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INSURANCE</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">87</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MINIMUM SECURITY VALUE</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">91</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BANK ACCOUNTS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">95</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BUSINESS RESTRICTIONS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">95</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HEDGING</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">98</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EVENTS OF DEFAULT</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">99</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TRANSACTION SECURITY</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">104</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CHANGES TO THE LENDERS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">107</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">32.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CHANGES TO THE OBLIGORS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">111</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ROLES OF AGENT, ARRANGER AND BASE REFERENCE BANKS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">112</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">THE SECURITY AGENT</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">121</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONDUCT OF BUSINESS BY THE FINANCE PARTIES</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">128</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SHARING AMONG THE FINANCE PARTIES</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">129</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PAYMENT MECHANICS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">130</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">38.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SET OFF</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">134</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTICES</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">135</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">40.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CALCULATIONS AND CERTIFICATES</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">136</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">41.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PARTIAL INVALIDITY</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">137</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REMEDIES AND WAIVERS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">137</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">43.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AMENDMENTS AND GRANT OF WAIVERS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">137</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">44.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">COUNTERPARTS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">140</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONFIDENTIALITY</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">140</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z9e8ebbb6f70e46ed96895a45fee7aa7f">

        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">46.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RESTRICTION ON DEBT PURCHASE TRANSACTIONS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">144</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">47.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONFIDENTIALITY OF FUNDING RATES AND BASE REFERENCE BANK QUOTATIONS</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">144</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">48.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GOVERNING LAW</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">145</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">49.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ENFORCEMENT</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">145</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">50.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PATRIOT ACT<br>
              </font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">146</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">51.</font></div>
          </td>
          <td style="width: 79.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONTRACTUAL RECOGNITION OF BAIL-IN</font></div>
          </td>
          <td style="width: 9.26%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">146</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zba1c24fefd58449ab5d28f7b87821085">

        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 1 - THE ORIGINAL PARTIES</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">150</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 2 - VESSEL INFORMATION</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">153</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 3 - CONDITIONS PRECEDENT</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">154</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 4 - FORM OF UTILISATION REQUEST</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">161</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 5 - FORM OF SELECTION NOTICE</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">162</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 6 - FORM OF TRANSFER CERTIFICATE</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">163</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 7 - FORM OF ASSIGNMENT AGREEMENT</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">166</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 8 - FORM OF COMPLIANCE CERTIFICATE</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">169</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 9 - FORM OF INCREASE CONFIRMATION</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">170</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 10 - SCHEDULED AMORTISATION PAYMENTS</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">173</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 11 - FORM OF ACCESSION DEED</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">174</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.78%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 12 - GROUP STRUCTURE CHART</font></div>
          </td>
          <td style="width: 9.22%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">177</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PARTIES</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This term facility agreement (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
          bold;">Agreement</font>") is made</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z863b30bdad0e49e1859e0f54b46e9fb6">

        <tr>
          <td style="width: 13.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">between</font></div>
          </td>
          <td style="width: 86.24%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Companies House registration number 09818726)</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Birchin Court, 20 Birchin Lane</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">London EC3V 9DU</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">United Kingdom</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">("the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrower</font>&#8221;)</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and</font></div>
          </td>
          <td style="width: 86.24%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Entities listed in Schedule 1<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Original Parties</font>) as guarantors</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original Guarantors</font>&#8221;)</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">arranged by</font></div>
          </td>
          <td style="width: 86.24%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABN AMRO BANK N.V.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Arranger</font>")</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with</font></div>
          </td>
          <td style="width: 86.24%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABN AMRO BANK N.V.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original Lender</font>")</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and</font></div>
          </td>
          <td style="width: 86.24%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABN AMRO BANK N.V.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as agent for the other Finance Parties</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agent</font>")</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 13.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and</font></div>
          </td>
          <td style="width: 86.24%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ABN AMRO BANK N.V.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as security agent and trustee for the Secured Parties</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Agent</font>")</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 0.22%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z10135cbc025c4244b58032f1a75b00c3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DEFINITIONS AND INTERPRETATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z163141ca05294438bcc805e385083d8d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acceptable



          Bank</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd1b9321665d7436e80f19c07c8e1453f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by Standard &amp;
                    Poor&#8217;s Rating Services or A3 or higher by Moody&#8217;s Investors Service Limited or a comparable rating from an internationally recognised credit rating agency; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e4699b1640a456abcc5ae2032ca0787">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other bank or financial institution approved by the Agent (acting on the instructions of the Majority Lenders).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accession



          Deed</font>&#8221; means an accession deed executed by any Additional Guarantor, as accepted by the Agent, for accession to this Agreement, substantially in the form set out in <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif;"><u>Schedule 11 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Form of Accession Deed</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Account</font>&#8221;
        means any bank account, deposit or certificate of deposit opened, made or established by the Owner.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Account
          Bank</font>&#8221; means, in relation to any Account, either the Agent (or if the Agent is replaced its successor) or the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>Security



        Agent (or if the Security Agent is replaced, its successor) or another bank or financial institution approved by the Majority Lenders (acting reasonably) at the request of the Borrower.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accounting



          Reference Date</font>&#8221; means 31&#160;December or such other date as may be approved by the Lenders.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional



          Guarantor</font>&#8221; means a company which becomes an Additional Guarantor in accordance with Clause 32 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Obligors</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Affiliate</font>&#8221;
        means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. For the purpose of ABN AMRO Bank N.V., &#8220;Affiliate&#8221; shall exclude the State of the Netherlands and any
        of its Subsidiaries other than ABN AMRO Bank N.V., but shall include any entity that acquires the business of ABN AMRO Bank N.V. to which the State of the Netherlands is entitled.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Applicable



          Code</font>&#8221; means any code or prescribed procedures required to be observed by a Mortgaged Vessel or the persons responsible for its operation under any applicable law (including, but not limited to, those currently known as the ISM Code and the
        ISPS Code).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved



          Brokers</font>&#8221; means the ship broker/consultancy firms Clarksons Platou, Maersk Broker, Braemar ACM, Arrow Shipbrokers, Fearnleys, SSY Valuation Services Limited, Inge Steensland, BRS and Lorentzen &amp; Stemoco (or, in each case, any of their
        Affiliates) and such other reputable international and independent consultancy or ship broker firm approved in advance by the Agent (acting reasonably).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved



          Technical Manager</font>&#8221; means any of Fleet Ship Management Inc. (British Virgin Islands), Wallem, Executive Ship Management, V-Group, Synergy Marine Group, Anglo Eastern, Bernard Schulte Shipmanagement and Thome Group together with any of their
        Affiliates; provided that the identity of any new technical manager is</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly notified to the relevant Mortgaged Vessel's insurers and a copy of the addenda to the relevant
        insurances reflecting the new technical manager is promptly provided to the Security Agent.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignment



          Agreement</font>&#8221; means an agreement substantially in the form set out in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 7 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;"><u>Form of Assignment Agreement</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">&#160;</font>or any other form agreed between the relevant assignor and assignee.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Auditors</font>&#8221;
        means the Borrower&#8217;s current auditors or any other firm appointed by the Borrower to act as its statutory auditors, in each case, having the necessary skills and experience to audit a group of companies such as the Group.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Authorisation</font>&#8221;
        means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Availability



          Period</font>&#8221; means the period from and including the date of this Agreement to and including 27 July 2020.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Available



          Commitment</font>&#8221; means, in relation to each Lender, its Commitment minus:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0bc394f8132640cb9fc1ff79644c0f78">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount of its participation in any outstanding Utilisations; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z42697be1c4b34a199e07b85f81aed7e9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to any proposed Utilisation, the amount of its participation in any other Utilisations that are due to be made on or before the proposed
                    Utilisation Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Available



          Facility</font>&#8221; means the aggregate for the time being of the Lenders' Available Commitments.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bareboat



          Charter</font>&#8221; means each bareboat charter contract between (i) the Owner and the Borrower; (ii) the Borrower and TORM A/S, or (iii) the Owner and TORM A/S, as the case may be, in each case in form and substance satisfactory to the Agent.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bareboat



          Charterer</font>&#8221; means each of the Borrower and TORM A/S, as the case may be.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Base
          Reference Bank Quotation</font>&#8221; means any quotation supplied to the Agent by a Base Reference Bank.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Base
          Reference Bank Rate</font>" means, in relation to LIBOR, the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Base Reference Banks:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6445bd1cdb9d4ac8a7d8cfd0b1f9093a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(other than where paragraph b) below applies) as the rate at which the relevant Base Reference Bank could borrow funds in the London interbank market in the
                    relevant currency and for the relevant period were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7490ba9b346947609d46eae5a982408a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if different, as the rate (if any and applied to the relevant Base Reference Bank and the relevant currency and period) which contributors to the applicable
                    Screen Rate are asked to submit to the relevant administrator.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Base
          Reference Banks</font>&#8221; means, in relation to LIBOR, the principal London offices of ABN AMRO Bank N.V. or such other banks as may be appointed by the Agent in consultation with the Borrower.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Break
          Costs</font>&#8221; means the amount (if any) by which:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z179f144a413d424f8e5d8baedacfd0ba">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the
                    Loan or Unpaid Sum to the last day of the current Interest Period in respect of the Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exceeds:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zacb462f3cd2145d6bde1c9d463083f40">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading
                    bank in the London interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business



          Day</font>&#8221; means a day (other than a Saturday or Sunday) on which banks are open for general business in Copenhagen, Amsterdam, New York and London (or any other relevant place of payment under Clause&#160;37 (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Payment Mechanics</font>)).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash</font>&#8221;
        shall have the meaning given to such term in Clause 20.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial definitions</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change
          in Ultimate Beneficial Owner</font>&#8221; means in respect of an Obligor any event by which a private individual (i) acquires the legal and/or beneficial ownership (directly or indirectly) of 25 per cent. (25%) or more of the issued share capital of
        that Obligor or (ii) acquires the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to (directly or indirectly) cast, or control the casting of, 25 per cent. (25%) or more of the votes that might be cast at a
        general meeting of that Obligor or (iii) gains effective control over that Obligor (such private individual being referred to as the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ultimate
          Beneficial Owner</font>&#8221;).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change
          of Control</font>&#8221; means either:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3d08e9b00931436f8d3a68b3f848baf5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any person or group of persons acting in concert gains direct or indirect control of the Borrower where:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdf2199038e6b4d23950dec8858520454">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">control</font>&#8221; of the Borrower means:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf6f2bb404cd14911a08a3f54bb5f5bee">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3f5f1b91dda495d96350fa7947d3a43">

            <tr>
              <td style="width: 162pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">cast, or control the casting of, more than 50 per cent (50%). of the maximum number of votes that might be cast at a general meeting of the Borrower; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc58ac59ce0d54a9eb7cb409495506be2">

            <tr>
              <td style="width: 162pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">II)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">appoint or remove the chairman of the board of directors or the majority of the directors or other equivalent officers of the Borrower; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z95e0712be0854803b04fa8bd64fb6ce4">

            <tr>
              <td style="width: 162pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">III)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">give directions with respect to the operating and financial policies of the Borrower with which the directors or other equivalent officers of the Borrower are
                    obliged to comply; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z51c86a561ea54158a990298f24683178">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the holding beneficially of more than 50 per cent. (50%) of the issued share capital of the Borrower (excluding any part of that issued share capital that
                    carries no right to participate beyond a specified amount in a distribution of either profits or capital); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5d4a4e6c5671433aace6a71febb9dfd5">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">acting in concert</font>&#8221; means, a group of persons who,
                    pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Borrower by any of them, either directly or indirectly, to obtain or
                    consolidate control of the Borrower,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">provided that for the avoidance of doubt no action by the Lenders (in any capacity) shall result in
        those Lenders being deemed to be acting in concert for this purpose; or</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4dba22ced3354d178cfdb0e8992d762f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Sponsor, directly or indirectly, either:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1c0ab1e7b674b84a4aca9f1cd5232c8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ceases to be able through its appointees to the Borrower&#8217;s board of directors (including the chairman (who shall have the casting vote)) to control the board
                    of directors of the Borrower; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z242d6859d83a441d838bd063d20bd006">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ceases to own or control at least 33.34 per cent. (33.34%) of the maximum number of votes that might be cast at a general meeting of the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Charged
          Property</font>&#8221; means all of the assets of the Obligors which from time to time are, or are expressed or intended to be, the subject of the Security Documents.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Charter</font>&#8221;
        means in relation to a Mortgaged Vessel, any charter commitment or similar contract of employment of that Mortgaged Vessel made between TORM A/S (or any other Group Member, if relevant) and a charterer that is not a Group Member.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Charter
          Documents</font>&#8221; means, in relation to a Mortgaged Vessel, each Charter of that Mortgaged Vessel, any documents supplementing it and any guarantee or security given by any person for the relevant charterer&#8217;s obligations under it, as applicable.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Classification</font>&#8221;
        means, in relation to a Mortgaged Vessel, the classification with the relevant Classification Society specified in respect of such Mortgaged Vessel in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 2 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Vessel Information</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> (or, in the case of any vessel
        mortgaged as additional security pursuant to Clause 25.13 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Creation of Additional Security</font>), the classification with a Classification Society
        notified to the Agent as at the date of creation of such mortgage).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Classification



          Society</font>&#8221; means, in relation to a Mortgaged Vessel, Lloyds Register, DNV GL, American Bureau of Shipping, Bureau Veritas or ClassNK or another classification society approved by the Agent (acting reasonably) at the request of the Owner.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Code</font>&#8221;
        means the US Internal Revenue Code of 1986.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment</font>&#8221;
        means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5be0701c1e304bc187154faed7178546">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to the Original Lender, the amount relating to the Original Lender in respect of the &#8220;Commitment&#8221; in <font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif;"><u>Schedule 1 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>The Original Parties</u></font><font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif;"><u>)</u></font> and the amount of any other Commitment transferred to it under this Agreement or assumed by it in accordance with Clause&#160;2.2 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Increase</font>); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19094bbf1c284a569929c61d543103ab">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement or assumed by it in accordance with Clause&#160;2.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increase</font>),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the extent not cancelled, reduced or transferred by it under this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compliance



          Certificate</font>&#8221; means a certificate substantially in the form set out in Schedule 8 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>(</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;"><u>Form of Compliance Certificate</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> or otherwise in form and substance satisfactory to the Agent.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidential



          Information</font>&#8221; means all information relating to an Obligor, the Group, the Finance Documents or the Facility of which a Finance</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is
        received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45bae71270b04403acb56da385e89d83">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Group Member or any of its advisers; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc389246d73c04005a5baf43c14a810c0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any Group Member or any of its advisers,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in whatever form, and includes information given orally and any document, electronic file or any other
        way of representing or recording information which contains or is derived or copied from such information but excludes:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4c4903eb2c6c48dab48ab55c5157b706">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">information that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze38ba3a2e8054796a6ebd15e2153617a">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 45&#160;(<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Confidentiality</font>); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z56263b6f2ec5436786cf74ceca51027e">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is identified in writing at the time of delivery as non&#8209;confidential by any Group Member or any of its advisers; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f104b1e791c433a817f4cd70573e5ca">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">C)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs&#160;a) or b) above or is lawfully obtained by that
                    Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not
                    otherwise subject to, any obligation of confidentiality; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z09a25f1413aa45548d39dd6ef5671d7a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Funding Rate or Base Reference Bank Quotation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidentiality



          Undertaking</font>&#8221; means a confidentiality undertaking substantially in a recommended form of the LMA amended so as to be addressed to or capable of being relied upon by the Borrower without requiring its signature by virtue of reliance on the
        Third Parties Act or in any other form agreed between the Borrower and the Agent (a copy of which is provided to the Borrower as soon as reasonable practicable following execution).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Constitutional



          Documents</font>&#8221; means, in respect of an Obligor, such Obligor&#8217;s certificate of incorporation, memorandum and articles of association, by&#8209;laws or similar or other constitutional documents including as referred to in any certificate relating to
        the Agent pursuant to this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Copenhagen



          Stock Exchange</font>" means NASDAQ Copenhagen A/S.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Debt
          Purchase Transaction</font>&#8221; means, in relation to a person, a transaction where such person:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z64bb3a54b7724b0bbce7cd3272ef2627">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">purchases by way of assignment or transfer;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4585b306ef9c4522b481d089d49b1b43">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enters into any sub&#8209;participation in respect of; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze926bd3ad39d4c598728ded81d07e006">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enters into any other agreement or arrangement having an economic effect substantially similar to a sub&#8209;participation in respect of,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Commitment or amount outstanding under this Agreement.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Default</font>&#8221;
        means an Event of Default or any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of
        Default.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Defaulting



          Lender</font>&#8221; means any Lender:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z334a7ff1831e4e4f9878a988dd672648">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which has failed to make its participation in the Loan available or has notified the Agent that it will not make its participation in the Loan available by
                    the Utilisation Date in accordance with Clause&#160;5.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lenders&#8217; Participation</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e3e4f8e6d254640ad1ff070e14efab9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which has otherwise rescinded or repudiated a Finance Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3027eab338574040b135c2325dc65b91">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with respect to which an Insolvency Event has occurred and is continuing, unless, in the case of paragraph&#160;a) above:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde04ac9189ae4fc1b214b91de558c7fd">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its failure to pay is caused by:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f346c465c064fbfbb2ff42a02eba079">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">administrative or technical error; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1f6dfe306be4b46b121305f43d686f0">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Payment Disruption Event; and,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z94a43cd5284e4966aba16d64bdd8a4e2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">payment is made within three (3) Business Days of its due date; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z98f89a52bc154da88bf7a743df92f4ac">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the relevant Lender is disputing in good faith whether it is contractually obliged to make the payment in question.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delegate</font>&#8221;
        means any delegate, agent, attorney or co-trustee appointed by the Security Agent.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disposal



          Proceeds</font>&#8221; means, in relation to the sale of a Mortgaged Vessel, the proceeds to the Owner or any other Group Member from such sale (net of fees, costs, and expenses payable by the Owner or any Group Member in connection with such sale).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disposal



          Repayment Date</font>&#8221; means in relation to:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a725d243ae04017945a19cda4d43f78">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Total Loss of a Mortgaged Vessel, the applicable Total Loss Repayment Date; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9c0579d58c7048b7b2159d629a3e5cb6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a sale of a Mortgaged Vessel by the Owner, the date upon which such sale is completed by the transfer of title to the relevant purchaser in exchange for
                    payment of all or part of the relevant purchase price.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dollars</font>&#8221;
        or &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">US$</font>&#8221; means the lawful currency of the US.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Earnings</font>&#8221;
        means, in relation to a Mortgaged Vessel and a person, all money at any time payable to that person for or in relation to the use or operation of such Mortgaged Vessel including freight, hire and passage moneys and/or for the provision of services
        by or from such Mortgaged Vessel or under any charter commitment, requisition for hire compensation, remuneration for salvage and towage services, demurrage and detention moneys, damages for breach and payments for termination or variation of any
        charter commitment, contributions in general average, any claims under any guarantees related to freight and/or hire payable to an Obligor as a consequence of the operation of that Mortgaged Vessel, all moneys which are at any time payable under
        the Insurances relating to such Mortgaged Vessel in respect of loss of earnings, if and when that Mortgaged Vessel is employed on terms whereby any moneys described in this definition are pooled or shared with any other person,</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the proportion of the net receipts of the relevant pooling or sharing arrangements which are
        attributable to such Mortgaged Vessel and any other money whatsoever due or to become due to an Obligor from third parties in relation to that Mortgaged Vessel, or otherwise.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental



          Approval</font>&#8221; means any permit or Authorisation and the filing of any notification, report or assessment required for the operation of the Fleet Vessels under any Environmental Law applicable to the operation of such Fleet Vessel.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental



          Claim</font>&#8221; means</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb056ae3048f4de9a99029ac2007d5ae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or an alleged Environmental Incident or which
                    relates to any Environmental Law; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze82da590249e4295b40ae646c44829a1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any claim by another person which relates to an Environmental Incident or to an alleged Environmental Incident,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">claim</font>&#8221;
        means a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any
        form of enforcement or regulatory action, including the arrest or attachment of any asset.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental



          Incident</font>&#8221; means</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6bcb28962e03491991c0b0e542881acb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Release from any Fleet Vessel;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze63c8555f7814e04a537f49ee0176739">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any incident in which Hazardous Material is Released from a vessel other than a Fleet Vessel and which involves a collision between a Fleet Vessel and such
                    other vessel or some other incident of navigation or operation, in either case, in connection with which a Fleet Vessel is actually or is reasonably likely to be arrested, attached, detained or injuncted and/or a Fleet Vessel and/or the
                    relevant owner or Owner and/or any operator or manager of a Fleet Vessel is at fault or allegedly at fault or is reasonably likely to be subject to any legal or administrative action; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z81fca23c2dde432c9a125100f8ac26ee">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other incident in which Hazardous Materials are Released otherwise than from a Fleet Vessel and in connection with which a Fleet Vessel is actually or
                    reasonably likely to be arrested and/or where the relevant owner or Owner and/or any operator or manager of a Fleet Vessel is at fault or allegedly at fault or is reasonably likely to be subject to any legal or administrative action.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental



          Laws</font>&#8221; means any law relating to pollution or protection of the environment, to the carriage of Hazardous Materials or to actual or threatened Release of Hazardous Materials.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Event
          of Default</font>&#8221; means any event or circumstance specified as such in Clause&#160;29 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Events of Default</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing



          Charter Agreement</font>&#8221; means in relation to a Mortgaged Vessel, each charter commitment that is for a period in excess of thirteen (13) months (including any optional or automatic extension periods), if any, in effect on the date of delivery
        of that Mortgaged Vessel details of which are provided in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 2 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"><u>Vessel information</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facility</font>&#8221;
        means the term loan facility made available under this Agreement as described in Clause&#160;2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Facility</font>).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facility



          Office</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d0d1418ce224dbeaf00584076aed60d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the date it becomes a Lender (or, following that
                    date, by not less than five (5) Business Days&#8217; written notice) as the office through which it will perform its obligations under this Agreement; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7c765f72ad794fb6b1f3b6e5ed270363">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facility</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Period</font>&#8221; means the period commencing on the date of this Agreement and ending on the date on which the Agent notifies the Borrower and the other
        Obligors (which the Agent shall do promptly) that:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5e42398edbcc4b8f8bb8000330994b3f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all amounts which have become due for payment by the Borrower or any other party under the Finance Document have been paid;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b614bd00a6e461d99835585d3573dc0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no amount is owing or has accrued (without yet having become due for payment) under any of the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfea9bd427d7b484abf2d40c5b86003ff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower has no future or contingent liability under any provision of this Agreement and the other Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0a2fb058a7f54334a81266e7a19dc382">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">there are no Commitments in force.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fallback



          Interest Period</font>&#8221; means three (3) months.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA</font>&#8221;
        means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfccaecbf2b5a430c9e7ab5f7411de02a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sections 1471 to 1474 of the Code or any associated regulations;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0adf24f23f99499e97e13690724df89c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in
                    either case) facilitates the implementation of any law or regulation referred to in paragraph&#160;a) above; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2780604fef944153b116be9debaf437c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs&#160;a) or b) above with the US Internal Revenue Service,
                    the US government or any governmental or taxation authority in any other jurisdiction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA
          Application Date</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2902c64da4244260843d2953889b18f3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">withholdable payment</font>&#8221; described in
                    section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z612337cd04fb4db88ef236c600e99da7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">withholdable payment</font>&#8221; described in
                    section 1473(1)(A)(ii) of the Code (which relates to &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">gross proceeds</font>&#8221; from the disposition of property of a type that can produce
                    interest from sources within the US), 1 January 2019; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e8b36ce8c874a1f9b0de23eefd934cb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">passthru payment</font>&#8221; described in
                    section 1471(d)(7) of the Code not falling within paragraphs&#160;a) or b) above, 1 January 2019,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">or, in each case, such other date from which such payment may become subject to a deduction or
        withholding required by FATCA as a result of any change in FATCA after the date of this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA
          Deduction</font>&#8221; means a deduction or withholding from a payment under a Finance Document required by FATCA.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA
          Exempt Party</font>&#8221; means a Party that is entitled to receive payments free from any FATCA Deduction.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fee
          Letter</font>&#8221; means any letter between the Borrower and any Finance Party setting out any of the fees referred to in Clause&#160;11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fees</font>) or any
        other fees referred to in this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Final
          Repayment Date</font>&#8221; means, subject to Clause&#160;37.8 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Business Days</font>), in relation to the Loan, the date that falls 5 (five) years after the
        Initial Borrowing Date, but in any event no later than 31 December 2024.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance
          Documents</font>&#8221; means this Agreement, any Fee Letter, the Subordination Deed, the Security Documents, any Transfer Certificate or Assignment Agreement, any Selection Notice, any Accession Deed and any other document designated as such by the
        Agent and the Borrower.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance
          Party</font>&#8221; means the Agent, the Security Agent, the Arranger, or a Lender.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance
          Lease</font>" means any lease or hire purchase contract, a liability under which would, in accordance with GAAP, be treated as a balance sheet liability (other than a lease or hire purchase contract which would, in accordance with GAAP in force
        on the date of this Agreement have been treated as an operational lease).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial



          Indebtedness</font>&#8221; means any indebtedness for or in respect of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa6ac772d0b04f34a948d221e8b78eb2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">moneys borrowed and debit balances at banks or other financial institutions;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z735b4c2cae624744815844155db5e22d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3b05e3b76f4943dea862f6eb5b383dc8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf8c7b9e6b99043f389868dbd38df4f13">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount of any liability in respect of any Finance Leases;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zacfe6387a6594cca92e8c4dcab912f22">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receivables sold or discounted (other than any receivables to the extent they are sold on a non&#8209;recourse basis);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7c1bf13fa8004a88be5d56dd6c3ef0b7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as a
                    result of the termination or close&#8209;out of that Treasury Transaction, that amount) shall be taken into account);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c70be7d20104c36891ab1f66d773d3c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any counter&#8209;indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or
                    financial institution in respect of an underlying liability of an entity which is not a Group Member, which liability would fall within one of the other paragraphs of this definition;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd86aaa1e11514385a20c43f51c3ab553">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise
                    finance or to finance the acquisition or construction of the</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">asset or service in question or (ii) the agreement is in respect of the supply of assets or services
        (other than legal or accounting services) and payment is due more than ninety (90) days after the date of supply;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd63ecd4f1f434d1dadda3e3ea2f27d98">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amounts raised by the issue of shares which are redeemable (other than at the option of the issuer) before the Final Repayment Date or which would under
                    relevant applicable accounting principles be classified as borrowings under GAAP;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze2d26b615dc24fd8a4a6687945f9ec4d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the
                    commercial effect of a borrowing or otherwise classified as borrowings under GAAP; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z054365b6c35c47c6a4c5007ed8e2e636">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">k)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs a) to j) above.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag
          State</font>&#8221; means, in relation to a Mortgaged Vessel, the country specified in respect of such Mortgaged Vessel in (Vessel Information), or such other state or territory as may be approved by all the Lenders, at the request of the Owner, as
        being the &#8220;Flag State&#8221; of such Mortgaged Vessel for the purposes of the Finance Documents, provided that, subject to Clause 22.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Vessel&#8217;s name and
          Registration</font>), each of Singapore, Denmark, Norway, United Kingdom, Isle of Man, Bahamas, Bermuda, Panama, Malta, Marshall Islands, Cyprus, Hong Kong and Liberia shall be deemed to be approved by the Lenders as being a Flag State.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fleet
          Vessel</font>&#8221; means each Mortgaged Vessel and any other vessel owned by any Group Member or, for purposes of the definitions of "Environmental Approval", "Environmental Incident", and "Release" and Clause 14.6 (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Environmental Indemnity</font>), and Clause 21.10 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Environmental Matters</font>),
        operated by any Group Member.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Forecast</font>&#8221;
        means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a2337a84ae4409ca32008829088208f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Original Forecast; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc411f7de097547c3b8b4172b4be1eccc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to any other period, any forecast delivered by the Borrower to the Agent in respect of that period pursuant to paragraph c) of Clause 19.1
                    (Financial Statements).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Forward
          Freight Agreement</font>&#8221; means a forward freight agreement made or (as the context may require) to be made between the Borrower and any counterparty thereto in relation to the purposes set out in Clause 28 (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Hedging</font>), each based on (i) the 2007 terms and conditions of the Forward Freight Agreement Brokers&#8217; Association standard contract and/or (ii) the 2002 ISDA Master Agreement
        and Schedule thereto.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Funding
          Rate</font>&#8221; means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)ii) of Clause 10.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Cost of funds</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GAAP</font>&#8221;
        means International Financial Reporting Standards (as adopted by the EU) and related interpretations as amended, supplemented, issued or adopted from time to time by the International Accounting Standards Board to the extent applicable to the
        relevant financial statements in respect of the Borrower and its Subsidiaries and otherwise generally accepted accounting principles of the jurisdiction of incorporation of such party consistently applied.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">General
          Assignment</font>&#8221; means, in relation to a Mortgaged Vessel, a first priority assignment of the Owner&#8217;s and Bareboat Charterers' interest in such Mortgaged Vessel&#8217;s Insurances, Earnings, Requisition Compensation,</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Bareboat Charters and any Charter in excess of thirteen (13) months (including any optional or automatic
        extension periods) in relation to such Mortgaged Vessel (and any guarantee of such Charter) (without step-in rights), entered or to be entered into by the Owner and Bareboat Charterers in favour of the Security Agent in the agreed form.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Group</font>"
        means the Borrower and its Subsidiaries for the time being and, for the purposes of Clause&#160;19.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial Statements</font>) and Clause&#160;20 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Financial Covenants</font>), any other entity required to be treated as a subsidiary in its consolidated accounts in accordance with GAAP and/or any
        applicable law.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Group
          Member</font>&#8221; means any Obligor and any other entity which is a member of the Group.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantors</font>&#8221;
        means each Original Guarantor and each Additional Guarantor and &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantor</font>&#8221; means any of them.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hazardous



          Material</font>&#8221;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>means (a) any chemical, material, waste or other substance that is listed, defined, designated, or classified as, or otherwise
        determined to be, hazardous, restricted waste, toxic, a contaminant, a pollutant, industrial waste, special waste, or radioactive, under or pursuant to any applicable law, and (b) any other chemical, material, substance or waste, exposure to or
        Release of which is prohibited or regulated in any way by any governmental authority having competent jurisdiction, including, in either case, petroleum and all derivatives thereof or synthetic substitutes therefor.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Historic



          Screen Rate</font>&#8221; means, in relation to any Loan, the most recent applicable Screen Rate for the currency of that Loan and for a period equal in length to the Interest Period of that Loan and which is as of a day which is no more than one day
        before the Quotation Day.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Holding
          Company</font>&#8221; means, in relation to a person, any other person in respect of which it is a Subsidiary.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Impaired



          Agent</font>&#8221; means the Agent at any time when:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze098e8a2f0d048fb84432340a57fcbdc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for
                    payment;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd02133718c34610888ed581335cefcd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent otherwise rescinds or repudiates a Finance Document;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b956dc097be41658d8bc8afc86dec52">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(if the Agent is also a Lender) it is a Defaulting Lender under paragraph a) or b) of the definition of &#8220;Defaulting Lender&#8221;; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze3caa51051fd42c6ad45baa69a6b69d5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an Insolvency Event has occurred and is continuing with respect to the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless, in the case of paragraph a) above:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z294e6d3659814257a3f885b0debdd0e9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its failure to pay is caused by:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce403cc3bc6b41d2a010e9a0c7bad947">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">administrative or technical error; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z81511d88a7234c1f8d914c113c1369c4">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Disruption Event; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">payment is made within 3 Business Days of its due date; or</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd306f3e9e27a4eed842eedb3b31ff497">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent is disputing in good faith whether it is contractually obliged to make the payment in question.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increase



          Confirmation</font>&#8221; means a confirmation substantially in the form set out in Schedule 9 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>(</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;"><u>Form of Increase Confirmation</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increase



          Lender</font>&#8221; has the meaning given to that term in Clause&#160;2.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increase</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increased



          Costs</font>&#8221;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>has the meaning given to it in Clause 13.1&#160;(b) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Increased Costs</font>);</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnified



          Person</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze026a98c95da45dd9078100adf133a98">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Finance Party and each Receiver and Delegate and any attorney, agent or other person appointed by any of them under the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf0cfab71948f438fbe18f03acbb4ff2e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Affiliate of those persons; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0237a2c46aa54ba5a1460ead568270f4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any officers, employees or agents of any of the above persons.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Initial
          Borrowing Date</font>&#8221; means the Utilisation Date on which the first Utilisation is advanced to the Borrower.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Initial
          Security Value</font>&#8221; means, in respect of each Mortgaged Vessel, for the period from the date of the Utilisation for the financing of that Mortgaged Vessel until the delivery of the first valuation in respect of that Mortgaged Vessel provided
        under Clause 25 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum Security Value</font>), such value based on Valuations made in accordance with Clause 25 (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum Security Value</font>) to ensure that such Initial Security Value reflects the Market Value of the relevant Mortgaged Vessel based on valuations obtained no earlier than
        30 days prior to the date of the Utilisation for the financing of that Mortgaged Vessel.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insolvency



          Event</font>&#8221; in relation to an entity, means that the entity:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z75cbb23b0d0a4f258b07b7f68ade8795">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is dissolved (other than pursuant to a consolidation, amalgamation or merger);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f586e197dfb4b42a891e89db7294bea">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">admits in writing its inability generally to pay its debts as they become due;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5992b7423c664d07b93e39952ca60da4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">makes a general assignment, arrangement or composition with or for the benefit of its creditors;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z13bd72ff02114dd9866ea8b5378791d7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction
                    over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or
                    other similar law affecting creditors&#8217; rights, or a petition is presented for its winding&#8209;up or liquidation by it or such regulator, supervisor or similar official;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z33b935e5d04845c8ba03cfd14e9242db">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other
                    similar law affecting creditors&#8217; rights, or a petition is presented for its winding&#8209;up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or
                    presented by a person or entity not described in paragraph d) above and:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc19161f6a24b430e80f93a83416cf753">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding&#8209;up or liquidation; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z373bdcba96e34e55ba8241500021dd76">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Is not dismissed, discharged, stayed or restrained in each case within thirty (30)&#160;days of the institution or presentation thereof;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf9f94389157e48c6a27221031ec5d7aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has a resolution passed for its winding&#8209;up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z807ea61d74e24a6a886913517b66bf84">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official
                    for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made or is made, by a person or entity described in
                    paragraph&#160;d) above);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19bdaa8efb1c40ce90f1955e51650daa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process
                    levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within thirty (30)&#160;days
                    thereafter;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z26f35a67bcd14dbbbbfdd4c15da50348">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events
                    specified in paragraphs&#160;a) to h) above; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zedf599e1e8d948a287b7ae1d79351561">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance



          Notice</font>&#8221; means, in relation to a Mortgaged Vessel, a notice of assignment in the form scheduled to the Mortgaged Vessel&#8217;s General Assignment or otherwise in agreed form.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurances</font>&#8221;
        means, in relation to a Mortgaged Vessel:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3078f82ca3684f149508b157d9ec43ef">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all policies and contracts of insurance; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z13efd5ba73804bd08bb2d80394732223">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all entries in a protection and indemnity or war risks or other mutual insurance association,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which are from time to time required to be obtained or maintained in respect of that Mortgaged Vessel by
        any Group Member pursuant to the terms of this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest



          Period</font>&#8221; means, in relation to the Loan, each period determined in accordance with Clause&#160;9 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest Periods</font>) and, in relation to an
        Unpaid Sum, each period determined in accordance with Clause&#160;8.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Default Interest</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpolated



          Historic Screen Rate</font>&#8221; means, in relation to the Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8d8ab0d5aa01430999dca716226d6fa0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the most recent applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of the Loan;
                    and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9e6cc098821424aaa02ac4d4413190e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of the Loan,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each for the currency of the Loan and each of which is as of a day which is no more than one day before
        the Quotation Day.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interpolated



          Screen Rate</font>&#8221; means, in relation to LIBOR for the Loan, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z146e36ccecf343cc9cdf3b331ad2954f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0dacc8fe460e42baad22bc15d3c9c69d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each as of 11:00 a.m. on the Quotation Day.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Intra-Group



          Creditor</font>" means any Group Member that is or becomes a creditor of an Obligor under an intercompany loan.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Intra-Group



          Loans Assignment</font>" means the document constituting a first priority assignment by the Intra-Group Creditors who are creditors of the Owner of their rights under any loans made by them to the Owner from time to time in favour of the Security
        Agent in the agreed form.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;ISM
          Code&#8221; </font>means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be
        amended or supplemented from time to time.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;ISPS
          Code&#8221;</font> means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization's (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Legal
          Reservations</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45d781d7982745ba8a381766ab29da64">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency,
                    reorganisation and other laws generally affecting the rights of creditors;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2979d85c5f7b43c4b25dcf6da41572b3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for, or indemnify a person against, non&#8209;payment
                    of UK stamp duty may be void and defences of set&#8209;off or counterclaim;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2f02811ba284d44890501b0340a4cae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">similar principles, rights and defences under the laws of any Relevant Jurisdiction; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6fa9d9a86abc42d7950db418eca8df3c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinions delivered to the Agent
                    under Clause 0 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions of Utilisation</font>) or Clause&#160;32.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Additional Guarantors</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lenders</font>&#8221;
        means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za08837ecc8534a62a7708028682f2d50">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Original Lender; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7651ddb63ade46e4af20a1d4cfc10878">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any bank, financial institution, trust, fund or other entity, which has become a Party as a Lender in accordance with Clause 2.2 (<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increase</font>) or Clause&#160;31 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Lenders</font>),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and which in each case has not ceased to be a Lender in accordance with the terms of this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LIBOR</font>&#8221;
        means, in relation to the Loan:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf708fce30f764a4680e9aadc8ceaf3a9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the applicable Screen Rate as of 11:00 a.m. on the Quotation Day for Dollars and for a period equal in length to the Interest Period of the Loan; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7fde081121654cde8c4bf6905c125d23">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as otherwise determined pursuant to Clause 10.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Unavailability



                      of Screen Rate</font>),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Limitation



          Acts</font>&#8221; means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loan</font>&#8221;
        means the loan made or to be made under the Facility or the principal amount of the loan for the time being outstanding under this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Losses</font>&#8221;
        means any costs, expenses, legal expenses, payments, charges, losses, demands, liabilities, claims, actions, proceedings, penalties, fines, damages, judgments, orders or other sanctions.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loss
          Payable Clauses</font>&#8221; means, in relation to a Mortgaged Vessel, the provisions concerning payment of claims under the Mortgaged Vessel&#8217;s Insurances in the form scheduled to the Mortgaged Vessel&#8217;s General Assignment or in such other approved
        form.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Major
          Casualty</font>&#8221; means any casualty to a vessel for which the total insurance claim, inclusive of any deductible, exceeds or may exceed the Major Casualty Amount.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Major
          Casualty Amount</font>&#8221; means US$1,000,000 or the equivalent in any other currency.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Majority



          Lenders</font>&#8221; means a Lender or Lenders whose Commitments aggregate sixty six and two thirds per cent. (66<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>/<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font>%) or more of the Total Commitments (or,
        if the Total Commitments have been reduced to zero, aggregated sixty six and two thirds per cent. (66<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>/<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font>%) or more of the Total Commitments immediately
        prior to that reduction).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Margin</font>&#8221;
        means 2.10% per annum.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Market
          Value</font>&#8221; means, in respect of a Mortgaged Vessel, the fair market value of such Mortgaged Vessel as determined in accordance with Clause&#160;25 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum



          Security Value</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Material



          Adverse Effect</font>&#8221; means, in the reasonable opinion of the Majority Lenders, a material adverse effect on:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze684afeec6194736bcfb1ac199b712b6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the business or financial condition of the Group taken as a whole; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z799c8340b5f54cc9a65dabd74c57fa8b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the ability of the Obligors taken as a whole to perform their obligations under the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8132821baa6744a4befd36c3e6ffadd7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or purporting to be granted pursuant to any of, the
                    Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Minimum
          Value</font>&#8221; means the amount in Dollars which is at that time equal to one hundred and thirty per&#160;cent. (130%) of the principal amount of the Loan outstanding, minus, in relation to any Mortgaged Vessel which has become a Total Loss but whose
        Disposal Repayment Date has not then occurred, such proportion of the Loan as the Market Value of such Mortgaged Vessel bore to the aggregate Market Value of all the Mortgaged Vessels (including the relevant Mortgaged Vessel) immediately before its
        Total Loss.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgage</font>&#8221;
        means,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>in relation to a Mortgaged Vessel, a first priority or first preferred mortgage in respect of the Mortgaged Vessel in
        the agreed form entered or to be entered into by<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">&#160;</font>the Owner in favour of the Security Agent, together with, to the extent
        required, any collateral deed of covenants in the agreed form.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgage



          Period</font>&#8221; means, in relation to a Mortgaged Vessel, the period from the Initial Borrowing Date until the date the Mortgage or other Security Interest in respect of such Mortgaged Vessel and/or its Earnings, Insurances and Requisition
        Compensation is released and discharged or, if earlier, its Total Loss Date.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgaged



          Vessel</font>&#8221; means each vessel listed in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 2 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Vessel



            Information</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> and any other Fleet Vessel, in each case, which is subject to a Mortgage and/or whose Earnings, Insurances and Requisition
        Compensation are subject to a Security Interest under the Finance Documents.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;New
          Lender</font>&#8221; has the meaning given to such term in Clause&#160;31.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Assignment and Transfers by the Lenders</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Obligor</font>&#8221;
        means the Borrower or a Guarantor.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Obligors'



          Agent</font>&#8221; means the Borrower, appointed to act on behalf of each other Obligor in relation to the Finance Documents pursuant to Clause 2.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Obligors'



          Agent</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original



          Financial Statements</font>&#8221; means the audited annual consolidated financial statements of the Borrower for the Borrower&#8217;s financial year ended 31 December 2016 and the consolidated unaudited financial statements of the Borrower for the half year
        period ending on 30 June 2017.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original



          Forecast</font>&#8221; means the Forecast for the financial year commencing on 1 January 2018 and ending on 31 December 2018 delivered to the Agent pursuant to Clause 4.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Initial Conditions Precedent</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner</font>&#8221;
        means VesselCo 6 K/S, a limited partnership (in Danish <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">kommanditselskab</font>) established under the laws of Denmark with company registration (CVR)
        number 39356813, having its principal office at c/o TORM A/S, Tuborg Havnevej 18, 2900 Hellerup, Denmark.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Owner's
          Guarantee</font>&#8221; means the guarantee and indemnity provided by the Owner as set out in Clause 17 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Guarantee and Indemnity</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Participating



          Member State</font>&#8221; means any member state of the European Community that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Community relating to Economic and Monetary Union.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Party</font>&#8221;
        means a party to this Agreement.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payment
          Disruption Event</font>&#8221;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>means either or both of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d10b9feca4a42ca801a0f6d014fd0a6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for
                    payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the
                    Parties; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za19d4a3a0d8744f88e2874aab7d148ce">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any other event which results in a disruption (of a technical or systems&#8209;related nature) to the treasury or payments operations of a Party
                    preventing that, or any other Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8aef87a8eb2c47b8bdf760dba50bfe06">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">from performing its payment obligations under the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z443e6e7424014bd38f1d3f6547c7efac">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">from communicating with other Parties in accordance with the terms of the Finance Documents,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and which (in either such case) is not caused by, and is beyond the control of, the Party whose
        operations are disrupted.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Permitted



          Maritime Liens</font>&#8221; means, in relation to a Mortgaged Vessel:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d20b1c30b09485682840bd8b73a930e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any ship repairer&#8217;s or outfitter&#8217;s lien (whether or not constituting a maritime lien) arising in connection with such Mortgaged Vessel being put into the
                    possession of any other person as permitted by Clause 23.12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Repairer&#8217;s Liens</font>), or any work carried out while the Mortgaged Vessel
                    is in such person&#8217;s possession;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf515f2db1eaf403aa39bd6dc594a00d7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any lien on such Mortgaged Vessel for master&#8217;s, officer&#8217;s or crew&#8217;s wages outstanding in the ordinary course of its trading;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f81731f013c4f63967112923ecb0a4c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any lien on such Mortgaged Vessel for salvage; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z15a03c96b7864253a9265e13581670f3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any lien arising solely by operation of law and/or in the ordinary course of business and which does not secure Financial Indebtedness.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Permitted



          Security Interests</font>&#8221;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>means, in relation to any asset,<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">&#160;</font>any Security Interest over it which is:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4bc883cf254846bcb572e297fb78605c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">granted by the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1cca424c08264d37873bd8630fce01b4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Permitted Maritime Lien; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55917eb8ba6f4e738aa5b11c82597656">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is approved by the Majority Lenders; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc639c6f733b4e6bb06812edb07339eb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to Taxes not overdue, or, in the case of income and property taxes and assessments, which are being contested in good faith with due diligence and
                    where the relevant Obligor or the Group as a whole has adequate cash reserves in excess of such contested sums; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z08fb375c9bfb468b877713c70bc8717b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a lien arising by operation of law and in the ordinary course of trading and not as a result of any default or omission by any Group Member; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z976c86f14ffc41b0ab1707f092ebeb9e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any netting or set-off arrangement entered into by the Owner in the ordinary course of its banking arrangements for the purposes of netting debit and credit
                    balances.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Quotation



          Day</font>&#8221; means, in relation to any period for which an interest rate is to be determined, two (2) Business Days before the first day of that period unless market practice differs in the London interbank market for Dollars, in which case the
        Quotation Day for that currency will be determined by the Agent in accordance with market</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">practice in the London interbank market (and if quotations would normally be given by leading banks in
        the London interbank market on more than one day, the Quotation Day will be the last of those days).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RCF
          Facility</font>&#8221; means the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Facility</font>&#8221; under and as defined in the RCF Facility Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RCF
          Facility Agreement</font>&#8221; means the working capital facility agreement comprising a US$75,000,000 revolving credit facility made between, among others, TORM A/S as borrower, and Danske Bank A/S as agent dated 13 July 2015, as amended, restated,
        replaced and/or refinanced from time to time.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Receiver</font>&#8221;
        means a receiver or a receiver and manager or an administrative receiver appointed in relation to the whole or any part of any Charged Property under any relevant Security Document.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registry</font>&#8221;
        means<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">,</font> in relation to each Mortgaged Vessel, such registrar, commissioner or representative of the relevant Flag State who is duly authorised
        and empowered to register the relevant Mortgaged Vessel, the Owner&#8217;s title to such Mortgaged Vessel and the relevant Mortgage under the laws of its Flag State.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Release</font>&#8221;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>means, in relation to a Fleet Vessel, any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
        seeping, dispersal, leaching, dumping, disposing of, depositing, migrating or placing, including movement through, into or upon, the environment or otherwise entering into the indoor or outdoor environment, including any natural or man&#8209;made
        structure (including the abandonment or discarding of barrels, containers, and other receptacles containing any Hazardous Material), and &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Released</font>&#8221;
        shall be construed accordingly.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant



          Affiliate</font>&#8221; means, in relation to any Obligor or Group Member:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcae41501de914c938c6820688dd482e2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Subsidiary of that Obligor or Group Member; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9e9382a5d4e84e668b66501becc5e5cb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Holding Company of that Obligor or Group Member; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6cf75a15ba484ead915400752bdb9f94">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other Subsidiary of that Holding Company,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">but in each case excluding the Sponsor and excluding any Affiliate of the Sponsor which is not a Group
        Member (other than any Affiliate of the Sponsor which is the immediate Holding Company of the Borrower).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant



          Jurisdiction</font>&#8221; means, in relation to an Obligor:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z447d86a62aa84241a5ff1029abc0da27">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its jurisdiction of incorporation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc7bf876500a24ede9199d74e0d580823">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any jurisdiction where any asset (other than a Mortgaged Vessel and the assets which are the subject of the General Assignment) subject to or intended to be
                    subject to any Transaction Security created or to be created by it is situated;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4c258da876d5467683c2728a12213274">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Flag State of any Mortgaged Vessel in respect of which it is the Owner; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z47cf495425c34561a419fae1a7bbc77e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repayment



          Date</font>&#8221; means each Repayment Date, as determined in accordance with Clause 6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Repayment</font>).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repeating



          Representations</font>&#8221; means each of the representations and warranties set out in Clauses&#160;18.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Status</font>) to and including Clause 18.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Governing Law and Enforcement</font>) (except for those contained in Clause 18.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Binding Obligations</font>) to the extent that the circumstances giving rise to a misrepresentation as a result of the repetition of Clause 18.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Binding Obligations</font>) also constitute an Event of Default under Clause 29.13 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Unlawfulness and Invalidity</font>)),
        18.7a) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Information</font>), 18.15 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">No Proceedings
          Pending or Threatened</font>), and 18.32 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sanctions</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representative</font>&#8221;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Requisition



          Compensation</font>&#8221; means, in relation to a Mortgaged Vessel, any compensation paid or payable by a government entity for the requisition for title, confiscation or compulsory acquisition of such Mortgaged Vessel (other than by way of
        requisition of hire).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restricted



          Party</font>&#8221; means a person:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za57f6283ad0d4ecd8fbb7702418e3314">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person) or otherwise is a target of Sanctions
                    Laws;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd812a62fb1fa44e3a6c9c2761fafdfa5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that is domiciled, registered as located or having its main place of business in, or is incorporated under the laws of any country or territory that is the
                    target of comprehensive, country- or territory-wide Sanctions Laws;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5b0b9c67ee24647b1453cf4e0089556">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that is directly or indirectly owned or controlled by a person referred to in a) and/or b) above; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04b67ca8a2094b7c90d50c90a7bcdde3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with which any national of a Sanctions Authority is prohibited from dealing or otherwise engaging in a transaction with by any Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions



          Authority</font>&#8221; means (a) the United Nations, the European Union, the member states of the European Union, the United Kingdom, Singapore, the US or any country to which any Obligor, or any other Group Member or any Relevant Affiliate or any of
        them is bound or (b) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury (&#8220;<font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-weight: bold;">OFAC</font>&#8221;), the United States Department of State and Her Majesty&#8217;s Treasury (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HMT</font>&#8221;).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions



          Laws</font>&#8221; means the trade, economic or financial sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators implemented, adopted, imposed, administered,
        enacted and/or enforced by any Sanctions Authority.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions



          List</font>&#8221; means the Specially Designated Nationals and Blocked Persons list maintained by OFAC, the Consolidated List of Financial Sanctions Targets maintained by HMT, or any similar list of persons or entities maintained by or published in
        connection with Sanctions Laws, by or on behalf of any Sanctions Authority, each as amended, supplemented or substituted from time to time.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Scheduled



          Amortisation Payment</font>&#8221; means the amount set forth on <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 10 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"><u>Scheduled Amortisation Payments</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> for each Repayment Date as such <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif;"><u>Schedule 10</u></font> may be updated as contemplated in Clause 6.1b).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Screen
          Rate</font>&#8221; means, in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed
        on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Thomson Reuters page which displays that rate) or on the appropriate page of such other information
        service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Borrower.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Secured
          Obligations</font>&#8221; means all the liabilities and all other present and future liabilities and obligations at any time due, owing or incurred by any Obligor or any other Group Member to any Secured Party under any of the Finance Documents, both
        actual and contingent and whether incurred solely or jointly and as principal or surety or in any other capacity.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Secured
          Parties</font>&#8221; means the Finance Parties and any Receiver or Delegate from time to time but, in the case of each Finance Party, only if it is a Party or has acceded to this Agreement and the Subordination Deed.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security



          Documents</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc377b7024de2443d8734880f728d7354">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Mortgage in respect of each of the Mortgaged Vessels;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z34efc1546eaf4a1ba977048a6ed3f402">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the General Assignment in relation to each of the Mortgaged Vessels;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91bdd8b733ba4b298b0bfdcda8186a3e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Share Security in relation to the Owner;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6d0c22f7e9014d12b7b178e542cfc779">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Intra-Group Loans Assignment; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2450575575ec43988bc32add8fbb65f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other document as may be executed to guarantee and/or secure any amounts owing to the Finance Parties under this Agreement and any other Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security



          Interest</font>&#8221; means a mortgage, charge, pledge, lien, assignment, trust, hypothecation or other security interest of any kind securing any obligation of any person or any other agreement or arrangement having a similar effect.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security



          Value</font>&#8221; means, (i) prior to the delivery of the first valuations pursuant to Clause 25 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum Security Value</font>), the Initial Security
        Value and (ii) thereafter, the amount in Dollars which, at that time, is the aggregate of (a) the Market Value of all of the Mortgaged Vessels which have not then become a Total Loss and (b) the value of any additional security then held by the
        Security Agent provided under Clause&#160;25 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum Security Value</font>), in each case as most recently determined in accordance with this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Selection



          Notice</font>&#8221; means a notice substantially in the form set out in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 5 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;"><u>Form of Selection Notice</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> given in accordance with Clause 9 (<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Interest Periods</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Share
          Security</font>&#8221; means, in relation to the Owner, the document constituting a first priority Security Interest in favour of the Security Agent given by each of (i) DK Vessel HoldCo K/S in respect of all of the limited liability partnership shares
        (in Danish: "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">kommanditanparter</font>") in the Owner and (ii) TORM A/S in respect of all of the shares (in Danish "<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">anparter</font>") in VesselCo F ApS (as general partner of the Owner), in the agreed form.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shipbuilding



          Contracts</font>" means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd2bc9fffb27d456a8c295df129a0a58e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the shipbuilding contract dated 9 January 2018 between TORM A/S, or its guaranteed nominee (the Owner to be nominated) as buyer and the Yard as builder
                    concerning the construction of Vessel 1; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde633f8e2abd4f97aca450fdb2575d8d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the shipbuilding contract dated 9 January 2018 between TORM A/S, or its guaranteed nominee (the Owner to be nominated) as buyer and the Yard as builder
                    concerning the construction of Vessel 2; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z949e2931b8c84ac3a748c25e26f9d0ab">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the shipbuilding contract dated 3 April 2018 between TORM A/S, or its guaranteed nominee (the Owner to be nominated) as buyer and the Yard as builder
                    concerning the construction of Vessel 3.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sponsor</font>&#8221;
        means Oaktree Capital Management, L.P. and any fund or funds solely managed by Oaktree Capital Management, L.P.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subordination



          Deed</font>&#8221; means the subordination deed dated on or about the same date as this Agreement and made between, among others, the Borrower, the Obligors, the Intra-Group Creditors, the Agent, the Security Agent and the Lenders.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subsidiary</font>&#8221;
        means in relation to any company, corporation, limited liability partnership or other legal entity (a &#8220;holding company&#8221;), a company, corporation, limited liability partnership or other legal entity:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za76fe3c19aa34ac090e25b937b8dc042">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which is controlled, directly or indirectly, by the holding company; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zec2b6dd8df3947e8ace28ae41be64175">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">more than half the issued share capital of which is beneficially owned, directly or indirectly, by the holding company; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb61a3cc69e434928931e54599e0ad86f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which is a subsidiary of another Subsidiary of the holding company,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and, for this purpose, a company, corporation or limited liability partnership shall be treated as being
        controlled by another if that other company, corporation or limited liability partnership is able to direct is affairs and/or determine the composition of the majority of its board of directors or equivalent body.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax</font>&#8221;
        means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third
          Parties Act</font>&#8221; has the meaning given to such term in Clause&#160;1.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Third Party Rights</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM
          USD 130M Facility Agreement</font>" means the facility agreement comprising a US$130,000,000 term loan facility made between, among others, TORM PLC as borrower, the Original Lender, Danske Bank A/S, DVB Bank SE and ING Bank N.V. as original
        lenders, and Danske Bank A/S as agent and security agent dated 7 January 2017 as amended, restated, replaced and/or refinanced from time to time</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM
          A/S</font>&#8221; means TORM A/S with CVR no. 22460218 and address at Tuborg Havnevej 18, 2900 Hellerup, Denmark.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total
          Commitments</font>&#8221; means the aggregate of the Commitments being seventy million Dollars (US$70,000,000) at the date of this Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total
          Loss</font>&#8221; means, in relation to a Mortgaged Vessel, its:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze2405ef8fc9c4e13a2d3b1b0771dbffb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">actual, constructive, compromised, agreed or arranged total loss; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3b9f78e15c0041eebf50baed71f06716">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">requisition for title, confiscation or other compulsory acquisition by a government entity (excluding a requisition for hire for a fixed period not exceeding
                    one (1) year without any right to extension); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z75659025df6b445ebbe2479bb56f2a77">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">hijacking, theft, condemnation, capture, seizure, or disappearance for more than one hundred twenty (120)&#160;days or such longer period as may be agreed by the
                    Majority Lenders.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total
          Loss Date</font>&#8221; means, in relation to the Total Loss of a Mortgaged Vessel (but, for the purposes of this definition, ignoring any time periods set out in the definition of &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-weight: bold;">Total Loss</font>&#8221;):</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4fb695c87d124ef59005d98ca2a3d4cb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of an actual total loss, the date it happened or, if such date is not known, the date on which the Mortgaged Vessel was last reported;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd472afd1287c4320a358b4936d306658">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of a constructive, compromised, agreed or arranged total loss, the earliest of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8e84de9989294db185866be89fd0964c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date notice of abandonment of the Mortgaged Vessel is given to its insurers; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd3d85eede6d74efda7803a052eb23476">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if the insurers do not admit such a claim, the date later determined by a competent court of law to have been the date on which the total loss happened; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd1ccadff45dc4d0f8fdee19408bf9bb9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date upon which a binding agreement as to such compromised or arranged total loss has been entered into by the Mortgaged Vessel&#8217;s insurers;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d2d5e8cec674396995fb28f7369fc97">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of a requisition for title, confiscation or compulsory acquisition, the date&#160;falling ninety (90) days after the date upon which such event
                    happened; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcdc2eb298e0c4fbf8d3e6f92a2ce705b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of hijacking, theft, condemnation, capture, seizure, or disappearance, the date than one hundred twenty (120)&#160;days (or such longer period as may
                    be agreed by the Majority Lenders) after the date upon which such event happened.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total
          Loss Repayment Date</font>&#8221; means where a Mortgaged Vessel has become a Total Loss the earlier of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4e6db040ee4491e91c0333761eba400">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date falling ninety (90)&#160;days after its Total Loss Date; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z486e44e7fe0147b08aac35c209a82b9d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date upon which insurance proceeds or Requisition Compensation for such Total Loss are paid by insurers or the relevant government entity.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tranches</font>"
        means Tranche 1, Tranche 2 and Tranche 3.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tranche
          1</font>" means the loan facility granted to the Borrower under the terms of this Agreement in the original principal amount of the Tranche 1 Commitment.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tranche
          1 Commitment</font>" means twenty-five million Dollars (USD 25,000,000) as reduced or cancelled in accordance with the Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tranche
          2</font>" means the loan facility granted to the Borrower under the terms of this Agreement in the original principal amount of the Tranche 2 Commitment.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tranche
          2 Commitment</font>" means twenty-five million Dollars (USD 25,000,000) as reduced or cancelled in accordance with the Agreement.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">27</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tranche
          3</font>" means the loan facility granted to the Borrower under the terms of this Agreement in the original principal amount of the Tranche 3 Commitment.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tranche
          3 Commitment</font>" means twenty million Dollars (USD 20,000,000) as reduced or cancelled in accordance with the Agreement.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transaction



          Documents</font>&#8221; means the Finance Documents and the Bareboat Charters.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transaction



          Security</font>&#8221; means the Security Interests created or expressed to be created pursuant to the Security Documents and the Owner's Guarantee.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfer



          Certificate</font>&#8221; means a certificate substantially in the form set out in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 6 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;"><u>Form of Transfer Certificate</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> or any other form agreed between the Agent and the Borrower.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transfer



          Date</font>&#8221; means, in relation to an assignment or transfer, the later of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f55538496f84705afa157a081c01d6f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the proposed Transfer Date specified in the Assignment Agreement or Transfer Certificate; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za4ec2385c44f4ff8b1e7352dbe4f0a99">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date on which the Agent executes the Assignment Agreement or Transfer Certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treasury



          Transaction</font>&#8221; means any derivative transaction entered into in connection with protection against, or benefit from, fluctuation in any rate, price or position.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trust
          Property</font>&#8221; means, collectively:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a43a45c338b490d8d092be46b45a66d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all moneys duly received by the Security Agent under or in respect of the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9fa150219b94b63aebdaec570402da8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Security Interests, guarantees, security, powers and rights given to the Security Agent under and pursuant to the Finance Documents including, without
                    limitation, the covenants given to the Security Agent in respect of all obligations of any Obligor;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd019e0dd8e9546ebaeeb89d71df72c9e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all assets paid or transferred to or vested in the Security Agent or its agent or received or recovered by the Security Agent or its agent in connection with
                    any of the Finance Documents whether from any Obligor or any other person; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc10bef4f0c614bd7a06cee49c107f38e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all or any part of any rights, benefits, interests and other assets at any time representing or deriving from any of the above, including all income and other
                    sums at any time received or receivable by the Security Agent or its agent in respect of the same (or any part thereof).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Unpaid
          Sum</font>&#8221; means any sum due and payable but unpaid by an Obligor under the Finance Documents.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">US</font>&#8221;
        means the United States of America.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">US Tax
          Obligor</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z22710a75beee4429af459fa4335998e7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower to the extent it is resident for tax purposes in the US; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">28</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae535f98aed64c15b8418ee05c5bfba3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">USA
          PATRIOT Act</font>&#8221; has the meaning given to such term in Clause 50 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Patriot Act</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Utilisation</font>&#8221;
        means the making available of all or part of the Facility.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Utilisation



          Date</font>&#8221; means the date on which a Utilisation is made.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Utilisation



          Request</font>&#8221; means a notice substantially in the form set out in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 4 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;"><u>Form of Utilisation Request</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">VAT</font>&#8221;
        means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zabc9191a08764b8abd1707bd36d7ee5d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5f6d8eab713a42178eb9debb5308dee7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other tax of similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to
                    in paragraph a) above, or imposed elsewhere.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel
          1</font>" means a LR-1 tanker vessel with Yard's Hull No.15121140 under construction at the Yard, as further described in Schedule 2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mortgaged
          Vessel Information</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel
          2</font>" means a LR-1 tanker vessel with Yard's Hull No. 15121141 under construction at the Yard, as further described in Schedule 2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mortgaged
          Vessel Information</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel
          3</font>" means an MR tanker with Yard's Hull No. 15121038 under construction at the Yard, as further described in Schedule 2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mortgaged Vessel
          Information</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Yard</font>"
        means, with respect to each of Vessel 1, Vessel 2, and Vessel 3, China Shipbuilding Trading Company Limited, a corporation organized and existing under the laws of the People's Republic of China, having its registered office at 56(Yi) Zhongguancun
        Nan Da Jie, Beijing 100044, the People's Republic of China and Guangzhou Shipyard International Company Limited, a corporation organized and existing under the laws of the People's Republic of China, having its registered office at 1st Floor,
        No.68, West Road, Pearl River Precinct, Nansha District, Guangzhou, the People's Republic of China.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8231aacd57a94238ac6ffd57b3e74c64">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Construction</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6460061655b643fabfb9b7c259cd1a0c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless a contrary indication appears, any reference in any of the Finance Documents to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19ffa288d7444daba4369896b36f6044">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Sections, Clauses and Schedules are to be construed as references to the Sections and Clauses of, and the Schedules to, the relevant Finance Document and
                    references to a Finance Document include its Schedules;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3405b1c890d8463d9f40012186b3bbb5">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Document</font>&#8221; or any other agreement or
                    instrument is a reference to that Finance Document or other agreement or instrument as it may from time to time be amended, restated, novated or replaced, however fundamentally;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f2a2761e65a4df5b06d37047e847d8e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">words importing the plural shall include the singular and vice versa;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac2fb7afc9ab47ee8d35e513de670046">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a time of day is to Copenhagen time;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf34f86057a824ddf8a38a1ae1dab5a08">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any person includes its successors in title, permitted assignees or transferees;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4726283683dd41fa91d41e158dc10393">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">agreed form</font>&#8221; means:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za95f23d77a8544c0b58b9f33cb5f9e54">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where a Finance Document has already been executed by all of the relevant parties, such Finance Document in its executed form;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z53e394bd778c4bbc80fd358e4fb6af53">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">prior to the execution of a Finance Document, the form of such Finance Document separately agreed in writing between the Agent and the Borrower as the form in
                    which that Finance Document is to be executed or another form approved at the request of the Borrower;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbc5057a00a02478e9c662b692e351997">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">approved by the Majority Lenders</font>&#8221; or &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">approved by the Lenders</font>&#8221; means approved in writing by the Agent acting on the instructions of the Majority Lenders or, as the case may
                    be, all of the Lenders (on such conditions as they may respectively impose) and otherwise &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">approved</font>&#8221; means approved in writing by the
                    Agent (on such conditions as the Agent may impose) and &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">approval</font>&#8221; and &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-weight: bold;">approve</font>&#8221; shall be construed accordingly;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0a110f3864ec4b5a86a90a9fe38b95e1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">viii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">assets</font>&#8221; includes present and future properties,
                    revenues and rights of every description;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z393a40390cec4a27bff39bbb94cf496f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ix)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">charter commitment</font>&#8221; means, in relation to a vessel,
                    any charter or contract for the employment of that vessel or the carriage of people and/or cargo or the provision of services by or from it and includes any agreement for pooling or sharing income derived from any such charter or
                    contract;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z533f55d49a0e452e89a2c49d3bbb2bd3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">x)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the term &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">disposal</font>&#8221; or &#8220;<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">dispose</font>&#8221; means a sale, transfer or other disposal (including by way of lease or loan but not including by way of loan of money) by a person of all or part of its
                    assets, whether by one transaction or a series of transactions and whether at the same time or over a period of time, but not the creation of a Security Interest;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb02b86e26d1544e7b6b2a191d723ff2c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">equivalent</font>&#8221; of an amount specified in a particular
                    currency (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">specified currency amount</font>&#8221;) shall be construed as a reference to the amount of the other relevant currency which can
                    be purchased with the specified currency amount in the London foreign exchange market at or about 11&#160;a.m. on the date the calculation falls to be made for spot delivery, as conclusively determined by the Agent (with the relevant
                    exchange rate of any such purchase being the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agent&#8217;s spot rate of exchange</font>&#8221;);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6a9e1e09b634e2ca8e6a1fa50a2a6cb">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">euro</font>/<font style="font-size: 10pt; font-family: 'Times
                      New Roman', Times, serif; font-weight: bold;">&#8364;</font>&#8221;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>means the lawful currency of the Participating Member States and, in
                    respect of all payments to be made under the Finance Documents in euro, funds which are for the same day settlement in the European Interbank Payments System (or such other funds as may at the relevant time be customary for the
                    settlement of international banking transactions denominated in euro);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z93c6899ac1ea423183718a73bc089fb6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xiii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">government entity</font>&#8221; means any government, state or
                    agency of a state;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf28708c40f6a4d7ba8869ffe1121ff67">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xiv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">guarantee</font>&#8221; means any guarantee, letter of credit,
                    bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets
                    of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfcfaf45e55274dd591eb97ba53805ba3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">indebtedness</font>&#8221; includes any obligation (whether
                    incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc30edcd681be4816a7a4ff45259dd5f0">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xvi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">month</font>&#8221; means a period starting on one day in a
                    calendar month and ending on the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">30</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2e0ad76060740d6be907fc51b7a86b8">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that month (if there is one) or on the
                    immediately preceding Business Day (if there is not); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfbb37062a8394b5db83d6339f21e840a">

            <tr>
              <td style="width: 144pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if there is no numerically corresponding day in that month, that period shall end on the last Business Day in that month,and the above rules in paragraph A)
                    and B) will only apply to the last month of any period;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd9cd9a415e9a41869b5dd8e581767433">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xvii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">obligation</font>&#8221; means any duty, obligation or liability
                    of any kind;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83b7f4fe57b44ab7a77aa2591ef41063">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xviii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">something being in the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ordinary course of business</font>&#8221; of
                    a person means something that is in the ordinary course of that person&#8217;s day&#8209;to&#8209;day business (and not merely anything which that person is entitled to do under its Constitutional Documents);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5176ab3ce6244308afa2a151d5a056c9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xix)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pay, prepay or repay in Clause&#160;27 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Business Restrictions</font>)
                    includes by way of set&#8209;off, combination of accounts or otherwise;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9da23f97b307456d86d4441124a50965">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xx)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">person</font>&#8221; includes any individual, firm, company,
                    corporation, government entity or any association, trust, joint venture, consortium or partnership (whether or not having separate legal personality);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd268ef0a631d41faa402494850f2b5e0">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xxi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">regulation</font>&#8221; includes any regulation, rule, official
                    directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self&#8209;regulatory or other authority or organisation and includes
                    (without limitation) any regulation relating to Basel II, Basel III or Basel IV;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb549f4f1430a4446a5cc6db1ffb6a8a2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xxii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">right</font>&#8221; means any right, privilege, power or remedy,
                    any proprietary interest in any asset and any other interest or remedy of any kind, whether actual or contingent, present or future, arising under contract or law, or in equity;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z117071218f6c48a6b42919ef2911f52d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xxiii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">trustee</font>, &#8221; &#8220;<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-weight: bold;">fiduciary</font>&#8221; and &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">fiduciary duty</font>&#8221; has in each case the meaning given to
                    such term under applicable law;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z318422d3e64343c1884715fd5e42a97a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xxiv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">winding up</font>,&#8221; &#8220;<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">dissolution</font>,&#8221; or &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">administration</font>&#8221; of person or (ii) a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">receiver</font>&#8221; or &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">administrative</font>&#8221;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">receiver</font>&#8221; or &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">administrator</font>&#8221; in the context of insolvency proceedings or security enforcement actions in respect of a person shall be construed so as
                    to include any equivalent or analogous proceedings or any equivalent and analogous person or appointee (respectively) under the law of the jurisdiction in which such person is established or incorporated or any jurisdiction in which
                    such person carries on business including (in respect of proceedings) the seeking or occurrences of liquidation, winding&#8209;up, reorganisation, dissolution, administration, arrangement, adjustment, protection or relief of debtors; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb16926b90d5a4bf2b48cb36d47694e5c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xxv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a provision of law is a reference to that provision as amended or re&#8209;enacted.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z129c89c7d4c740c5a120b0fc6a3eb774">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Where in this Agreement a provision includes a monetary reference level in one currency, unless a contrary indication appears, such reference level is
                    intended to apply equally to its equivalent in other currencies as of the relevant time for the purposes of applying such reference level to any other currencies.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1292f74c97cd4538bc8afbd818379299">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section, Clause and Schedule headings are for ease of reference only.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z941e08d6e4c248e397a00a4de9212b7e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has
                    the same meaning in that Finance Document or notice as in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze357f9f97fda4102a82cd942c73b5fea">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Default (other than an Event of Default) is "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">continuing</font>"
                    if it has not been remedied or waived and an Event of Default is "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">continuing</font>" if it has not been waived by the Agent (acting on the
                    instructions of all of the Lenders).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">31</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z852d7bf9104d461793d9f5f0e08d07ee">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Party Rights</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd057942631164c43a1a6e7c1fc91894a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless expressly provided to the contrary in a Finance Document for the benefit of a Finance Party or another Indemnified Person, a person who is not a party
                    to a Finance Document has no right under the Contracts (Rights of Third Parties) Act&#160;1999 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Parties Act</font>&#8221;) to enforce or to
                    enjoy the benefit of any term of the relevant Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4d8d52325df46658aaff88bf75b7dba">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Finance Document may be rescinded or varied by the parties to it without the consent of any person who is not a party to it (unless otherwise provided by
                    this Agreement).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c2248707ad74dbfbfec010afcbacec4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Indemnified Person who is not a party to a Finance Document may only enforce its rights under that Finance Document through a Finance Party and if and to
                    the extent and in such manner as the Finance Party may determine.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd17b8628710406e8faab5ec5e569613">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conflict of Documents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless a contrary indication appears, the terms of the Finance Documents (other than as relates to the
        creation and/or perfection of security) are subject to the terms of this Agreement and, in the event of any conflict between any provision of this Agreement and any provision of any Finance Document (other than in relation to the creation and/or
        perfection of security) the provisions of this Agreement shall prevail.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z03d0f5140e8a406aa0e488925fe06dda">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">THE FACILITY</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z002904c0d2c34b4ba411a246f33c2865">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Facility</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the terms of this Agreement, the Lenders severally agree to provide to the Borrower a senior
        secured term loan facility in an amount equal to the Total Commitments, which will be available in up to two (2) Utilisations as follows:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5434c6946494d67bdff00734b997970">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tranche 1: a Utilisation of up to the Tranche 1 Commitment for the purpose of post-delivery debt financing, including payment of the last instalment payable
                    upon delivery, of Vessel 1;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za615e19bfae042f2a712f31ffd677096">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tranche 2: a Utilisation of up to the Tranche 2 Commitment for the purpose of post-delivery debt financing, including payment of the last instalment payable
                    upon delivery, of Vessel 2; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z52ddc5a7d49246bd93c4e77df57d2560">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tranche 3: a Utilisation of up to the Tranche 3 Commitment for the purpose of post-delivery debt financing, including payment of the last instalment payable
                    upon delivery, of Vessel 3.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Tranches will be subject to the further limitations set out in Clause 5.2 (iv) and (v) below.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z56b38e097d964cb6a24320daf81569f0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increase</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze2cf9c9bed5546a780eb53a8245edc78">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower may, by giving prior notice to the Agent by no later than the date falling fifteen (15) Business Days after the effective date of a cancellation
                    of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z934dff4f171345d5859362177f625350">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Available Commitments of a Defaulting Lender in accordance with Clause 7.7 f) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Right of Replacement or Cancellation and Prepayment in Relation to a Single Lender</font>); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z385529502f7a4ed882ed87e27a03b1b1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Commitments of a Lender in accordance with Clause 7.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Illegality</font>),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">request that the Commitments be increased (and the Commitments shall be so increased) in an aggregate
        amount of up to the amount of the Available Commitment or Commitments so cancelled as follows:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">32</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ca8aced06714fd88901863aa6dbe808">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the increased Commitments will be assumed by one or more Lenders or other banks, financial institutions, trusts, funds or other entities (each an &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increase Lender</font>&#8221;) selected by the Borrower (each of which shall not be a Group Member and which is further acceptable to the Agent
                    (acting reasonably)) and each of which confirms in writing its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which it is to assume, as if it had been the
                    Original Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z841d38a8537a451abd1dd97618d0d5ab">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the
                    Increase Lender would have assumed and/or acquired had the Increase Lender been the Original Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f5e9d46ca01480585a4b31b27e1012d">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">C)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Increase Lender shall become a Party as a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lender</font>&#8221;
                    and any Increase Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had
                    the Increase Lender been the Original Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z68d15a02e0e74653ac6213f02277b518">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">D)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Commitments of the other Lenders shall continue in full force and effect; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbb80687dda547d482b284a0f7d669cf">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">E)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any increase in the Commitments shall take effect on the date specified by the Borrower in the notice referred to above or any later date on which the
                    conditions set out in Clause 2.2b) below are satisfied.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf22538e7ab044aaa423e5428b59ef41">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An increase in the Commitments will only be effective on:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3363233438c44b83a62e6401a538aa0b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the execution by the Agent of an Increase Confirmation from the relevant Increase Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfbec07ab944d46de8aff377af6c5bc87">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase (A) the Increase Lender entering into documentation
                    required for it to accede as a party to this Agreement and the Subordination Deed and (B) the performance by the Agent of all necessary &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">know



                      your customer</font>&#8221; or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which the Agent shall promptly notify to the
                    Borrower and the Increase Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z33c45a9104e64945bb4d9e720c9a462b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the other Finance Parties hereby appoint the Agent as its agent to execute on its behalf any Increase Confirmation delivered to the Agent in
                    accordance with this Clause 2.2.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z42a3246fd2824715af23f048a8bf1993">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any
                    amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4465886b8e4445848bcbabd00e36a012">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless the Agent otherwise agrees or the increased Commitments are assumed by an existing Lender, the Borrower shall, not later than on the date upon which
                    the increase takes effect, pay to the Agent (for its own account) a fee of three thousand five hundred Dollars (US$3,500) and the Borrower shall promptly on demand pay the Agent and the Security Agent the amount of all costs and
                    expenses (including legal fees) reasonably incurred by either of them, and, in the case of the Security Agent, by any Receiver or Delegate, in connection with any increase in Commitments under this Clause 2.2.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd70dbc1bed254e428654944b4dd311f7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall pay to the Increase Lender any fee in the amount and at the times agreed between the Borrower and the Increase Lender in any letter between
                    the Borrower and the Increase Lender setting out such fee. A reference in this Agreement to a Fee Letter shall include any letter referred to in this Clause 2.2 f).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">33</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc986c3c26ee742b3bb7b768f41039a1d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 31.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Limitation of Responsibility of Existing Lenders</font>)
                    shall apply mutatis mutandis in this Clause 2.2g) in relation to an Increase Lender as if references in that clause to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd97e98247124767995f81a6c40f9c89">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing Lender</font>&#8221; were references to all the Lenders
                    immediately prior to the relevant increase;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfbf5a6c78d6f41c6a0f9fc684a305b7b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Lender</font>&#8221; were references to that &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increase Lender</font>&#8221;; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc205053305584ce2bc6fbf9309aa136e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">re assignment</font>&#8221; and &#8220;<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">re-transfer</font>&#8221; were references to a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">transfer</font>&#8221; and &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">assignment</font>&#8221;.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd379120f0f114273889bb7ae27e48cb5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Parties&#8217; Rights and Obligations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd0ae9b44ff94a289ce3bc478047c266">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance
                    Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32399bb6f6b64b6a845ac760f65c345e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance
                    Documents to a Finance Party from an Obligor shall be a separate and independent debt.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc07331eb4c644c9ba3eef8bb72382b56">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Finance Party may separately enforce its rights under the Finance Documents, provided that no Finance Party shall have any independent power to enforce, or
                    have recourse to, any of the Security under the Security Documents or to exercise any right, power, authority or discretion arising under the Security Documents except through the Agent or Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfe01b43e192d49b998d2fbbb5be57213">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Obligors' Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z52643811a7c64a8188e60e592df9a7ce">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor (other than the Borrower) by its execution of this Agreement or an Accession Deed irrevocably appoints the Borrower (acting through one or more
                    authorised signatories) to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5e649fdcf7a42a9b4df015163421dd9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and
                    instructions, to execute on its behalf any Accession Deed, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor notwithstanding that they may
                    affect the Obligor, without further reference to or the consent of that Obligor; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z03b7b8e939ff4bb08e1a35a01387c43b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Finance Party to give any notice, demand or other communication to that Obligor pursuant to the Finance Documents to the Borrower,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and in each case the Obligor shall be bound as though the Obligor itself had given the notices and
        instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63a33b04b8d34caa94a3f88f09da00df">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the
                    Obligors' Agent or given to the Obligors' Agent under any Finance Document on behalf of another Obligor or in connection with any Finance Document (whether or not known to any other Obligor and whether occurring before or after such
                    other Obligor became an Obligor under any Finance Document) shall be binding for all purposes on that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other
                    communications of the Obligors' Agent and any other Obligor, those of the Obligors' Agent shall prevail.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">34</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f55b0aff9f24239b8ae91196aa0a5fa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PURPOSE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6236b4c405af457c8f1f434795ae28ca">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Purpose</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall apply all amounts borrowed under the Facility towards post-delivery financing of the
        Mortgaged Vessels, and for the avoidance of doubt all amounts borrowed under the Facility shall also be available for Utilisation in relation to the payment of the last instalment payable upon delivery.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb69ad225d3c24594ab000d5179d3bed1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Monitoring</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this
        Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf58bcef595574637864afe8a74ee9631">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONDITIONS OF UTILISATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0eb3fff5bafc46518bf9f86791f1a6e8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Initial Conditions Precedent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z01b532563a1c4b64817f42911fd0c127">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Lenders will only be obliged to comply with Clause 5.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lenders&#8217;



                      Participation</font>) in relation to the initial Utilisation if on or before the Utilisation Date for that Utilisation the Agent, or its duly authorised representative, has received all of the documents and other evidence listed in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Part 1 of Schedule 3 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent to
                        Delivery of a Utilisation Request</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> and in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Part 2
                        of Schedule 3 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent to Utilisation</u></font><font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif;"><u>)</u></font> in each case in form and substance satisfactory to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b55db9c8f8649edb6d004205c9863a4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Lenders will only be obliged to comply with Clause 5.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lenders&#8217;



                      Participation</font>) in relation to each Utilisation if on or before the Utilisation Date for that Utilisation the Agent, or its duly authorised representative, has received all of the documents and other evidence listed in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Part 2 of Schedule 3 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent to
                        Utilisation</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> in respect of the Mortgaged Vessel(s) for which such Utilisation is made as set out in Clause 0b) in each case in
                    form and substance satisfactory to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f49d6f8bb54424cb7b171cf888e0d1c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notice to Lenders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall notify the Borrower and the Lenders promptly upon receiving and being satisfied with all
        of the documents and evidence delivered to it under Clause 4.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Initial Conditions Precedent</font>). Other than to the extent that the Majority
        Lenders notify the Agent in writing to the contrary before the Agent gives the notification referred to in this Clause 4.2, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any
        damages, costs or losses whatsoever as a result of giving any such notification.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z52f4ddc8880b4f43a678973d864a1038">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further Conditions Precedent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 4.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Initial Conditions Precedent</font>), the Lenders will only be obliged to comply with Clause 5.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lenders&#8217; Participation</font>)
        if on the date of a Utilisation Request and on a proposed Utilisation Date:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1199db725ef344259f67cfe332a8df6a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Default is continuing or would result from the proposed Utilisation; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f939892feca40fa986a906c41de6ff5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all of the representations set out in Clause 18 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Representations</font>)
                    are true in all material respects (or with respect to any such representations which are already qualified by materiality, in all respects).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z15668bb0849f4ca3a9cdf757ae900e2f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waiver of Conditions Precedent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">35</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The conditions in this Clause 0 are inserted solely for the benefit of the Finance Parties and may be
        waived on their behalf in whole or in part and with or without conditions by the Agent acting on the instructions of the Majority Lenders (or, in relation to those conditions precedent which are expressed in <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;"><u>Schedule 3 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent</u></font><font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif;"><u>)</u></font> to require all Lender approval, on the instructions of all Lenders).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9e569a4b4f374813a33c62822ad11db6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UTILISATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb231dc74f974cf99da877f1a20f3515">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delivery of a Utilisation Request</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower may utilise the Facility by delivery to the Agent of duly completed Utilisation Requests
        not later than 10:00 a.m. three (3) Business Days before a proposed Utilisation Date.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z411031625713485fb60c2f0f4413cfd4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Completion of a Utilisation Request, number and amount of Utilisations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6c6129dcb1149ae8378619bbedf9e0c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z518485b67483415ea8306b3979e23c5a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the proposed Utilisation Date is a Business Day within the Availability Period;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac3622caadc6483ea6ce5d4946ded872">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the currency and amount of the Utilisation comply with Clause 5.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Currency and Amount</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z10af8a77dd2e474eaa59c6b2f18b8bec">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the proposed Interest Period complies with Clause 9 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest
                      Periods</font>); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb60a9c597cc465b91482c2fdf176048">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">it identifies the purpose for the Utilisation and that purpose complies with Clause 3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Purpose</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc7fac7504324605ad2f0cfdaf1634aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Facility may be utilised in up to two (2) Utilisations as follows:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1afde40372404de6b040d5c7b59a2542">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">provided that the conditions precedent listed in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Part 2 of Schedule 3 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent to Utilisation</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>
                    have been satisfied in respect of Vessel 1, a part of the Facility equal to Tranche 1 will be available for Utilisation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z17b80f34e19245cf8c3fe4698ece062a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">provided that the conditions precedent listed in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Part 2 of Schedule 3 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent to Utilisation</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>
                    have been satisfied in respect of Vessel 2, a part of the Facility equal to Tranche 2 will be available for Utilisation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4673033866d4cebafdd2cf8903aa075">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">provided that the conditions precedent listed in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Part 2 of Schedule 3 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent to Utilisation</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>
                    have been satisfied in respect of Vessel 3, a part of the Facility equal to Tranche 3 will be available for Utilisation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb638b13c732d44fa8eddfac9c1c27519">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount of each proposed Utilisation must not exceed the Available Facility and when added to the principal amount of the Loan outstanding immediately
                    prior to such Utilisation must not exceed the Total Commitments;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1417214fc6845d4aaf5ecb22b22eaf7">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">subject to paragraph (v) below, the amount of the proposed Utilisation attributable to each relevant Mortgaged Vessel shall not exceed the lesser of (i) 60%
                    of the Initial Security Value of that Mortgaged Vessel and (ii) USD 25,000,000 with respect to Vessel 1 and Vessel 2, and USD 20,000,000 with respect to Vessel 3; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z382c6ac601c1494d950a725cad646d68">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notwithstanding paragraph (iv) above, provided that between 1 January 2018 and the relevant Utilisation Date the Borrower has raised a minimum equity amount
                    of USD 40,000,000, the proposed Utilisation attributable to a Mortgaged Vessel may exceed 60% of the Initial Security Value but shall in such case not exceed the lesser of (i) 70% of the Initial Security Value of that Mortgaged Vessel
                    and (ii) USD 22,200,000 with respect to Vessel 1 and Vessel 2, and USD 17,750,000 with respect to Vessel 3.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z77155f76fa8a4715ad478085a991dfaa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency and Consolidation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">36</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5be70641a91e4d479beb97fb1f9e4b65">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The currency specified in a Utilisation Request must be Dollars.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z42fafb10effb407a80a04d12f82a3274">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The principal amount of each Utilisation shall be consolidated with the principal amount of the Loan outstanding at the time of that Utilisation so that all
                    Utilisations, once advanced, will form one Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04618fae56c64217ae4af4f658e03f3a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lenders&#8217; Participation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c608d8bf9934b828eee519c6b9e5186">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Utilisation available by the proposed Utilisation
                    Date through its Facility Office.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1a63021f5ea4c68afa5387054e25407">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The amount of each Lender&#8217;s participation in each Utilisation will be equal to the proportion borne by its Available Commitment to the relevant Available
                    Facility immediately prior to making the Utilisation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z324ba2f8a441463f95eb26a21726b5bf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall promptly notify each Lender of the amount of the requested Utilisation and the amount of its participation in the Utilisation, in each case by
                    11:00 a.m. on the relevant Quotation Day.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4dfd61107fe743d8a4b7ec6ee471307f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall pay all amounts received by it in respect of the Utilisation (and its own participation in it, if any) to the Borrower or for its account in
                    accordance with the instructions contained in the relevant Utilisation Request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z01142785f00646879665adaff55c6a4b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cancellation of Commitments</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the
        Availability Period for the Facility.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32f535b4da2041c995e6819d2b3826d4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REPAYMENT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5ebd6ea8f121426e8d366f0c3921a384">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repayment of Loan</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5164565de5fc4585bb76880562587496">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To the extent not previously reduced and/or rescheduled in accordance with paragraph (c) below, the Borrower shall by no later than 3:00 p.m. on each
                    Repayment Date repay an amount of each Utilisation of the Loan equal to the Scheduled Amortisation Payment for such Repayment Date, as set forth in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule



                        10 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Scheduled Amortisation Payments</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif;"><u>)</u></font>.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z96ae107cf2c74dd9a7a86621f86cf072">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 10 (</u></font><font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;"><u>Scheduled Amortisation Payments</u></font>) shall be updated by the Agent in connection with each Utilisation on the basis of the following parameters:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7c78f2d982e2460b8bcfefd97f530256">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the first Repayment Date of each Utilisation shall be the date falling 3 months after such Utilisation and each subsequent Repayment Date in relation to such
                    Utilisation shall be the dates falling with consecutive intervals of three months thereafter;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce42c6e75681435f9273d83414255c5f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if the amount of the Facility that is utilised is reduced as a result of compliance with the Initial Security Value requirements, such reduction shall be
                    applied to reduce the Scheduled Amortisation Payments pro-rata;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z190041163b0a444885f4705469f70b5d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notwithstanding paragraph (i) above, if the Initial Security Value of either Mortgaged Vessel is higher than 60% of the Market Value, the amount in excess of
                    60% of the Market Value only shall be fully repaid in 8 equal quarterly repayments during the first 2 years after the relevant Utilisation; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ced26a93bac4c82848e8f704e05aa70">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Scheduled Amortisation Payments shall be determined by the Agent on the basis that the portion of the Loan attributed to each Mortgaged Vessel is repaid in
                    full by the time that that Mortgaged Vessel is 16 years of age.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">37</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The latest updated version of Schedule 10 prepared by the Agent shall be the applicable version for
        purposes of this Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1d84a6e04964e14844bf701c115733c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any Commitments have been partially reduced under this Agreement and/or any part of the Loan is prepaid (other than under Clause 6.1a) above) before any
                    Repayment Date, the amount of the instalments by which the Loan shall be repaid under Clause 6.1 above on any such Repayment Date (as reduced by any earlier operation of this Clause 6.1c)) shall be reduced pro rata to such reduction in
                    the Total Commitments and the Scheduled Amortisation Payments shall be reduced on a pro rata basis.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe45821dc92d44bdb15d1fa654bd0eb0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No amounts repaid under this Clause 6.1 may be reborrowed.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5b015900fed4d0da1f129fc10ffdc39">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Final Repayment Date</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Final Repayment Date (without prejudice to any other provision of this Agreement), all
        outstanding amounts under this Agreement and the Security Documents (including, but not limited to the outstanding amounts of the Loan) shall be repaid in full.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb891b0a680394da08f0fea6a61b7530f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ILLEGALITY, PREPAYMENT AND CANCELLATION</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ebf8e119386429da46eb32a79970605">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Illegality</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If it becomes unlawful (including, without limitation, if it becomes unlawful under or contrary to any
        applicable Sanctions Laws) in any applicable jurisdiction for a Lender to perform any of its obligations or to collect or claim any amount under the Loan as contemplated by this Agreement or to fund or maintain its participation in the Loan:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z856ae7e3111d4c21a26f88b7a5c94dff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that Lender shall promptly notify the Agent upon becoming aware of that event;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0e6236b5609d42ae85d99b5951a4d654">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">upon the Agent notifying the Borrower, each Available Commitment of that Lender will be immediately cancelled and the undrawn Total Commitments shall each be
                    reduced rateably; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za92d67ac494e4aa2a90ffed61d42e0f8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the extent that the Lender&#8217;s participation has not been transferred pursuant to Clause 31.1 (<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-style: italic;">Assignments or Transfers by the Lenders</font>), the Borrower shall repay that Lender&#8217;s participation in the Loan on the last day of the Interest Period for such period occurring after the Agent has
                    notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender&#8217;s corresponding
                    Commitment(s) shall be cancelled in the amount of the participations repaid.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z961cfc5fd066421da0f7f49264ddad54">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mandatory Prepayment - Change of Control</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfbbff1be71cf4467935732c85cae20e3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall promptly notify the Agent upon becoming aware of a Change of Control.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0988a4c6f80143b4b564525b3523334a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Change of Control occurs and unless the Agent has previously approved the Change of Control (acting on the instructions of all Lenders, whose consent
                    shall not be unreasonably withheld or delayed) the Total Commitments shall be cancelled with effect from the date such Change of Control occurs and the Loan and all other outstanding obligations under this Agreement and any of the other
                    Finance Documents shall be payable not later than the date falling thirty (30) days after the date on which such Change of Control occurs.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5a83fe6333504de986dfa7f172c433e1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mandatory Prepayment &#8211; Security Value</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event that, following the receipt of the notice from the Agent under Clause 25.12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security Shortfall</font>), the Borrower does not comply with the provisions of Clause 25.12 (<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;">Security Shortfall</font>), the Borrower shall be</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">38</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">immediately obliged to prepay such amount of the Loan as shall be required in order to ensure that the
        Security Value equals or exceeds the Minimum Value.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf50cd5b3c4134dbd80902cb07e7cdb28">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mandatory prepayment - Sale or Total Loss of a Mortgaged Vessel</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zee1b76a6d99f4a4c8b422430c1a7f8c7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provided that no Default has occurred and is continuing and without prejudice to the requirement set out in Clause 25.12 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Security Shortfall</font>) that the Security Value shall at all times be equal to the Minimum Value, in connection with any sale or Total Loss of a Mortgaged Vessel,
                    on the applicable Disposal Repayment Date relating to such Mortgaged Vessel, the Borrower shall prepay such amount of the Loan as may be necessary to ensure that (on the basis of valuations of the Mortgaged Vessels that are no older
                    than thirty (30) days as at the relevant Disposal Repayment Date), the ratio of the outstanding Loan after such prepayment to the Security Value after such sale or Total Loss shall be no higher than the ratio of the outstanding Loan
                    prior to such prepayment to the Security Value prior to such sale or Total Loss.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2571e3487954234be47d7c3b8ccd100">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Default has occurred and is continuing and without prejudice to the requirement set out in Clause 25.12 (<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;">Security Shortfall</font>) that the Security Value shall at all times be equal to the Minimum Value, in connection with any sale or Total Loss of a Mortgaged Vessel, on the
                    applicable Disposal Repayment Date relating to such Mortgaged Vessel, the Borrower shall apply all of the Disposal Proceeds or all of the insurance proceeds in respect of such Total Loss, as the case may, to the prepayment of the Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb68081d1a68e461b9da68fcbf2457382">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voluntary Cancellation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At any time the Borrower may, if it gives the Agent not less than three (3) Business Days&#8217; prior written
        notice, cancel the whole or any part of the Available Facility. Upon any such cancellation the Commitments of the Lenders shall be reduced rateably.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f891e94e94746d8b6ef25bff58531ac">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Voluntary Prepayment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower may, if it gives the Agent not less than five (5) Business Days&#8217; (or such shorter period as
        the Lenders may agree) prior written notice, prepay, on the last day of an Interest Period, the whole or any part of the Loan but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of one million Dollars
        (US$1,000,000) and in amounts that are even multiples of five hundred thousand Dollars (US$500,000) (or, in each case, such lesser amount as may be acceptable to the Agent).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z306a522517384f4ea9c263fe6f18a3e8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Right of Replacement or Cancellation and Prepayment in Relation to a Single Lender</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd90a92648654df8b2b7aef427640a10">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze362f1d5f9954942839c060e027474ef">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any sum payable to any Lender by an Obligor is required to be increased under Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-style: italic;">Tax Gross up</font>); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb04f07eb76a04c07baa4a221e5f8d5b8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Lender claims indemnification from an Obligor under Clause 12.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Tax Indemnity</font>) or Clause 13.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increased Costs</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower may, whilst the circumstance giving rise to the requirement for that increase or
        indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender&#8217;s participation in the Loan or give the Agent notice of its intention to replace that
        Lender in accordance with Clause 7.7d) below.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">39</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdd4cc957401b48cf828ff63ac43f21ed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On receipt of a notice referred to in Clause 7.7a) above in relation to a Lender, the Commitment of that Lender shall immediately be reduced to zero and
                    (unless the Commitment of the relevant Lender is replaced in accordance with Clause 7.7d) below), the Commitments shall be reduced rateably.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9a1cb706775a4148a77c1cd785042f1f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the last day of each Interest Period which ends after the Borrower has given notice under Clause 7.7a) above in relation to a Lender (or, if earlier, the
                    date specified by the Borrower in that notice), the Borrower shall repay that Lender&#8217;s participation in the Loan together with all interest and other amounts due to that Lender under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd7c3c4126ab84cf2acdebe04dc1475b8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower may, in the circumstances set out in Clause 7.7a) above and if an Obligor becomes obliged to repay any amount in accordance with Clause 7.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Illegality</font>), on ten (10) Business Days&#8217; prior written notice to the Agent and the relevant Lender, replace that Lender by requiring that
                    Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to Clause 31 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Lenders</font>)
                    all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank or financial institution selected by the Borrower which confirms its willingness to assume and does assume all the obligations of the
                    transferring Lender in accordance with Clause 31 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Lenders</font>) for a purchase price in cash or other cash payment payable
                    at the time of the transfer equal to the aggregate of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd060a92b4c674e178b25e92a52f9a1f7">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the outstanding principal amount of such Lender&#8217;s participation in the Loan;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z22b48b151e2e4b429899fc453c0d0362">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all accrued interest owing to such Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z26e21788af7542f6ba9140d061733c56">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Break Costs which would have been payable to such Lender pursuant to Clause 10.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Break Costs</font>) had the Borrower prepaid in full that Lender&#8217;s participation in the Loan on the date of the transfer; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7fbe01f6a1c1456682fb4f2f7e6b3405">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all other amounts payable to that Lender under the Finance Documents on the date of the transfer.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff501596f1c04ce39d16ee4fe56f3f1d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The replacement of a Lender pursuant to Clause 7.7d) above shall be subject to the following conditions:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z295bc55e81f443d2824136fc427803a5">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower shall have no right to replace the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00885b285f5f493881e00cad709642a8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65b9b9fccb4043aa89f0b4195eb5555d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in no event shall the Lender replaced under Clause 7.7d) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance
                    Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b0024e391c74566a757c06650af0980">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent twenty (20)
                    Business Days&#8217; notice of the cancellation of the undrawn Commitment of that Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9731bef3586945808b564f1cd4500f91">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Automatic Cancellation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any part of the Total Commitments which has not become available by the end of the Availability Period
        relating to that part of the Total Commitments shall be automatically cancelled at close of business in London on the last day of the relevant Availability Period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30fdb74b945e47a99698d4072eb2ec33">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Restrictions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z486912a2eb634f148e0a9c1a5d7fa96f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any notice of cancellation or prepayment given by any Party under this Agreement shall be irrevocable and, unless a contrary indication appears in this
                    Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z687657b93577455ea0607a6bcbd28647">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs if the prepayment is
                    not made on the last day of the relevant Interest Period,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">40</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">without premium or penalty. Any cancellation of any part of the Total Commitments pursuant to this
        Agreement shall be made without premium or penalty.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z225c24296c5a46ea81378f8d9857feb7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower may not reborrow any part of the Facility which is repaid or prepaid.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c52c1e2612349448f6e2a93609c8b84">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall not repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner
                    expressly provided for in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcddb3181600346e48fb11481e175de34">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 2.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increase</font>), no amount of the
                    Total Commitments cancelled under this Agreement may be subsequently reinstated.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36b5f23d3edf4dfdb73451cbbda1b782">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to either the Borrower or the affected Lender, as
                    appropriate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z433ed489d7544c86a0f1fd12e37c5a44">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any Commitments are partially reduced under this Agreement (other than under Clause 7.1 (<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-style: italic;">Illegality</font>) and Clause 7.7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Right of Cancellation and Prepayment in Relation to a Single Lender</font>)),



                    the Commitments of the Lenders shall be reduced rateably.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf87119aef69c4895b91291f4287038da">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any prepayment of the Loan pursuant to Clause 7.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mandatory
                      Prepayment &#8211; Security Value</font>) to Clause 7.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mandatory prepayment - Sale or Total Loss of Collateral Vessels</font>) and Clause 7.6
                    (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Voluntary Prepayment</font>) shall be applied against the Loan pro rata to each Lender&#8217;s participation in the Loan and pro rata against
                    each Scheduled Amortisation Payment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb5521beaeec4c329d73e8557dafa52e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INTEREST</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf18f9b924e4f49bf916bab8f3ad93e89">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Calculation of Interest</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The rate of interest on the Loan for each Interest Period is the percentage rate per annum which is the
        aggregate of the applicable:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc90c96b8aa824015ae415e8bb8fe21c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Margin; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4813fba1a0964e34b7c4d9e1f6f50695">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LIBOR.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2aa383e8fa044fe8e3eea5e3ce6f3a7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payment of Interest</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall pay accrued interest on the Loan on the last day of each Interest Period or, if an
        Interest Period is longer than three (3) months, every three (3) months during such Interest Period and on the last day of such Interest Period.&#160; All interest is due and payable in cash.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z530afcb512954ee281f275797748576a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Default Interest</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5fea2b96b2d4ef1af5eb1f38ab1bc96">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up
                    to the date of actual payment (both before and after judgment) at a rate which, subject to Clause 8.3 b) below, is two per cent. (2%) higher than the rate which would have been payable if the overdue amount had, during the period of
                    non-payment, constituted the Loan for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing in accordance with this Clause 8.3 shall be immediately payable by the Obligor on
                    demand by the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb90500d1f184bd6af79272dff7969d3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any overdue amount consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">41</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74805293247f42f4a625174b5e49ab7d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze44a6a8dfbff45a8b307b383bf94f0df">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the rate of interest applying to the overdue amount during that first Interest Period shall be two per cent. (2%) higher than the rate which would have
                    applied if the overdue amount had not become due.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z732960fed7fd45c2aba2bb524aa5b843">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that
                    overdue amount but will remain immediately due and payable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9e86135f7cf426d8751e423f5d7cb73">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of Rates of Interest</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z151be8a250bb40c98d413ce7b575e3e3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb64cfdf41bf5428695cfe5b4dd35dc34">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall promptly notify the Borrower of each Funding Rate relating to the Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d5de58ae1d4465b96e12be6aa68c9b5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INTEREST PERIODS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za22eadf417564ebca7d3d970d83bdf83">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Selection of Interest Periods</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1072f979145648efbb295832262cf7ac">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower may select an Interest Period for the first Utilisation in the Utilisation Request for that Utilisation. The first Interest Period for each
                    Subsequent Utilisation shall commence on the Utilisation Date for that Utilisation and end on the last day of the then current Interest Period applicable to the Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z62c97b0306ea4c89a74f857d4f9e62ff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower may select an Interest Period for the Loan in a Selection Notice.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35e7d9cced6b4285ad211da298832af7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Selection Notice is irrevocable and must be delivered to the Agent by the Borrower not later than 10:00 a.m. three (3) Business Days before the first day
                    of the relevant Interest Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb4f73f5a9a9c41f7a90f65e91124d39c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph c) above, the relevant Interest Period will be three (3) months.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6ae2dbd8b3e4d8e875c589d6566836b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to this Clause 9, the Borrower may select an Interest Period of one (1), three (3), or (6) six month(s) or any other period agreed between the
                    Borrower and the Agent (acting on the instructions of all the Lenders), provided that the Borrower may not select an Interest Period of one (1) month more than three (3) times in a calendar year.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48b43eeb656149108eccf645bd049a4a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Interest Period shall extend beyond the Final Repayment Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2dc9b239e9204f95a4f95169e1059ea3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non Business Days</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period
        will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za552633161b3457d8732b1681036ca78">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commencement of Interest Periods</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Interest Period shall start on the Utilisation Date or (if already made) on the last day of its
        preceding interest period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8cb919a877a842a6b900aaac3137c738">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CHANGES TO THE CALCULATION OF INTEREST</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8c2bb59c70144ec784c42ddb01205554">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Unavailability of Screen Rate</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">42</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb5148b557534e23b5887c0c0286f104">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interpolated Screen Rate</font>:&#160; If no Screen Rate is
                    available for LIBOR for an Interest Period, the applicable LIBOR shall be the Interpolated Screen Rate for a period equal in length to that Interest Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zee737cfe8a84426091c871ab66d10648">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Shortened Interest Period</font>:&#160; If no Screen Rate is
                    available for LIBOR for an Interest Period and it is not possible to calculate the Interpolated Screen Rate, that Interest Period shall (if it is longer than the applicable Fallback Interest Period) be shortened to the applicable
                    Fallback Interest Period and the applicable LIBOR for that shortened Interest Period shall be determined pursuant to the definition of &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">LIBOR</font>&#8221;.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z85aedd9447974c3cb903571bc631a624">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Shortened Interest Period and Historic Screen Rate</font>: If
                    an Interest Period is, after giving effect to paragraph b) above, either the applicable Fallback Interest Period or shorter than the applicable Fallback Interest Period and, in either case, no Screen Rate is available for LIBOR for that
                    Interest Period and it is not possible to calculate the Interpolated Screen Rate, the applicable LIBOR shall be the Historic Screen Rate for that Loan.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze041153122834aa5a30c38abced62a09">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Shortened Interest Period and Interpolated Historic Screen
                      Rate</font>: If paragraph c) above applies but no Historic Screen Rate is available for an Interest Period, the applicable LIBOR shall be the Interpolated Historic Screen Rate for a period equal in length to that Interest Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79771f6cb08046ce84dfabacb724394f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Base Reference Bank Rate</font>: If paragraph d) above
                    applies but it is not possible to calculate the Interpolated Historic Screen Rate, the Interest Period shall, if it has been shortened pursuant to paragraph b) above, revert to its previous length and the applicable LIBOR shall be the
                    Base Reference Bank Rate as of 11:00 a.m. on the Quotation Day for the currency of the Loan and for a period equal in length to that Interest Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb52e4445680c406d8f9633f6bc8c6568">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Cost of funds</font><font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif;">: If p</font>aragraph e) above applies but no Base Reference Bank Rate is available for the relevant currency or Interest Period there shall be no LIBOR for the Loan and Clause 10.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Cost of funds</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">) shall apply to the Loan for that Interest
                      Period.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf25ec6a0034d45c891369b6bb036f4cd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Calculation of Base Reference Bank Rate</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb427cc3beb7347ccb319016fab625044">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to paragraph b) below, if LIBOR is to be determined on the basis of a Base Reference Bank Rate but a Base Reference Bank does not supply a quotation
                    by 11:00 a.m. on the Quotation Day, the Base Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Base Reference Banks.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84c888ce343544a3973a50427e5ee8ff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If at or about noon on the Quotation Day none or only one of the Base Reference Banks supplies a quotation, there shall be no Base Reference Bank Rate for the
                    relevant Interest Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4b76f6bdf8544368c51fbbc42dce43d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Market disruption</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If before close of business in London on the Quotation Day for the relevant Interest Period the Agent
        receives notifications from a Lender or Lenders (whose participations in the Loan exceed twenty per cent. (20%) of the Loan) that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in
        excess of LIBOR&#160; then Clause 10.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Cost of funds</font>) shall apply to that Loan for the relevant Interest Period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd077901f6c9845298b28554a7d4fd78a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cost of funds</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z50d2886752f040baa5fa22620ca558b9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If this Clause 10.4 applies, the rate of interest on the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8266cd036b784a6ea8e250c3b039bb3a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Margin; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b17dedd8d354caca5e7e6e22303bfa8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the weighted average of the rates notified to the Agent by each Lender as soon as practicable and in any event before the date on which interest is due to be
                    paid in respect of that Interest Period, to be that</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">43</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which expresses as a percentage rate per annum the cost to that Lender of funding its participation in
        the Loan from whatever source it may reasonably select.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z261d10fec1dc48e2935d9bfb64033f9c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If this Clause 10.4 applies and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than
                    thirty days) with a view to agreeing a substitute basis for determining the rate of interest.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z569380be7a6f45a7b53528ca24ca58ea">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any alternative basis agreed pursuant to paragraph b) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb292e3de644b4a23a4a38d6fc99394e7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If this Clause 10.4 applies pursuant to Clause 10.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Market
                      disruption</font>) and:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce8d60026aa94a78a074e6331ede7022">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Lender's Funding Rate is less than LIBOR; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfeb5a4f37e6446cea8b164b57f1bbb7d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Lender does not supply a quotation by the time specified in paragraph a)ii) above,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the cost to that Lender of funding its participation in that Loan for that Interest Period shall be
        deemed, for the purposes of paragraph a) above, to be LIBOR.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z243f9b0cbc064bc193f1fa42163b8922">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If thi</font>s Clause 10.4 applies pursuant to Clause 10.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Unavailability of Screen Rate</font>) but any Lender does not supply a quotation by the time specified in paragraph a)ii) above the rate of
                    interest shall be calculated on the basis of the quotations of the remaini<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ng Lenders.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9be21f3584e341a3ac8d8450d3a7c703">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification to Borrower</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If Clause 10.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Cost of funds</font>) applies the Agent shall, as soon as is practicable, notify the Borrower.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde2e0118093b46d59ae8f60ad2ccc003">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Break Costs</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c523439c9994cc5824a87f413d2b932">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of
                    the Loan or any Unpaid Sum being paid by the Borrower on a day other than the last day of an Interest Period for the Loan or that Unpaid Sum.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z804350fe56b34f93849deacc5f731914">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any
                    Interest Period in which they accrue.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd6cce576564b4545b0c7abf52502b336">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FEES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3958c91f2c28479a858ac1c3f1fefc8b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment fee</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z445f0a5a5311483198b3175e2f07c75b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall pay to the Agent (for the account of each Lender) a fee in Dollars computed at the rate of 35% of the Margin on that Lender's Available
                    Commitment under the Facility for the Availability Period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z77028358735d441596ad8c925c4d27b1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The commitment fee will accrue as from the date of this Agreement and accrued commitment fee is payable on the last day of each successive period of three
                    Months which ends during the Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender's Commitment at the time the cancellation is effective.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf2ae517170654e8689b32d65f120be17">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a
                    Defaulting Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91ba8e20e08c412c88528a0360d0a026">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other fees</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">44</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall pay the fees set out in any Fee Letter in the amounts and at the times set out in
        such Fee Letter.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b662aac5ab34ab59214d9342162da99">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TAX GROSS UP AND INDEMNITIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97c9b6fd2c624d7589700c7e96f12f0c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrower



          DTTP Filing</font>" means an HM Revenue &amp; Customs' Form DTTP2 duly completed and filed by the relevant Borrower, which:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf8c2e00a04e4b398ec6c154b4a09854">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where it relates to a Treaty Lender that is the Original Lender, contains the scheme reference number and jurisdiction of tax residence and is filed with HM
                    Revenue &amp; Customs within 30 days of the date of this Agreement; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59a72e2a3a4a4afaac93102fff7149a7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where it relates to a Treaty Lender that is a New Lender, contains the scheme reference number and jurisdiction of tax residence stated in respect of that
                    Lender in the relevant Transfer Certificate or Assignment Agreement and is filed with HM Revenue &amp; Customs within 30 days of that Transfer Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CTA</font>"
        means the Corporation Tax Act 2009.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ITA</font>"
        means the Income Tax Act 2007.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Protected



          Party</font>" means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or
        receivable) under a Finance Document.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Qualifying



          Lender</font>" means a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and is:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc1c4aa09bcb14bf588e6c7e13c1a647a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Lender:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b8ce1c96399449f84e9a52e9bf48eea">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document and is within the charge to United Kingdom
                    corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payment apart from section 18A of the CTA; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4c6d453730194a05b808ce096b729673">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of an advance made under a Finance Document by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that
                    that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e1d8b73415f40379b69b8b306bdd16c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Lender which is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb3b7b8e2a8f45fe9185c421202f625c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a company resident in the United Kingdom for United Kingdom tax purposes; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc8b08b40ddb045c083205eee14c2d625">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a partnership each member of which is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1c18a7c3a02643a1808c400d0f6394e7">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a company so resident in the United Kingdom; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9bd760b260a245b2be45b38be28bf8f9">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account
                    in computing its chargeable profits</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">45</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 162pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of
        that advance that falls to it by reason of Part 17 of the CTA;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z233412a18ca24e7dbdee1f593dca4fcc">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into account
                    interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7099b8682030442ead12494340b1e9f6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Treaty Lender; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z901b824b743140a58fe4037ca8a01da0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Original Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax
          Credit</font>" means a credit against, relief or remission for, or repayment of, any Tax.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax
          Deduction</font>" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax
          Payment</font>" means either the increase in a payment made by the Borrower to a Finance Party under Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax gross-up</font>) or a payment
        under Clause&#160;12.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax indemnity</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treaty
          Lender</font>" means a Lender which:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc78caaace81b42c5b297bbc69de90925">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is treated as a resident of a Treaty State for the purposes of the Treaty; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c04fb6610604ff2bd89a4c51da6b8d2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">does not carry on a business in the United Kingdom through a permanent establishment with which that Lender's participation in the Loans is effectively
                    connected.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treaty
          State</font>" means a jurisdiction having a double taxation agreement (a "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Treaty</font>") with the United Kingdom which makes provision for full
        exemption from tax imposed by the United Kingdom on interest.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless a contrary indication appears, in this Clause 12.1 a reference to "<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-weight: bold;">determines</font>" or "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">determined</font>" means a determination made in the absolute
        discretion of the person making the determination.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6250cc7348134657b1230c043301ce17">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax gross-up</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze33a4eec964a4ade98ee2f95052a9e37">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z985a92acad2e44c4ad82c19fe94c388f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax
                    Deduction) notify the Agent accordingly.&#160; Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender.&#160; If the Agent receives such notification from a Lender it shall notify the
                    Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbe52faec2764d5bb53fc37473e78210">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from the Borrower shall be increased to an amount which (after
                    making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb61a1d7093324afa857941c5bab7a9c0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by the United Kingdom, if on the date on
                    which the payment falls due:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc5792809e7504c8482b0fe961a2fdbad">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is
                    not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">46</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">interpretation, administration, or application of) any law or Treaty or any published practice or
        published concession of any relevant taxing authority; or</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z31c65aee9ce34428a6921b3377841efd">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the relevant Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that the payment could have been made to the Lender without
                    the Tax Deduction had that Lender complied with its obligations under paragraph (g) or (h) (as applicable) below.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf9f722e326654ad4859412b310b7620e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction
                    within the time allowed and in the minimum amount required by law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc7b48528d614aab9d6876ac96ce6ecd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall
                    deliver to the Agent for the Finance Party entitled to the payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any
                    appropriate payment paid to the relevant taxing authority.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: -36pt; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ffa931cbe034d0cb0597663255e3f13">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to paragraph&#160;(ii) below, a Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate in completing
                    any procedural formalities necessary for the Obligor to obtain authorisation to make that payment without a Tax Deduction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: -36pt; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f9815bb446d4c5face288641dbefdbb">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Treaty Lender which becomes a Party on the day on which this Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme, and
                    which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4055e3beaefc44ccaf4e5931c4ec7818">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a New Lender that is a Treaty Lender that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to this Agreement,
                    shall confirm its scheme reference number and its jurisdiction of tax residence in the Transfer Certificate or Assignment Agreement which it executes,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and, having done so, that Lender shall be under no obligation pursuant to paragraph&#160;(i) above.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z342148121cc64b5e88e5319af5552e5f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with paragraph (g)(ii) above and:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5963ae42cd7340d6b8033c9900efb23a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower has not made the Borrower DTTP Filing in respect of that Lender; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z98bfd0997cd3429691394834d12a281d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower has made the Borrower DTTP Filing in respect of that Lender but:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8929356753004aaab6257aa270ecfdfd">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower DTTP Filing has been rejected by HM Revenue &amp; Customs; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57a99777fed34594aba635fc452a0d3a">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">HM Revenue &amp; Customs has not given the Obligor authority to make payments to that Lender without a Tax Deduction within 60 days of the date of the
                    Borrower DTTP Filing,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and in each case, the Obligor has notified that Lender in writing, that Lender and the Obligor shall
        co-operate in completing any additional procedural formalities necessary for the Obligor to obtain authorisation to make that payment without a Tax Deduction.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7c39d752a13649b5ad88f190c6a7519d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with paragraph (g)(ii) above, the Obligor shall not
                    make a Borrower DTTP Filing or file any other form relating</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">47</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the HMRC DT Treaty Passport scheme in respect of that Lender's Commitment(s) or its participation in
        any Utilisation unless the Lender otherwise agrees.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65f5c129a62c4e2b9791b309ddcaf4e0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Agent for delivery to the relevant Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59a53267945b4352b69dc6954b523f16">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax indemnity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04de25f042c24369bf1699fbee0ac42c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that
                    Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z256ecead539942a49944cedcdbf6dc8d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Paragraph (a) above shall not apply:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2d5bfe4103f543648e084488a59ed91e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with respect to any Tax assessed on a Finance Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2347126c37834714bd4dfda12f30b754">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance
                    Party is treated as resident for tax purposes; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97823cc572ea4f5cbe16100842751ebb">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if that Tax is imposed on or calculated by reference to the net income received or receivable (but not
        any sum deemed to be received or receivable) by that Finance Party; or</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ef0cc0c04c74532af1434ece0e8253b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the extent a loss, liability or cost:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7c87d8262fcf431989090f90d2f353f4">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is compensated for by an increased payment under Clause&#160;12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax



                      gross-up</font>); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4df68e7335ad482db24f069f5910af5a">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">would have been compensated for by an increased payment under Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Tax gross-up</font>) but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Tax gross-up</font>) applied; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z21314a6ca3644b1ca1f0939e8e835dec">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">C)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">relates to a FATCA Deduction required to be made by a Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb238f12af182445ea391b0efe9a36c30">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given,
                    rise to the claim, following which the Agent shall notify the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc1fe85f983c41169ea165ca2383405c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Protected Party shall, on receiving a payment from the Borrower under this Clause 12.3, notify the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z18550289904640ccaea41b104c5a4e8a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax Credit</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an Obligor makes a Tax Payment and the relevant Finance Party determines that:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a40cddba67b4b0ea4d58fbd219c0089">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which
                    that Tax Payment was required; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd8bc46b9315b4ac9ae958d2583ccd012">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that Finance Party has obtained and utilised that Tax Credit,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it
        (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7476530c9e1943f8b4221c5898ab62df">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lender Status Confirmation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">48</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Lender which becomes a Party to this Agreement after the date of this Agreement shall indicate, in
        the documentation which it executes on becoming a Party, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z840beb6498204e2bada56bff5af25036">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not a Qualifying Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z053d0cc92f9f414b91ab717c1b110591">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Qualifying Lender (other than a Treaty Lender); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b997f1108d64579b14cb4ed43525bcb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Treaty Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If that Lender fails to indicate its status in accordance with this Clause 12.5 then such Lender shall
        be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the
        Company).&#160; For the avoidance of doubt, the documents which a Lender executes on becoming a Party shall not be invalidated by any failure of a Lender to comply with this Clause&#160;12.5.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2ab64bb99654e958171fb4ad400888c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Stamp Taxes</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall pay and, within three (3) Business Days of demand, indemnify each Finance Party
        against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb4d1eb5c0c074d8b9333795bebd2f078">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value Added Tax</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbbef0f227dd4481883bc07f1149d93dd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All amounts set out, or expressed in a Finance Document to be payable by any party to a Finance Party which (in whole or in part) constitute the consideration
                    for a supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to Clause 12.7b) below, if VAT is or becomes chargeable on any supply made by
                    any Finance Party to any party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that party shall pay to the Finance Party (in addition to and at the same time as paying
                    any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such party).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze14616325374453b97d46399c6561b72">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If VAT is or becomes chargeable on any supply made by any Finance Party (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-weight: bold;">Supplier</font>&#8221;) to any other Finance Party (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recipient</font>&#8221;) under a Finance Document, and any party to a
                    Finance Document other than the Recipient (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subject Party</font>&#8221;) is required by the terms of any Finance Document to pay an amount
                    equal to the consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of that consideration):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z240857444731416aa9a55cc0544e9a1a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Subject Party must also pay to the Supplier (at the same
                    time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph i) applies) promptly pay to the Subject Party an amount equal to any credit or repayment the Recipient receives
                    from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z37bc14da12ff46549076afce32b966ea">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Subject Party must promptly, following demand from the
                    Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in
                    respect of that VAT.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">49</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb78056fce1046faabd3875cfed9f295">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Where a Finance Document requires any party to it to reimburse or indemnify a Finance Party for any cost or expense, that party shall reimburse or indemnify
                    (as the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT save to the extent that such Finance Party reasonably determines that it is entitled to credit or
                    repayment of in respect of such VAT from the relevant tax authority.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc0f08e9661c448cebd9180ac0d03300c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any reference in this Clause 12.7d) to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where
                    appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for in Article 11 of Council
                    Directive 2006/112/EC (or as implemented by the relevant Member State of the European Union) so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that
                    Party is a member for VAT purposes at the relevant time or the relevant representative member (or representative or head) of that group or unity at the relevant time (as the case may be)).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fa1c33de5a04341b7328cbfe261237a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must
                    promptly provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6212cd29c4f948c3b4489258ab224fa5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zebda8d7990c9450790d4ac641e0ca3db">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 12.8c) below, each Party shall, within ten (10) Business Days of a reasonable request by another Party:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1232e420cdff46ba89677e8f60c1321c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">confirm to that other Party whether it is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z67033d5b80e746c1957ec08691b32390">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a FATCA Exempt Party; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f675eb2444648b0a3319cb2dedeb961">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not a FATCA Exempt Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z779b905433a54a6aa1373bf066b2db76">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the
                    purposes of that other Party&#8217;s compliance with FATCA;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5ab841cebb994563a2590bc6858915c9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of
                    that other Party&#8217;s compliance with any other law, regulation, or exchange of information regime.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf3c2a5b8b67a4c8fad0b6d76982f4ae3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Party confirms to another Party pursuant to paragraph a)i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has
                    ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1eb070994af498fbadbb703a140583f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 12.8a) above shall not oblige any Finance Party to do anything, and Clause 12.8a)iii) above shall not oblige any other Party to do anything, which
                    would or might in its reasonable opinion constitute a breach of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zddb70e7064774499a1b9fbaf8218ebb0">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any law or regulation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9407fda2e70944c28f41971891cc226f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any fiduciary duty; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9e7a35bcc0fa4ab2a7ab4fc42edbf8a6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any duty of confidentiality.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48fab87396c54e79af4d8c46fd043fd2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with
                    Clause 12.8a)i) or a)ii) above (including, for the avoidance of doubt, where Clause 12.8c) above applies), then such Party shall be treated for the purposes of the Finance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">50</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in
        question provides the requested confirmation, forms, documentation or other information.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z356989915b4f4aa29a0a65ac3c2a160e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it,
                    each Lender shall, within ten (10) Business Days of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc7b3e77d48248e59f734493352d4877">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where the Borrower is a US Tax Obligor and the relevant Lender is the Original Lender, the date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd9826f2687e484792d450f97f83d7ae">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where the Borrower is a US Tax Obligor on a date on which any other lender becomes a Party as a Lender, that date; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ddc9cb7aff74739bc6631ef937f731b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where the Borrower is not a US Tax Obligor, the date of a request from the Agent,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">supply to the Agent:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ae901252a144a1d98da6813c51a3d63">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a withholding certificate on Form W-8, Form W-9 or any other relevant form; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e7ea284a941477283d8654f8e5f729b">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Lender under FATCA or
                    that other law or regulation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc332cc6040a54df6ae95593cf2d41265">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause
                    12.8e) above to the relevant Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5ed9d2e6733f4bb6927e58c92d9617c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to Clause 12.8e) above is
                    or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding certificate, withholding statement, document, authorisation or waiver to the Agent unless it is unlawful for the
                    Lender to do so (in which case the Lender shall promptly notify the Agent). The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the relevant Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbb90d39a1a6e4c0287dc63c3a2415e9f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clauses
                    12.8e) or g) above without further verification. The Agent shall not be liable for any action taken by it under or in connection with Clauses 12.8e), f) or g) above.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc7be95925e3c40d48dcea492255b2901">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FATCA Deduction</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c26ca3caf7d4ba284fd95d4422a25ef">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Party may make any FATCA Deduction from a payment under this Agreement that it is required to make by FATCA, and any payment required in connection with
                    that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb9040dbaf2d462cb11144dd97172429">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA
                    Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrower and the Agent and the Agent shall notify the other Finance Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdf3167f24de34228ba74ea8c66bf378f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INCREASED COSTS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze27a53fb5e794f5598fc232a8efdfe04">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increased Costs</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd16fb75590524098a47c3a750c70f5b9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 13.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exceptions</font>), the Borrower
                    shall, within three (3) Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">51</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z61e5a0120a524a4b87d7d55ae1327d67">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the introduction after the date of this Agreement of or any change in (or in the interpretation, administration or application of) any law or regulation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z272f57e641b94e478e3a60f1c6ff4a61">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">compliance with any law or regulation made after the date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ebb1635a98944699b038f03d64799ba">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the implementation or application of or compliance with Basel III, CRD IV, or CRR or any law or regulation (whether national, international or supranational)
                    implementing Basel III, CRD IV or CRR; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd336dd593a1428f8d0bf72c8c22778f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any change in (or change of interpretation, administration or application of) the implementation, administration or application of or compliance with Basel
                    III, CRD IV, or CRR or any other law or regulation which implements or applies Basel III, CRD IV, or CRR whether such implementation, application or compliance is by government, regulator, Finance Party or any of its Affiliates.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f15ac1074154703b59e827edebbaa12">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increased



          Costs</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c5210080309483590ea5c16f2508e54">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a reduction in the rate of return from the Facility or on a Finance Party&#8217;s (or its Affiliate&#8217;s) overall capital;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7638cf4b507345438e9043810933edf3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an additional or increased cost; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ea3e85059ba420bbcbcfe1ce72dcfe9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a reduction of any amount due and payable under any Finance Document,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is
        attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.</font></div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basel
          III</font>&#8221; means:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b5559bbf2904848a935fe543352bb45">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in &#8220;Basel III: A global regulatory framework for more resilient
                    banks and banking systems&#8221;, &#8220;Basel III: International framework for liquidity risk measurement, standards and monitoring&#8221; and &#8220;Guidance for national authorities operating the countercyclical capital buffer&#8221; published by the Basel
                    Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z753aa025287e4a8a99e081563dec54e1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the rules for global systemically important banks contained in &#8220;Global systemically important banks: assessment methodology and the additional loss absorbency
                    requirement &#8211; Rules text&#8221; published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4fe84fb0443443bca75a0014613baa9b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any further guidance or standards published by the Basel Committee on Banking Supervision relating to &#8220;Basel III&#8221;.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CRD IV</font>&#8221;
        means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.</font></div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CRR</font>&#8221;
        means the Council Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">52</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z805cd7f7f0294165b907b8d6f423f5c5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increased Cost Claims</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z43652764a4554c4a97f0ef693e69ba97">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Finance Party intending to make a claim pursuant to Clause 13.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Increased Costs</font>) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z07cf80290844402b87490bab7f74a3ae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z230f7e9feadb4d48b1f6f71ab13fa284">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall not be obliged to compensate a Finance Party in respect of any claim pursuant to Clause 13.1 (<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;">Increased Costs</font>) which relates to Increased Costs incurred more than twelve (12) months prior to the date on which the Finance Party (or the Agent in accordance with
                    paragraph a) above) notifies the Agent of the event giving rise to the claim.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z393f5bfe4184414a97f4629c7faf7673">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exceptions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za2a996e26dda47178bf2ed1b97ea9b8c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 13.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increased Costs</font>) does not apply to the
                    extent any Increased Cost is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z31a3527801954a459bd0bb4b49fd5b4c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attributable to a Tax Deduction required by law to be made by an Obligor;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z92e58a4f9403443eb1203cd577e5e27d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attributable to a FATCA Deduction required to be made by a Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48bbc38f35564fbc9a2746583900d691">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">compensated for by Clause 12.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Indemnity</font>) (or
                    would have been compensated for under Clause 12.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Indemnity</font>) but was not so compensated solely because any of the exclusions in
                    Clause 12.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Indemnity</font>) applied);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z18de05007e90490b93b5595592febf7e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa70022fcde74712b530731ab196aeb7">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">attributable to the implementation or application of or compliance with the &#8220;International Convergence of Capital Measurement and Capital Standards, a Revised
                    Framework&#8221; published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III, Basel IV, CRD IV, or CRR) (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basel II</font>&#8221;) or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a
                    government, regulator, Finance Party or any of its Affiliates).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ed048fff6084b46a663a21d99d9babd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Clause 13.3, a reference to a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax Deduction</font>&#8221;
                    has the same meaning given to the term in Clause 12.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Definitions</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a362cc91aa94a6ebbbbb52ba9e62662">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OTHER INDEMNITIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd56fd2cdd84a4a36ae2266be3b11e414">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency Indemnity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2c737efb1d5a4479a39db810e6c8d5ed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any sum due from an Obligor under the Finance Documents (a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sum</font>&#8221;),



                    or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">First Currency</font>&#8221;) in
                    which that Sum is payable into another currency (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Second Currency</font>&#8221;) for the purpose of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf9f7dc4f98cf436bac0e917cccfbf340">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">making or filing a claim or proof against that Obligor; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z46937c84edd44cd6a53ec497b1be278c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that Obligor shall, as an independent obligation, within three (3) Business Days of demand by a Finance
        Party, indemnify each Finance Party to whom that Sum is due against any Losses arising out of or as a result of the conversion including any discrepancy between (i) the rate of exchange used to convert that Sum from the First Currency into the
        Second Currency and (ii) the rate or rates of exchange available to that person at the time of its receipt of that Sum.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">53</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ed0af3634ce46bbbc109225ed603011">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in
                    which it is expressed to be payable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1910cb12ce4340d3867bbe4b146d76d1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Indemnities</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall (or shall procure that another Obligor will), within three (3) Business Days of
        demand by a Finance Party, indemnify each Finance Party against any and all Losses incurred by that Finance Party as a result of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z76594ac2963140a482ad05be617fc813">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the occurrence of any Event of Default;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z50c5e6ab54ba4c7c8a612d5d6940fb7c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any and all Losses arising as a result
                    of Clause 36 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sharing Among the Finance Parties</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27baba24e1ef40efa33173fd3abce7d7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">funding, or making arrangements to fund, its participation in the Loan requested by the Borrower in a Utilisation Request but not made by reason of the
                    operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b05258ee69544a3b66cb9a7b296f20c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ae64e7bff144c37a12d55266e099708">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and all reasonable costs and expenses (including
                    reasonable counsel fees and disbursements) incurred by the Agent or any Finance Party as a result of the conduct of an Obligor or any of their partners (where such Obligor is a partnership) directors, officers, employees, agents or
                    advisors that violates any Sanctions Laws, and shall cover any cost, loss or liability incurred by each Finance Party in any jurisdiction arising or asserted under or in connection with any Sanctions Laws as a result of the
                    aforementioned.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc784e8fbdef04e5f979ceee02055b6b1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnity to the Agent and the Security Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall promptly indemnify the Agent and the Security Agent against:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf96599f047eb4212abf8079c002e4b98">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any and all Losses incurred by the Agent or the Security Agent (acting reasonably) as a result of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf395dedc45e14922a47b951240ca8be2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">investigating any event which it reasonably believes is a Default;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b8b9c70ea9448b6b140b5fd7958c38b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaffec439b8d946a3a8bfd40eb95a4d87">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb888f2349f2b49458e5d49fc3cbf6624">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any action taken by the Agent or the Security Agent or any of their representatives, agents or contractors in connection with any powers conferred by any
                    Security Document to remedy any breach of any Obligor&#8217;s obligations under the Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b85fad44b0a45a6badd61d22c39ae70">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Losses incurred by the Agent (otherwise than by reasons of the Agent&#8217;s gross negligence or wilful misconduct or, in the case of any Losses pursuant to
                    Clause 37.12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Disruption to Payment Systems Etc</font>.) notwithstanding the Agent&#8217;s negligence, gross negligence or any other category of
                    liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">54</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z461e1f9855a24f02909ca2d0b6b44a8b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnity Concerning Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6aa32ef6e6fb4874b74de45669f7774f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall (or shall procure that another Obligor will) promptly indemnify each Indemnified Person against any cost, expense, loss or liability
                    incurred by it in connection with:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1e86a32d7aa4d43b819a00ff1219fae">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any failure by the Borrower to comply with its obligations under Clause 16 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Costs and Expenses</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdec586b8a6e44ddbb8ed0fb0dc6a7222">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the taking, holding, protection or enforcement of the Security Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97960bd8aeed497c84fb9f2b54e70cf4">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the exercise or purported exercise of any of the rights, powers, discretions and remedies vested in the Security Agent and each Receiver or Delegate by the
                    Finance Documents or by law unless and to the extent that it was caused by its gross negligence or wilful misconduct;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58b57973e9d243fa8ec87c8d89bc2aea">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any claim (whether relating to the environment or otherwise) made or asserted against the Indemnified Person which would not have arisen but for the execution
                    or enforcement of one or more Finance Documents (unless and to the extent it is caused by the gross negligence or wilful misconduct of that Indemnified Person);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zda936cd53002471a9725967b272695ce">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any breach by any Obligor of the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z028c0bee958344baaa8cde417e67f744">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its role (as applicable) as Security Agent, Receiver or Delegate under the Finance Documents or otherwise in connection with the Charged Property (otherwise,
                    in each case, than by reason of the relevant Security Agent&#8217;s, Receiver&#8217;s or Delegate&#8217;s gross negligence or wilful misconduct).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae77d80cb3de4f97ba3c2ce61881eed0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent and every Receiver and Delegate may, in priority to any payment to the other Finance Parties, indemnify itself out of the Trust Property in
                    respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 14.4 and shall have a lien on the Trust Property and the proceeds of the enforcement of the relevant Security Documents for all monies
                    payable to it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab6ee2777be94e4682a32589b89ffbe3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnity Concerning Claims</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Guarantors hereby indemnify and agree to hold harmless each of the Finance Parties and in each case
        each of its and their Affiliates and each of their respective officers, directors, employees, agents, advisors and representatives (each, an &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnified



          Party</font>&#8221;) from and against any and all Losses joint or several, that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or relating to any claim, investigation,
        litigation or proceeding (or the preparation of any defence with respect thereto) commenced or threatened in relation to the Agreement (or the transactions contemplated hereby or thereby) or any use made or proposed to be made with the proceeds of
        the Facility except to the extent that such Losses resulted from such Indemnified Party&#8217;s gross negligence or wilful misconduct.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3be239e9f92c4f569a61501341509dc5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental Indemnity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4552c33f07164e1fa58661c37120c1d8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without in any way limiting the generality of the other provisions contained in this Clause 14, the Borrower shall (or shall procure that an Obligor will), on
                    demand, defend, protect, indemnify, save and hold harmless each Indemnified Person, without prejudice to any of their other rights under this Agreement and the other Finance Documents, from and against any and all Losses, demands,
                    actions, proceedings (whether civil or criminal), penalties, fines, damages, judgments, orders, sanctions or other outgoings of whatever nature which may be suffered, incurred or paid by, or made or asserted against the Indemnified
                    Persons or any of them at any time, whether before or after the repayment in full of principal and interest under this Agreement, in connection with or arising out of any Environmental Claim or otherwise arising out of or related to
                    assets which is subject to any Security Documents, including:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">55</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z298d4eb6336748e8b1c988b9e3aa21df">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the actual or alleged presence of Hazardous Materials on, in, under or affecting all or any of the Mortgaged Vessels, any body of water, any other public
                    domain or any surrounding areas, whether or not the same originates or emanates from the Mortgaged Vessels or from properties at which any Hazardous Materials generated, stored or handled by the Borrower were Released or disposed of; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za20cc6d0c25e45b99a072a95801a03d1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Environmental Claim or other environmental action relating to the Vessels (or any of them) or any of the assets which are the subject of any of the
                    Security Documents (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Indemnified Matters</font>&#8221;), whether any of the Indemnified Matters arise before or after acceleration of the Loan
                    pursuant to Clause 29.24 (Acceleration) including, without limitation, (A) the costs of removal of any and all Hazardous Materials from all or any of the Mortgaged Vessels, any body of water, any other public domain or any surrounding
                    areas, (B) additional costs required to take reasonable precautions to protect against the Release of Hazardous Materials on, in, under or affecting the Mortgaged Vessels into the air, any body of water, any other public domain or any
                    surrounding areas, and (C) costs incurred to comply, in connection with all or any portion of the Project, with all applicable Environmental Laws with respect to Hazardous Materials, except to the extent that any such Indemnified Matter
                    arises solely from the gross negligence or wilful misconduct of that Indemnified Person; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8409201832fb4ced9c8f129872a17dd2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other loss incurred by the Finance Party due to any non-compliance of any Environmental Laws applicable to the Obligors and/or the Mortgaged Vessels.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30e5ed620ba34f01b21809f4be462b91">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In no event shall any site visit, observation, or testing by any Finance Party (or any representative of any such Finance Party) be deemed to be a
                    representation or warranty that Hazardous Materials are or are not present with respect to the Mortgaged Vessel or that there has been or shall be compliance with any Environmental Law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd51f7ac843654367aaf2e046bf58c58e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Neither the Borrower nor any other person is entitled to rely on any site visit, observation, or testing by any Finance Party or its representative.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze210dfab57464ffb8781d6677c562678">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Finance Party owes any duty of care to protect the Borrower or any other person against, or to inform the Borrower or any other person of, any Hazardous
                    Materials or any other adverse condition affecting the Mortgaged Vessels.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zef7502726b31425586290b2d5e128374">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Finance Party shall be obligated to disclose to the Borrower or any other person any report or findings made as a result of, or in connection with, any
                    site visit, observation, or testing by any Finance Party or its representatives.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7665c8b8cc5344dd9344b958aa9304d8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary set forth above in this Clause 14.6, if any event occurs with respect to a Fleet Vessel (other than a Mortgaged
                    Vessel) in respect of which indemnification&#160; may be sought from the Borrower under this Clause 14.6, the Indemnified Person seeking such indemnification shall only be indemnified if it notifies the Borrower in writing within a
                    reasonable time after the relevant Indemnified Person becomes aware of such event and shall, to the extent legally permitted and only if it would not prejudice the defence or making of such claim, consult with the Borrower with respect
                    to the conduct of the relevant claim, action or proceeding, conducts such action or proceeding properly and diligently (based on advice from its legal counsel, to the extent permitted by law and without being under any obligation to
                    disclose any information which it is not lawfully permitted to disclose) and does not settle any such claim, action or proceeding without the Borrower&#8217;s prior written consent (such consent not to be unreasonably withheld or delayed.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zccc5dcbd35d840e69906259d06f3a722">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Continuation of Indemnities</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">56</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The indemnities by the Borrower in favour of the Indemnified Persons contained in this Agreement shall
        continue in full force and effect notwithstanding the repayment or prepayment of the Loan or any part of it, the cancellation of the Total Commitments or the repudiation by the Agent or the Borrower of this Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f8e9ce26e284fc196d5c718e0fe04cc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Parties Act</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Indemnified Person may rely on the terms of Clause 14.4 (<font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-style: italic;">Indemnity Concerning Security</font>) and Clauses 12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Gross up and Indemnities</font>) and
        14.9 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest</font>) insofar as it relates to interest on any amount demanded by that Indemnified Person under Clause 14.4 (<font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Indemnity Concerning Security</font>), subject to Clause 1.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Third Party
          Rights</font>) and the provisions of the Third Parties Act.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc8dd19bcc834edd9941d329be390e23">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Interest</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Moneys becoming due by the Borrower to any Indemnified Person under the indemnities contained in this
        Clause 14 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Other Indemnities</font>) shall be paid within five (5) Business Days following a demand from such Indemnified Person and shall be paid
        together with interest on the sum demanded from the date which is five (5) Business Days following the date of demand therefor to the date of reimbursement by the Borrower to such Indemnified Person (both before and after judgment) at the rate
        referred to in Clause 8.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Default Interest</font>).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6459e2bb473e4a53932722080a479433">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exclusion of Liability</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Indemnified Person will be in any way liable or responsible to any Obligor (whether as a mortgagee in
        possession or otherwise) who is a Party or is a party to a Finance Document to which this clause applies for any loss or liability arising from any act, default, omission or misconduct of that Indemnified Person, except to the extent caused by its
        own gross negligence or wilful misconduct. Any Indemnified Person may rely on this Clause 14.10, subject to Clause 1.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Third Party Rights</font>) and
        the provisions of the Third Parties Act.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za7b19f33539a488aa6fe4211b908c2dc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MITIGATION BY THE LENDERS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3d1e0bc8e0d744ed926f28b5624c91e0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mitigation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z07f622d2a6ea4c68a1416fd844cc9e5f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in the
                    Facility ceasing to be available or any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Illegality</font>),



                    Clause 12 (T<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">ax Gross up and Indemnities</font>) or Clause 13.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Increased Costs</font>) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z01ed233c98b249d0b3df59369f1c0ab0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 15.1a) above does not in any way limit the obligations of any Obligor under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf8e56aa442024f9483b6d5666fea1169">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Limitation of Liability</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6baf561c3e684478b209611f66254aea">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall promptly indemnify each Finance Party for all costs and expenses incurred by that Finance Party as a result of steps taken by it under
                    Clause 15.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mitigation</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4fe6779f57124b57abed21f956842e22">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Finance Party is not obliged to take any steps under Clause 15.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Mitigation</font>) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ae4aacbe6d84be2b21b8c78cba2e3a6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">COSTS AND EXPENSES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">57</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcfd64ddd45034658a4dd03cffa9510e1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transaction Expenses</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall promptly, regardless of whether any Utilisation has occurred, within five (5)
        Business Days of demand pay any Finance Party the amount of all costs and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants and advisers) reasonably incurred by any of them (and by any Receiver or
        Delegate) in connection with the negotiation, preparation, printing, execution, registration and perfection and any release, discharge or reassignment of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z31b1079c954b4479a6da848246b5b526">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">this Agreement, and any other documents referred to in this Agreement and the Security Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf3901da1e7af472c8595bd1b1d38ec4b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other Finance Documents executed or proposed to be executed after the date of this Agreement including any executed to provide additional security under
                    Clause 25 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum Security Value</font>); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z403f6e11b3d44d4e8b5c196b269a4db0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Security Interest expressed or intended to be granted by a Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb2276fe2f1842f58fc7ac39e7f33fb8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendment Costs</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an Obligor requests an amendment, waiver or consent, the Borrower shall, within five (5) Business
        Days of demand, reimburse the Agent and the Security Agent for the amount of all costs and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants and advisers) reasonably incurred by the Agent or the
        Security Agent (and by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4903d8256f04b2581daaf1cf3737a62">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Agent's management time and additional remuneration</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6888bf9a437644dcb704d20e6a74d704">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any amount payable to the Security Agent under Clause 14.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Indemnity



                      to the Agent and the Security Agent</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">) and this Clause 16 following the occurrence of an Event of Default and while it is continuing shall include the
                      cost of utilising the Security Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hou</font>rly rates as the Security Agent may notify to the Borrower and the Lenders, and is in
                    addition to any other fee paid or payable to the Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z230f2074f2e4410f9c5e6a0fe9ba8dcb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to paragraph a) above, in the event of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2da9d3bcf49e4bf1b2ecbbeaf44dbe9f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Security Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Security Agent and the Borrower agree to be of an
                    exceptional nature or outside the scope of the normal duties of the Security Agent under the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7db89772a0914893816c08ff921dc14e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Security Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower shall pay to the Security Agent any additional remuneration that may be agreed between them
        or determined pursuant to paragraph c) below.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a65707283944497aa14c95f9edae28a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Security Agent and the Borrower fail to agree upon the nature of the duties, or upon the additional remuneration referred to in paragraph b) above or
                    whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Borrower or,
                    failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrower)
                    and the determination of any investment bank shall be final and binding upon the Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zccf7ce9a760b40b0803445158678e09d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enforcement, Preservation and Other Costs</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">58</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall within five (5) Business Days of demand by a Finance Party, pay to each Finance Party
        the amount of all costs and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants, brokers, surveyors and advisers) incurred by that Finance Party in connection with:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f834375e9af42588bafadf73a223317">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the enforcement of, or the preservation of any rights under, any Finance Document and any proceedings initiated by or against any Indemnified Person and as a
                    consequence of holding the Charged Property or enforcing those rights;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1bac6bc8e3804006835029d737ec43a1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any valuation carried out under Clause 25 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum Security
                      Value</font>); provided, however, that if no Event of Default has occurred and is continuing, the costs of valuations carried out with inspection at the request of the Agent as contemplated in Clause 25.6a) (<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Basis of Valuation</font>) to be borne by the Borrower shall be limited to one such valuation per year per Mortgaged Vessel; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6198d210242f4e73adadc3b6868067cb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any inspection carried out under Clause 23.8 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Inspection and
                      Notice of Drydockings</font>); provided, however, that if no Event of Default has occurred and is continuing, the costs of such inspections to be borne by the Borrower shall be limited to one such inspection per year per Mortgaged
                    Vessel.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For purposes of determining the costs and expenses of valuations with inspection and inspections to be
        borne by the Borrower as contemplated in Clause b) and Clause c) above, a valuation with inspection shall also count as an inspection.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a869b67f1c444d8aab9db9866e66fd6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GUARANTEE AND INDEMNITY</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54eb20831b274a4c896dfc2d5f1661df">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantee and Indemnity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Guarantor irrevocably and unconditionally jointly and severally:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b2f64e05ba546719a3ed0ddd8068315">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">guarantees to the Security Agent (as trustee for the Finance Parties) and the other Finance Parties punctual performance by each other Obligor of all such
                    Obligor&#8217;s obligations under the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7aeaa253d1d8419394493ffaccfdfb25">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">undertakes with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that whenever another Obligor does not pay any amount
                    when due under or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z21331ac32a9244c1afa49aca687ef3ad">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that if any obligation guaranteed by it is or becomes
                    unenforceable, invalid or illegal, it will, as an independent and primary obligation indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor not paying any amount which
                    would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have become due. The amount payable by the Guarantors under this indemnity will not exceed the
                    amount it would have had to pay under this Clause 17.1 if the amount claimed had been recoverable on the basis of a guarantee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z471b5a5dcf0346c6b2d87b2a9b421998">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Continuing Guarantee</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any
        Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9144d9e7405f425f846159a5173b2c93">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reinstatement</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">59</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any discharge, release or arrangement (whether in respect of the obligations of an Obligor or any
        security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise,
        without limitation, then the liability of each of the Guarantors under this Clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88baab9a9e4940d1b9124615c1438c4d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Waiver of Defences</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The obligations of each Guarantor under this Clause 17 will not be affected by an act, omission, matter
        or thing (whether or not known to it or any Finance Party) which, but for this Clause 17.4, would reduce, release or prejudice any of its obligations under this Clause 17 including (without limitation):</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z62d7e001af934dc7b60e9b0b290bf748">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any time, waiver or consent granted to, or composition with, any Obligor or other person;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2440e17025b9428aa7fd4d6bd36934ee">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any other Group Member;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z52af916ac41f422288b9bdb95718eae1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over
                    assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2964fe520fb44bb99594c2d8d53f751">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z14f949afc85543b69dfce38b475cb99a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or
                    any other document or security including, without limitation, any change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24f7204eccf34e78a3db1d3ad6069ae8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9b29484dbb9460f909d88697b857bff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any insolvency or similar proceedings; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41aff2f7b26049f584e2eb74691c4fe2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any change in name, authorised activities, capital stock, corporate existence, structure, personnel or ownership of the Borrower or any other Obligor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbc4d0506132241ce98d6a0790f1b43c0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Guarantor Intent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to the generality of Clause 17.4 (<font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-style: italic;">Waiver of Defences</font>), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or
        addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following:&#160; business acquisitions of any nature; increasing working
        capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes
        for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5a3f9f1039e243e193730a3497ec9995">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Immediate Recourse</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">60</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or
        agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 17. This waiver applies irrespective of any law or any provision of a Finance
        Document to the contrary.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79d8d53292ff4b50a457b3af027c27db">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Appropriations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Until all amounts which may be or become payable by the Obligors under or in connection with the Finance
        Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ee2bd89c26e467aa5e75b2badad0357">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in
                    respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and none of the Guarantors shall be entitled to the benefit of the same; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b90b35826e94994a1dabb33874e35a1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">hold in an interest bearing suspense account any moneys received from any Guarantor or on account of any Guarantor&#8217;s liability under this Clause 17.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd9ef942f2fe9404b8b71bd262cd24337">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deferral of Guarantors&#8217; Rights</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Until all amounts which may be or become payable by the Obligors under or in connection with the Finance
        Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount
        being payable, or liability arising, under this Clause 17:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z54bf438155fb4a609ba942e78905fc4e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to be indemnified by another Obligor;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc89da35dae644a7292b271c11439794b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to claim any contribution from any other guarantor of any Obligor&#8217;s obligations under the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55d3f5e17eb6495aa91e1039339738ac">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or
                    of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d63e090b1674140b1cea9929b4c89c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which a Guarantor has
                    given a guarantee, undertaking or indemnity under this Clause 17;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc11d6679139b4ceb9f1200d454ba0165">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to exercise any right of set off against any other Obligor; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb031ba2516214f389add7e60c9ad7e55">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to claim or prove as a creditor of any other Obligor in competition with any Finance Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold
        that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the
        Finance Parties and shall promptly pay an equal amount to the Agent or as the Agent may direct for application in accordance with Clause 37 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payment
          Mechanics</font>).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zad4ceed1a5c24da4a93163a59d8f6810">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">61</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now
        or subsequently held by any Finance Party.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za38ab47efe6141bf907046ccc35f7675">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Release</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Guarantor shall be released from its obligations under this Clause 17 (and, with effect from the date
        of such release, shall be deemed to have resigned as a Guarantor and Obligor under the Finance Documents and shall no longer be considered a Guarantor or Obligor under the Finance Documents) if and to the extent all Mortgaged Vessels which it owns
        are sold and/or become a Total Loss provided that, in respect of a sale or Total Loss of a Mortgaged Vessel:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbeade41e3c634f1b9c807d17783d24f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the provisions of Clause 7.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mandatory Prepayment - Sale or
                      Total Loss of a Mortgaged Vessel</font>) have been complied with to the Agent&#8217;s satisfaction; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z192439b6b5a040958601c1dd3eeb728b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Event of Default has occurred.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb6a5cb1231464092a71c8b08380632d5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REPRESENTATIONS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Borrower and the Guarantors makes and repeats the representations and warranties set out in
        this Clause 18 in relation to itself and any Transaction Documents to which it is a party to each Finance Party at the times specified in Clause 18.33 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Times



          When Representations are Made</font>).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3c4e6b43f9d4abcbdbc98e56944125f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Status</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z379d9380d10a421d9aad7246ea7a219e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor is duly incorporated or formed and validly existing under the laws of the jurisdiction of its incorporation or formation as a limited liability
                    company, partnership or corporation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79921b08576c4b3bb1a1c97186fac127">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor has power and authority to carry on its business as it is now being conducted and to own its property and other assets.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zabef52de041d4c5db8587f151768f4a4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Binding Obligations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the Legal Reservations, (a) the obligations expressed to be assumed by each Obligor in each
        Transaction Document to which it is, or is to be, a party are or, when entered into by it, will be legal, valid, binding and enforceable obligations and (b) each Security Document to which an Obligor is, or will be, a party, creates or will create
        the Security Interests which that Security Document purports to create and those Security Interests are or will be valid and effective.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z505edc69c26748ecbb2b69832985febc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Power and Authority</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z190d63c40088402ebca5c6e4e08216cf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor has power to enter into, perform and deliver and comply with its obligations under, and has taken all necessary action to authorise its entry
                    into, performance and delivery of each Transaction Document to which it is or is to be a party and the transactions contemplated by those Transaction Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ef047fe1bf14003a8118d41c5716d06">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No limitation on any Obligor&#8217;s powers to borrow, create security or give guarantees will be exceeded as a result of any transaction under, or the entry into
                    of, any Transaction Document to which such Obligor is, or is to be, a party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbb8529469724b4baa8b66dc12d9d796">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non conflict</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">62</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The entry into and performance by each Obligor of, and the transactions contemplated by, the Transaction
        Documents and the granting of the Security Interests purported to be created by the Security Documents do not and will not conflict with:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0de652c151614f678bb7c99ee1b4613b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any present law or regulation or judicial or official order applicable to any Obligor;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1fbb12e8f6442b289f6f1ccb9a98ffb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Constitutional Documents of any Obligor; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3932227c836b4eea99b65c8b71503c2d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any document, agreement or other instrument binding upon any Obligor or any Obligor&#8217;s assets, and do not or will not constitute a default or termination event
                    (however described) under any such agreement or instrument or result in the creation of any Security Interest (save for a Permitted Security Interest) on any Obligor&#8217;s assets, rights or revenues.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1409405d50a84763b9ecbc8f8843c9fa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Validity and Admissibility in Evidence</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze62744f07f4f4adbbc5b2f57a7a6a495">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All Authorisations required or desirable:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z81aeb659b4b04e90bfc4483aca8048f3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to enable each Obligor lawfully to enter into, exercise its rights and comply with its obligations under each Transaction Document to which it is a party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd888a4e722414a2c99e5e58658917d02">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to make each Transaction Document to which it is a party valid and enforceable and admissible in evidence in its Relevant Jurisdiction; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z02b962ea2c35438fb8509b924f29aaa3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to ensure that each Transaction Security has the priority and ranking contemplated by it,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">have been obtained or effected and are in full force and effect except any Authorisation referred to in
        Clause 18.12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">No Filing or Stamp Taxes</font>), which Authorisation will be promptly obtained or effected within any applicable period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27a3433b755944b086c6dda1fbbdd4e9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All Authorisations necessary for the conduct of the business, trade and ordinary activities of each Obligor as presently conducted have been obtained or
                    effected and are in full force and effect, if and to the extent that failure to obtain those Authorisations has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2286fe80349b411281a1b145acefebfd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Governing Law and Enforcement</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c69235d2d8d45d89044ed0f3e4f1d9f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the Legal Reservations, the choice of English law or any other applicable law as the governing law of any Transaction Document will be recognised
                    and enforced in each relevant Obligor&#8217;s Relevant Jurisdiction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30bbe96a128047f1bd97147931c23da8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the Legal Reservations, any judgment obtained in relation to a Transaction Document in the jurisdiction of the governing law of that Transaction
                    Document will be recognised and enforced in each Obligor&#8217;s Relevant Jurisdictions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb8300b2ffcf84579a534fb3286de7435">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Save as disclosed in writing to the Agent and the Arranger at least five (5) Business Days prior to the
        date of this Agreement:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32d519c0628a4681835fa8cbc4c999e1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all written information provided by any member of the Group (including its advisers) to a Finance Party was true, complete and accurate in all material
                    respects as at the date it was provided and is not misleading in any respect;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">63</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf13f06c337644fb1aae3792ed5c65b3e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">there are no facts or circumstances or any other information which could make the Information incomplete, untrue, inaccurate or misleading in any material
                    respect;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zed8a1c517e4640e390a32ca9527c57f3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Information does not omit anything (including any off-balance sheet liabilities or other information, documents or agreements) which could make the
                    Information incomplete, untrue, inaccurate or misleading in any material respect;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7214677c446a41b9a5432b95c95c493c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all opinions, projections, forecasts or expressions of intention contained in the Information and the assumptions on which they are based have been arrived at
                    after due and careful enquiry and consideration and were believed in good faith by the Obligors to be reasonable as at the time at which such Information was prepared and at the time such Information was supplied to any Finance Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the purposes of this Clause 18.7, &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-weight: bold;">Information</font>&#8221; means any factual information, documents, exhibits or reports relating to the Obligors or any other Group Member (excluding the Original Financial Statements covered by Clause 18.8 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Original Financial Statements</font>)) provided by or on behalf of any Obligor or any other Group Member to any of the Finance Parties, including on or
        prior to the date of this Agreement, in connection with the Transaction Documents or the transactions referred to in them.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze0c98cbf3a22492294631765407a0636">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Statements</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e68bc91dbc649ec8329642f28a3c326">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Original Financial Statements were prepared in accordance with GAAP consistently applied.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a7e066418e1432b9104f8b0dd16425c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The audited Original Financial Statements give a true and fair view of the financial condition and results of operations of the Borrower and its Subsidiaries
                    on a consolidated basis or of TORM A/S on an unconsolidated basis, as the case may be for the relevant period to which they relate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd5d47d36afc45d38963f1850728e27b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The unaudited Original Financial Statements fairly present the financial condition and results of operations&#160; of the Borrower and its Subsidiaries on a
                    consolidated basis for the relevant period to which they relate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2be2de0358004c2f810e441c917c9090">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There has been no change in the assets, business or financial condition of the Borrower or any of its Subsidiaries (or the assets, business or consolidated
                    financial condition of the Group) since the date of the Original Financial Statements which might reasonably be expected to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8aa46e4dd658430dbf3c1d358a1af03b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower has not omitted to disclose to the Agent in the Original Financial Statements or otherwise any off balance sheet liabilities or other
                    information, documents or agreements which if disclosed, could reasonably be expected to affect the decisions of the Finance Parties to enter into this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z515afc7574b94417925f83d0db251209">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The most recent financial statements delivered pursuant to Clause 19.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Financial statements</font>):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4987f6a409e47a88f7ee2018e369f71">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">have been prepared in accordance with GAAP as applied to the Original Financial Statements; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb6dd6817d724aff94917b9416b0d632">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">give a true and fair view of (if audited) or fairly present (if unaudited) the consolidated or unconsolidated, as the case may be, financial condition as at
                    the end of, and consolidated or unconsolidated, as the case may be, results of operations for, the period to which they relate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za54ba4bd0b3549af87aad1cc7f0adc17">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Since the date of the most recent financial statements delivered pursuant to Clause 19.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Financial statements</font>) there has been no change in the assets, business or financial condition of the Borrower or any of its Subsidiaries which might reasonably be expected to have a Material Adverse
                    Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5ce56540aec74726869741298375df41">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pari Passu Ranking</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor&#8217;s payment obligations under the Finance Documents to which it is, or is to be, a party rank
        at least pari passu with all its other present and future unsecured and unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">64</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d1b46c42bf94f6dbd4bcb6915238d75">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ranking and Effectiveness of Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the Legal Reservations and any applicable filing, registration or notice requirements, the
        Security Interest created by the Security Documents has (or will have when the Security Documents have been executed) the ranking in priority which it is expressed to have in the Security Documents, the Charged Property is not subject to any
        Security Interest other than Permitted Security Interests and such Security Interests will constitute perfected security on the assets described in the Security Documents.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5e8d7287d7441948facb7e6780633a9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Insolvency</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No corporate action, legal proceeding or other procedure or step described in Clause 29.11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Insolvency Proceedings</font>) or creditors&#8217; process described in Clause 29.12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Creditors&#8217; Process</font>) has been taken or, to the knowledge of any Obligor, threatened in relation to a Group Member and none of the circumstances described in Clause 29.11 (<font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-style: italic;">Insolvency Proceedings</font>) applies to any Group Member.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84765b98bf924748b3cd5743ce01d1df">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Filing or Stamp Taxes</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under the laws of each Obligor&#8217;s Relevant Jurisdictions or any other jurisdiction where each Obligor
        conducts its business it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation
        to the Finance Documents or the transactions contemplated by the Finance Documents, except:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z50270a03b17b4f7fab9bef44525e949a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">registrations of particulars of the Security Documents to which the Borrower is a party at Companies House in England and Wales under section 859A of the
                    Companies Act 2006 and payment of associated fees;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc3520e6a77054ae28ecefa2e9a11bfe1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">registrations of the Security Documents to which the Owner is a party and payment of associated fees; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ccdf9df04e1457386407a75b9a41336">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such other registrations and filings and payments of associated fees as may be required pursuant to the terms of any of the Finance Documents and which will
                    be made or paid promptly after the date of the relevant Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3eaaadfb518d44fc833eb5eebfe8c594">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor is required to make any deduction for or on account of Tax from any payment it may make under
        any Finance Document to which it is, or is to be, a party to Lender who is a Qualifying Lender.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze60dca694e1e4059a8a0b1f070f77e32">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Default</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b31545f837b466181747113c775d69f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Default is continuing or is reasonably likely to result from the making of any Utilisation or the entry into, the performance of, or any transaction
                    contemplated by, any Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1030877bd6f43b0b7584f831eb89d8a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination
                    or any combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on any Obligor or any other Group Member or to which any Obligor&#8217;s
                    (or any other Group Member&#8217;s) assets are subject which has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdee60c7fdc664e5ea9dbb911b16ea931">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Proceedings Pending or Threatened</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">65</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No litigation, arbitration or administrative proceedings or investigations of, or before, any court,
        arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect are (to the best of any Obligor&#8217;s knowledge and belief having made due and careful enquiry) pending or threatened against any
        Obligor or any other Group Member.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za7dbb38919e1405d9962208b46a7bd0f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Breach of Laws</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71dc1f0106f748e5848a33da3d0c9f56">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as disclosed by an Obligor in writing to, and acknowledged in writing by the Agent, no Obligor has breached any law or regulation which breach has or
                    is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32e2333067624ca98a62aec260445266">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No labour dispute is current or, to the best of any Obligor&#8217;s knowledge and belief (having made due and careful enquiry), threatened against any Obligor or
                    other Group Member which have or are reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f6dd2d8bf8c438da8a0b121b828603e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental and Other Matters</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zab9532be39ce44a6bbc441539d4cba62">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as disclosed by an Obligor in writing to, and acknowledged in writing by, the Agent (acting on the instructions of the Majority Lenders) no
                    Environmental Law applicable to any Mortgaged Vessel and/or any Obligor and no provision of any Applicable Code (to the extent applicable in the discretion of the Agent (acting on the instructions of the Majority Lenders)) relating to
                    any Mortgaged Vessel and/or any Obligor has been violated where such violation has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4238d89714ed4b80afda3e0961411f67">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All consents, licences and approvals required under any Environmental Laws or any Applicable Code applicable to such Obligor have been obtained and are
                    currently in force, if and to the extent that failure to obtain such consents, licenses and approvals or keep them in force has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z538ece2321e144cf8cfb6a488baf095d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Environmental Claim has been made, or to the best of an Obligor's knowledge, is threatened or is pending against any Obligor or any Mortgaged Vessel and
                    there are no circumstances reasonably likely to form the basis of any Environmental Claim relating to any Mortgaged Vessel or against or affecting any Obligor or any other person in connection with any Mortgaged Vessel, where such
                    Environmental Claim has or is reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88bec8f1f39347f59d9fbc0aa77666e1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax Compliance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb8649f72761a4d07aca59f7ae3b987ed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor is materially overdue in the filing of any Tax returns or overdue in the payment of any amount in respect of Tax (except for income and property
                    taxes and assessments which are being contested in good faith and with due diligence and where the relevant Obligor or the Group as a whole has adequate cash reserves in excess of such contested sums).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4190cc80e9940b1a51e05a819a68a5f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To the best of the Obligors' knowledge, no claims or investigations are being, or are reasonably likely to be, made or conducted against any Obligor with
                    respect to Taxes such that a liability of, or claim against, any Obligor is reasonably likely to arise for an amount for which adequate reserves have not been provided in the Original Financial Statements and which might have a Material
                    Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z50029cccea66413d8d7ce8bb20d40028">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower is resident for Tax purposes only in the jurisdiction notified to the Agent from time to time.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e601257f2e14787a40eee5cc5ccea0e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security and Financial Indebtedness</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">66</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88734a4c92c64b0b9ee1f5907c304b7f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Security Interest exists over all or any of the present or future assets of any Obligor in breach of this Agreement, other than those which have been
                    disclosed in writing to the Agent before the date of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z34e38e3d9d6c48b696cec5647b5089f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor has any Financial Indebtedness outstanding in breach of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z39be4a38118942978078c06d514f5bec">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All of the Charged Property is freely assignable and chargeable in the manner contemplated by the Security Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55e194e0ca234d168a229ff37c0e5a59">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Legal and Beneficial Ownership</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za72026b4e94b40b794c854ac8c7a1aad">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor is the sole legal and beneficial owner of the respective assets over which it purports to grant a Security Interest under the Security Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z131349aac73c4b259d1158f82beb16d5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry
                    on its business as presently conducted, in each case save to the extent that failure to have such title, leases, licences or Authorisations does not have and is not reasonably likely to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4bc2d44b90141a7a2ea529894548cc8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.21</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shares</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The shares of the Owner are fully paid, are not subject to any option to purchase or similar rights and
        are owned directly by the Borrower. The Constitutional Documents of the Owner do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Security Documents. There are no agreements in force which provide
        for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or capital or, if appropriate, any loan capital of the Owner (including any option or right of pre-emption or conversion).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa11cc99de8c4ab58864a10cb73cf53b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.22</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Group Structure Chart</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Group structure chart set out in <font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><u>Schedule 12 </u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>(Group Structure Chart)</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">&#160;</font>is true, complete and accurate in all respects.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze307af5dc5124703a713e2324a72e668">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.23</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accounting Reference Date</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The financial year-end of the Borrower is the Accounting Reference Date.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbebe763f6ec440db30f890e0e139fcf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.24</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Adverse Consequences</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">It is not necessary under the laws of the Relevant Jurisdictions of any Obligor:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4a785003b531412880aaff459568434c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in order to enable any Finance Party to enforce its rights under any Finance Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z803ec975474d4fc098c02a599eadbcff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by reason of the execution of any Finance Document or the performance by any Obligor of its obligations under any Finance Document to which it is, or is to
                    be, a party,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any
        of such Relevant Jurisdictions.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2e625a9491d4d4790693a28a88c3f53">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.25</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Copies of Documents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">67</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The copies of the Bareboat Charters, any Charter Documents for the Existing Charter Agreements and the
        Constitutional Documents of the Obligors delivered to the Agent under Clause 0 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Conditions of Utilisation)</font> are or will be true, complete and
        accurate copies of such documents and include all amendments and supplements to them as at the time of such delivery and no other agreements or arrangements exist between any of the parties to the Bareboat Charters or any Existing Charter Agreement
        which would materially affect the transactions or arrangements contemplated by the Bareboat Charters or any Existing Charter Agreement or modify or release the obligations of any party under the Bareboat Charters or that Existing Charter Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb303d1e0da244a5b61295b2bbe2a56d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.26</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Immunity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The execution and delivery by an Obligor of any Transaction Document to which such Obligor is a party
        constitutes, and the exercise of its respective rights and performance of its respective obligations under such Transaction Documents will constitute private and commercial acts performed for private and commercial purposes. No Obligor will (except
        for bankruptcy and similar proceedings) be entitled to claim for itself or any or all of its respective assets any immunity from suit, execution, attachment or other legal process in any proceedings taken in connection with such Transaction
        Documents.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2be11c8366be4dd4bb6b76b2f31dcbc7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.27</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel Status</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Mortgaged Vessel will, on the first day of the relevant Mortgage Period, be:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb3c4beb730ac496f9b3d6fd5da38cc27">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">owned and registered in the name of the Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb4518ecdf935442ea278242ef4d281bf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">classed with the relevant Classification free of all overdue requirements and recommendations of the relevant Classification Society;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z766aebc4beaa441db640f624a4cc9d12">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">insured in the manner required by the Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z120d30b4ba174ad7a1d611a3aac55ce4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">free of any Security Interests (other than Permitted Security Interests).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f66a0d6e4ca4baa921b3defd4cacb1f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.28</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel&#8217;s Employment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Mortgaged Vessel:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7962841551bb402eb8417d410cf7c9c8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has been delivered, and accepted for service, under each Bareboat Charter and the Existing Charter Agreement set forth in <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif;"><u>Schedule 2 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Vessel Information</u></font><font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif;"><u>)</u></font> opposite the name of such Mortgaged Vessel, if relevant; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b665e32e21b4df68330a7bfbca61249">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is free of any other charter commitment which, if entered into after that date, would require approval under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8aa25d86dc2a4afcbe35938f232eb525">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.29</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Address Commission</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To the best knowledge of the Obligors (having made due inquiry), there are no rebates, commissions or
        other payments in connection with the Bareboat Charters or any Charter other than those referred to in it.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z079e57cab43b4d21a090e17b983497ce">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.30</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Money Laundering</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">68</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor is acting for its own account in relation to the Facility and the performance and discharge
        of its respective obligations and liabilities under the Finance Documents and the transactions and other arrangements effected or contemplated by the Finance Documents. None of the Obligors is in contravention of any anti money laundering law,
        official requirement or other regulatory measure or procedure implemented to combat &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">money</font>&#160;<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-weight: bold;">laundering</font>&#8221; (as defined in Article I of the EU Directive 2015/849 of 25 May 2015).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd6c759336094aec8c5c3525b58c6ece">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.31</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Corrupt Practices</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors have observed, and, to the best of their knowledge and belief, parties acting on their
        behalf have observed in the course of acting for any Obligor, all applicable laws and regulations relating to bribery and corrupt practices.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za11b881e73ab4434a7dd1ce4c50bad42">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.32</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb95711021c7946ae8f346ea40eee64ff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor and their respective directors, officers, joint ventures and employees and, to the best of each Obligor&#8217;s knowledge, their respective agents and
                    representatives (each acting in the capacity as agent or, as the case may be, representative for an Obligor) has been and is in compliance with Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z31e3cf8ff25b42ffa9762ff200eeeed3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor nor any other Group Member or any Relevant Affiliate of any of them or their respective directors, officers, joint ventures or employees and, to
                    the best of each Obligor&#8217;s knowledge, their respective agents and representatives (each acting in the capacity as agent or, as the case may be, representative for an Obligor):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3029b536769847508da917055793d1a5">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party or acts directly or indirectly on behalf of a
                    Restricted Party; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ef14915204f417686d689378d7cfd0d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is subject to or involved in any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions Laws by any Sanctions
                    Authority.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf7ee0a63b0904be3bd2ae771832ee8a7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.33</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Times When Representations are Made</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z242f58dbdcd74865a5c5cdec28bef23e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All of the representations and warranties set out in this Clause 18 are made on the date of this Agreement and are deemed to be made on the dates of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3facd48eba5543a1a2bc8eaf10340448">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Utilisation Request;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce466b62050345a386171f96e1739a3f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Utilisation Date; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z755ec8ecf5184db7a447537a664df602">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of any Additional Guarantor, the delivery of an Accession Deed in respect of such Additional Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z15e2a46cfdaf47608ae2e59e2a01ba92">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Repeating Representations are deemed to be made on:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4c2bdb2ad6304537a9f8637464d7b41d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> the last day of each Interest Period; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z352a0c429e1e4f9abe7028f70fa21141">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date of each Compliance Certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f5d4007b9a1473b986da6755babe9ab">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The representations in Clause 18.27 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Vessel Status) </font>relating



                    to any Mortgaged Vessels which become Mortgaged Vessels after the date of this Agreement shall be made on the first day of the Mortgage Period for the relevant Mortgaged Vessel.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The representation and warranty in Clause 18.7 <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">(Information),</font> when made after the date of this Agreement shall be deemed to be made by reference to the facts and circumstances existing at the date at which the Information (as defined in Clause
        18.7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Information</font>)) was provided. Each other representation or warranty</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">69</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">deemed to be made after the date of this Agreement shall be deemed to be made by reference to the facts
        and circumstances then existing at the date the representation or warranty is deemed to be made.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd0385a3144ab4fa5bc414ddcf78dbf8b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INFORMATION UNDERTAKINGS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor undertakes that this Clause 19 will be complied with from the date of this Agreement until
        the end of the Facility Period.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Clause 19:</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Annual
          Financial Statements</font>&#8221; means the financial statements for a financial year delivered pursuant to Clause 19.1(a) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial Statements</font>).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Quarterly



          Financial Statements</font>&#8221; means the financial statements for a financial quarter delivered pursuant to Clause 19.1(b) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial Statements).</font></font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5412448d5c7446c29445e9722dd822dc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Statements</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4376e893eda4d728a832b0e32acb43f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall supply to the Agent, as soon as reasonably practicable, but in any event within (i) in relation to item (i) below, one hundred and twenty
                    (120) days, and (ii) in relation to items (ii) and (iii) below one hundred and fifty (150) days, (or, in each case if that day is not a Business Day, the next Business Day) after the end of each financial year, each of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf7ac8f790b734c569490e91cfca4ead4">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the consolidated audited annual financial statements of the Borrower for that financial year;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zba283513999a48baa1e60dafac70c1e8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the unconsolidated audited annual financial statements of TORM A/S; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z39a02fde3ee24e5fb2ba3c0c4ecabd1c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on request of the Agent, the unconsolidated audited annual financial statements of the Owner.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z67ffb23c32da4d639ee5eb800c258a89">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall supply to the Agent, as soon as reasonably practicable, but in any event within forty-seven (47) days (or if that day is not a Business
                    Day, the next Business Day) after the end of each financial quarter of each of its financial years (being 31 March, 30 June, 30 September and 31 December of each calendar year) the consolidated unaudited financial statements of the
                    Borrower for that financial quarter.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88c4aca414ee41c3a8d080852046199f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall supply to the Agent, as soon as reasonably practicable but in any event, on or prior to 1 December of any financial year, an annual
                    Forecast (showing profit and loss, balance sheet and cash flow statements, as well as written assumptions of the Borrower) for the Borrower (on a consolidated basis) for the immediately succeeding financial year.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6748c26bae274d2dab8e54188d10e3c4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Provision and Contents of Compliance Certificate</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc533feec076491283648bf5e769bd4c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall supply a Compliance Certificate to the Agent, with each set of Annual Financial Statements and the set of Quarterly Financial Statements
                    for the financial quarter of the Borrower ending 30 June in each calendar year for the Group.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zec503d4875654348ba277611f9e9e3cd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Compliance Certificate accompanying the Annual Financial Statements or accompanying the Quarterly Financial Statements for any financial quarter ending
                    on 30 June in any calendar year shall, among other things, set out (in reasonable detail) computations as to compliance with Clause 20 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial



                      Covenants</font>) and confirmations of compliance with Clause 25<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> (Minimum Security Value).</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb30364b25e09461faf96fc0cadc9babe">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Compliance Certificate shall be signed on behalf of the Borrower by:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">70</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90145245ff5a4f989ad8c831cc151877">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a director of the Borrower which is a member of the management of the Group; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z555e1dfad081464eb44b3710ab50314a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Chief Financial Officer or the Head of Treasury of TORM A/S pursuant to a power of attorney from a director of the Borrower which is a member of the
                    management of the Group.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c6cd133da1848948f21c071626a74a1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Requirements as to Financial Statements and Forecast</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a605ef111fa4465a0d4563e41ef75a5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall procure that each set of Annual Financial Statements and Quarterly Financial Statements and each Forecast includes a profit and loss
                    account, a balance sheet, a cashflow statement and written assumptions. In addition, each set of Annual Financial Statements for the Borrower shall be audited by the Auditors. Upon request of the Agent (acting on the instructions of the
                    Majority Lenders), the Borrower shall provide to the Agent, in respect of the Quarterly Financial Statements for any financial quarter ending on 30 June or 31 December in any calendar year, a cause/effect analysis of deviations to the
                    Forecast.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zebba71484f5e441f95ba83c58e471f90">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each set of financial statements delivered pursuant to Clause 19.1<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;"> (Financial Statements)</font> shall give a true and fair view of (in the case of Annual Financial Statements for any financial year), or fairly represent (in other cases), the financial condition and operations of the Group
                    or (as the case may be) the relevant Obligor as at the date as at which those financial statements were drawn up.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3efefc24e79d4c689970cd5a6f079e48">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall procure that each set of financial statements and Forecast delivered pursuant to Clause 19.1<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;"> (Financial Statements</font>) shall be prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original
                    Financial Statements and Original Forecast as applicable, unless, in relation to any set of financial statements or Forecast, the Borrower notifies the Agent that there has been a change in GAAP or the accounting practices and the
                    Borrower delivers to the Agent:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2cb3324859a4470e8af5b1dbe0dbccde">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a description of any change necessary for those financial statements or Forecast to reflect the GAAP or accounting practices and reference periods upon which
                    corresponding Original Financial Statements or Original Forecast, as applicable, were prepared; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf26027fbc39442c9a5e46421e56169a6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine (having regard to Clause 20.3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial Testing))</font> whether Clause 20 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial



                      Covenants) </font>has been complied with and to make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements or that Forecast and the Original Forecast, as
                    applicable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b689f2f6d6b4b489626b278a414533b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Borrower updates or changes the Forecast in any material respect, it shall deliver to the Agent such updated or changed Forecast and a written
                    explanation of the main changes in that Forecast, together with the next Compliance Certificate delivered pursuant to Clause 19.2.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9548cce656bf4c618fed495b44bfb950">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Year end</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall procure that each financial year end of each Obligor falls on the Accounting
        Reference Date.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48bc72dc2e8846aeac470591161bf24f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Information:&#160; Miscellaneous</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b049218bcba4e4092333f2294770f4f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall supply to the Agent:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb351d7b76ebc4b399982dc59c20aa31d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">at the same time as they are dispatched, copies of all documents dispatched by the Borrower to its shareholders generally (or any class of them) or dispatched
                    by the Borrower or any other Obligor to its creditors generally (or any class of them);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">71</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9dbe54bf752497a838f539ae31130ff">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, or, to its knowledge,
                    threatened or pending against it or any other Obligor, and which might, if adversely determined, be reasonably expected to have a Material Adverse Effect;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z428d1c86dfe24b839ea758a1158dac70">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly, such information as the Agent or the Security Agent may reasonably require about the Charged Property and compliance of the Obligors with the terms
                    of any Security Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00ec3e4cffe94d76ad39164a09c48331">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly on request, such further information regarding the financial condition, business, vessels, properties, assets and operations of the Group and/or any
                    Group Member (including, but not limited to, any amplification or explanation of any item in the financial statements, Forecast or other materials provided by any Obligor under this Agreement, changes to management of the group and
                    (except for the Borrower) an up-to-date copy of its shareholders register (or equivalent in its jurisdiction of incorporation)) as any Finance Party through the Agent may from time to time reasonably request;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z468319ffb5944efc9aaa9402e673a8bf">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly upon request, such other information as any Finance Party through the Agent may from time to time reasonably request relating to vessels chartered-in
                    by the Group, including details of how any charter commitments in respect of vessels chartered-in by Group Members are classified as a "liability" in the relevant Compliance Certificate;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c34c49951d9421f9e89c9408a4e00cf">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws by any Sanctions
                    Authority against it, any Group Members, any of their joint ventures or any of their respective directors, officers, employees, or, in their capacity as agents or representatives of such Group Member, their agents or representatives,
                    including information on what steps are being taken with regards to answer or oppose such;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za18b3ba82e5e496e9d992d3f7636ce9e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly upon becoming aware of it, written notification if any Obligor or any of their respective directors, officers, employees, agents or representatives
                    is a Restricted Party, including identification of the Obligor or other relevant person that has become a Restricted Party and the circumstances relating thereto; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f983a00f3154dfaab56cc7a4dd629c3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">viii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">promptly upon becoming aware of any Change in Ultimate Beneficial Owner, the name of the Ultimate Beneficial Owner and such documentation and other evidence
                    as is reasonably requested by the Agent, the Security Agent, or any Lender in order for the Agent, the Security Agent, or such Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar
                    checks under all applicable laws and regulations in relation to the Ultimate Beneficial Owner.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5f34ac8ac6942bd8ba7ec30ac14a836">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of the same, but no later than ten (10) days thereafter:
                    if any material Environmental Claim has been commenced or is threatened against any Obligor, or the Mortgaged Vessels, and of any facts or circumstances which will or are reasonably likely to result in any material Environmental Claim
                    being commenced or threatened against any Obligor or the Mortgaged Vessels.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90dce09f84ba4a1999c339579b84a0c5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of Default</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it)
        promptly upon such Obligor becoming aware of its occurrence (unless such Obligor is aware that a notification has already been provided by another Obligor).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc3fecd8a853b412cba3f554f1cc6fad4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sufficient Copies</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower, if so requested by the Agent, shall deliver sufficient copies of each document to be
        supplied under the Finance Documents to the Agent to distribute to each of the Lenders.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">72</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z462a0402df0649f29f90eefff4e4f38a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;Know Your Customer&#8221; Checks</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z501654b0b0f24c4db439e539c2c1a904">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd3791874f1474b5ea1f1ca0cff57942d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z20f1d271a6ab4cc9896902f309f54523">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any change in the status of an Obligor or the composition of the shareholders of an Obligor, after the date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z049452933b924b9cb56d46ba4bea8802">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a proposed assignment or transfer by a Lender of any of its rights and/or obligations under this Agreement to a party that is not a Lender prior to such
                    assignment or transfer; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z809510ee91a0459d8abb14ac8f10e4ea">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any anti-money laundering or anti-terrorism financing laws and regulations applicable to the Agent or any Lender,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender)
        to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the
        supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective
        new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar
        checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1f95ee365b8a41329f6a97868326e68d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Party shall promptly upon the request of the Agent or the Security Agent supply, or procure the supply of, such documentation and other evidence
                    as is reasonably requested by the Agent or the Security Agent (in each case for itself) in order for it to carry out and be satisfied with the results of all necessary &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-weight: bold;">know your customer</font>&#8221; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z18609cf74d3949998ed6df6d9b4a6d1c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall, by not less than 10 Business Days' prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its
                    intention to request that one of its Subsidiaries becomes an Additional Guarantor pursuant to Clause 32 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Changes to the Obligors).</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa0382d1f26d40fbb78e3070e3231897">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Following the giving of any notice pursuant to paragraph c) above, if the accession of such Additional Guarantor obliges the Agent or any Lender to comply
                    with "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">know your customer</font>" or similar identification procedures in circumstances where the necessary information is not already
                    available to it, the Borrower shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any
                    Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">know your customer</font>" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an
                    Additional Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za6040d7dfa41443fa9a757b9d3bc496a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FINANCIAL COVENANTS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor undertakes that this Clause 20 will be complied with from the date of this Agreement until
        the end of the Facility Period and tested on a semi-annual basis.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z66d0b9e7cb034cdb8f0794cdb7c475d5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Definitions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">73</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Clause 20:</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrowings</font>&#8221;
        means, at any time, the aggregate outstanding principal, capital or nominal amount (and any fixed or minimum premium payable on prepayment or redemption) of any indebtedness of the Group for or in respect of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fe38b1816294f8d8d490656249fcc79">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">moneys borrowed and debit balances at banks or other financial institutions;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8fbf4a5582c94193821fb540fd7a2829">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1da03b69f8142fa9bc303bbb7d0301b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5dceda22f8844d49bc17be73e5f2ac97">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the amount of any liability in respect of Finance Leases;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1550c8b6a9344c9b8042497d231973ea">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4abcf75de32141dea906797902964fd9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any counter indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or
                    financial institution in respect of an underlying liability of an entity which is not a Group Member, which liability would fall within one of the other paragraphs of this definition;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z173890501e364f699bba80228d3b030a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise
                    finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services (other than legal or accounting services) and payment is due more than
                    ninety (90) days after the date of supply;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe6b049eb0ff42148b336973d77091ab">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amounts raised by the issue of shares which are redeemable (other than at the option of the issuer) during the Facility Period or which would under
                    relevant applicable accounting principles be classified as borrowings under GAAP;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3450cb25ecbf43e0a78288c0e70ee1d7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the
                    commercial effect of a borrowing or otherwise classified as borrowings under GAAP; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfcca0ff00ff3412aa366d1d7e1a3895a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(without double counting) the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs a) to i) above.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash</font>&#8221;
        means, at any time, cash in hand or at bank and (in the latter case) credited to an account in the name of any Group Member and to which such Group Member is alone beneficially entitled for so long as:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84ce6d5fd11d49cb8dc006a8cac67ed1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that cash is repayable on demand;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1d7edcdb1b4a4264ac18c39413ed009d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">repayment of that cash is not contingent on the prior discharge of any other indebtedness of any Group Member or of any other person whatsoever or on the
                    satisfaction of any other condition;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z628a855435d44a0e916a7a9e658730c2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">there is no Security Interest over that cash except for (i) Permitted Security Interests granted pursuant to the Finance Documents, (ii) Security Interests
                    which have not yet become enforceable in accordance with their terms and which do not restrict or block the use of the cash by the Group in the relevant account prior to their becoming enforceable, or (iii) Security Interests
                    constituted by a netting or set-off arrangement entered into by Group Members in the ordinary course of their banking arrangements; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">74</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z336fefeefe6e467782c17e6ebf2686a8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">subject to paragraph c), the cash is freely and immediately available to be applied in repayment or prepayment of the Facility or any other amounts and has
                    not been specifically pledged and blocked including for example as cash collateral to cure a collateral maintenance test or support a derivative transaction,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and, for the avoidance of doubt, any cash at bank which does not fall within the above definition shall
        not represent &#8220;Cash&#8221; for the purposes of this Agreement except with the approval of the Agent.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash
          Equivalents</font>&#8221; means at any time:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc28a6f03a9142a69aa7e3b55b470ad6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z47e9c84fa0c54fbba16e986e565915a7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any investment in marketable debt obligations issued or guaranteed by the government of the United States of America, the United Kingdom, any member state of
                    the European Economic Area or any Participating Member State or any other country having a credit rating of A- or higher by Standard &amp; Poor&#8217;s Rating Services or A3 or higher by Moody&#8217;s Investors Service Limited or by an
                    instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5b0cd10d803493489938323facd9e89">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">commercial paper not convertible or exchangeable to any other security:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ac65cf385dd44a9bb831a0d499047c7">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for which a recognised trading market exists;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b1bc2fe588a44d3bd22b425d9264ebd">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">issued by an issuer incorporated in the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating
                    Member State or any other country having a credit rating of A- or higher by Standard &amp; Poor&#8217;s Rating Services or A3 or higher by Moody&#8217;s Investors Service Limited;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a9e7a2330024642ab83a3e407ae073e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which matures within one year after the relevant date of calculation; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d9b186b41ce43fa97b284bf63ece998">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">which has a credit rating of either A- or higher by S&amp;P or A3 or higher by Moody&#8217;s, or, if no rating is available in respect of the commercial paper, the
                    issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a2e832173494161adda53e1c41ff6b3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any investment in money market funds which (i) has a credit rating of either A- or higher by S&amp;P or A3 or higher by Moody&#8217;s, (ii) which invest
                    substantially all their assets in securities of the types described in paragraphs a) to c) above and (iii) can be turned into cash on not more than five (5) days&#8217; notice; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z682b096cc3ee46e7b5750a15a00ecfe9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any other debt security approved by the Agent (on behalf of the Majority Lenders),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in each case, to which any Group Member is alone (or together with other Group Members) beneficially
        entitled at that time and which is not issued or guaranteed by any Group Member or subject to any Security Interest (other than Permitted Security Interests arising under the Finance Documents).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Equity</font>&#8221;
        means, on any date, the value of the aggregate capital and reserves of the Group (on a consolidated basis) determined in accordance with GAAP and adjusted to reflect the fair market value of the Fleet Vessels (including the fair market value of
        each Mortgaged Vessel as determined in accordance with Clause 25 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Minimum Security Value</font>)).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Equity
          Ratio</font>&#8221; means the ratio of the Group&#8217;s Equity to Total Assets.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Minimum
          Liquidity</font>&#8221; means, as at any date, the sum of:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">75</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc7fb1e4d9ba44f83bc93b9cd9a38322d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Group&#8217;s Cash and Cash Equivalents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1928603b6526472e9b90140e46b47ae3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">for so long as the Availability Period (as defined in the RCF Facility Agreement) ends at least twelve months after that date, the aggregate amount of undrawn
                    commitments under the RCF Facility which are available for utilisation pursuant to the RCF Facility Agreement at that date,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as certified to the Agent by the chief financial officer of the Borrower signing on behalf of the
        Borrower.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total
          Assets&#8221;</font> means, on any date, the value of the total assets of the Group (on a consolidated basis) determined in accordance with GAAP and adjusted to reflect the fair market value of the Fleet Vessels (including the fair market value of each
        Mortgaged Vessel as determined in accordance with Clause 25 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Minimum Security Value)).</font></font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;Total
          Debt</font>&#8221; means on any date, the aggregate amount of all obligations of all Group Members for or in respect of Borrowings at that time but excluding any such obligations to any other Group Member.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1621b173dc2d4a4b93063a3a31c75445">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Condition</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall ensure that at all times following the date of this Agreement:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5d7010400cd4ceda5b86a0dfea72f4c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Minimum Liquidity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Minimum Liquidity shall be equal to or greater than the greater of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8c0e071d93a647f382ac7bca86db00ae">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">seventy five million Dollars (US$75,000,000); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0f9ff0cff60648c28d2bfc8b089f281d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">five per cent. (5%) of the Group&#8217;s Total Debt,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided



        </font>that at all times, a part of the Minimum Liquidity equal to the greater of (x) forty million Dollars (US$40,000,000) and (y) five per cent. (5%) of the Group's Total Debt shall consist of Cash and Cash Equivalents.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7211e18835634bc998db9085027b554d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Equity Ratio</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Equity Ratio shall not be less than twenty-five per cent. (25%).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z186974e3b0854416810f48bcacd5b25c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Testing</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The financial covenants set out in Clause 20.2 (<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Financial Condition</font>) shall be calculated in accordance with GAAP (save for terms which are specifically defined within this Clause 20<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;"> (Financial Covenants)</font> and tested by reference to each of the Borrower&#8217;s financial statements for each financial quarter ending 30 June and each financial year ending 31 December, in each case, delivered
        pursuant to Clause 19.1<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> (Financial Statements</font>) and/or each Compliance Certificate delivered in connection therewith pursuant to Clause 19.2<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> (Provision and Contents of Compliance Certificate).</font></font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z64e42d8349fa4eb4933245353c998326">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Most Favoured Lender</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event that the Borrower agrees to additional financial covenants, or similar financial covenants
        at a stricter level with other banks, lenders and/or financiers (excluding minimum value clauses and dividend restrictions), the Borrower shall promptly notify the Agent and, if so required by the Majority Lenders, the Parties</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">76</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall enter into such documentation as may be necessary to include such additional or similar stricter
        financial covenants into this Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b661b47580a4297bc1ff6b061956136">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GENERAL UNDERTAKINGS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor undertakes that this Clause 21 will be complied with from the date of this Agreement until
        the end of the Facility Period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z95564398abd44f60b1a3704f8fbcd4f9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Use of Proceeds</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The proceeds of the Loan will be used exclusively for the purposes specified in Clause 3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Purpose</font>). No proceeds of the Loan shall be (a) made available, directly or indirectly, to or for the benefit of a Restricted Party, (b) applied in
        a manner or for a purpose prohibited by Sanctions Laws or (c) applied in any other manner that could result in any Obligor or a Finance Party being in breach of any Sanctions Laws or becoming a Restricted Party.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z498a578ac6b24270b8192bf43922000f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Authorisations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor will promptly:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9970fb3ec19a4a34ac190ccff23736f8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtain, comply with and do all that is necessary to maintain in full force and effect; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1188e07f4dae4c519233fe6ea8a330ea">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">supply certified copies to the Agent of,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Authorisation required under any law or regulation of a Relevant Jurisdiction or (in the case of any
        material Authorisation) any other jurisdiction where each Obligor conducts substantive business to:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fae0bdf831742508f28ec6436e0bf4e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enable it to perform its obligations under the Transaction Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4eaef616f05146c7b71aa8dca0ed37f9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ensure the legality, validity, enforceability or admissibility in evidence of any Transaction Document; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z134388b370c84731a68e20a13ed2f3fb">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">carry on its business where failure to do so has, or is reasonably likely to have, a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49621a0f329343fba640b26a7182a5a0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compliance with Laws</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z50531b5bd25643388a1979f7db166e85">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">comply in all material respects with all laws or regulations:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7871430ac39c4addb2df9e47dfcb5109">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">applicable to its business; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0fade21d738d4941836116a846cc2671">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">applicable to the Mortgaged Vessel(s) owned by such Obligor its ownership, employment, operation, management and registration,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">including Applicable Codes, Environmental Laws, and the laws of each relevant Flag State;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze23784bb87df4a34a6ace0e693e5efdf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtain, comply with and do all that is necessary to maintain in full force and effect any material Environmental Approvals for a Mortgaged Vessel;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb6bbcd19dfcb458d8036e032fafac8ae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">without limiting Clause 21.3a) above, not employ the Mortgaged Vessel(s) owned by such Obligor, nor allow their employment, operation or management in any
                    manner contrary in any material respect to any law or regulation including but not limited to Applicable Codes and Environmental Laws, in each case, applicable to such Obligor; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">77</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z934329c85d1b4439ab5e9e7f6158a5be">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">comply with all applicable Sanctions Laws and not employ the Mortgaged Vessel(s) owned by such Obligor, nor allow their employment, operation or management in
                    any manner contrary to any applicable Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ea18f518ce847268d4d7b8eb5413d6f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pari Passu Ranking</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Obligors shall ensure that its obligations under the Finance Documents do and will rank at
        least <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">pari passu</font> with all its other present and future unsecured and unsubordinated obligations, except for those obligations which are
        preferred by mandatory law applying to companies generally.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf43cc72d231241b2a048a124c6e21f88">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subordination</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors shall ensure that the claims of any Intra-Group Creditor under any intercompany loans made
        by such Intra-Group Creditors to any Obligor from time to time are subordinated to the claims of the Finance Parties against the Obligors under the Finance Documents pursuant to the Subordination Deed and that each Group Member that becomes an
        Intra-Group Creditor after the Initial Borrowing Date accedes to the Subordination Deed as an Intra-Group Creditor not later than on the date on which it becomes an Intra-Group Creditor in each case to the extent that such Intra-Group Creditor
        makes any loan or credit to an Obligor in excess of USD 500,000 or if the Agent (acting on the instructions of the Majority Lenders) otherwise reasonably requires that a specific Intra-Group Creditor accedes to the Subordination Deed.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc58eb6dd3ee14ffc841399dd9cbd739e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Tax Compliance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z240ec8e8a91245d7b12345c662a66a73">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall (and the Borrower shall ensure that each Group Member will) duly pay and discharge in all material respects all Taxes imposed upon it or
                    its assets within such time period as may be allowed by law without incurring penalties unless and only to the extent that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74135ba297c34aa6af4029ffebe7fc29">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such payment is being contested in good faith;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z73138921e38a45a0a8ab916d7697cc5f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">adequate reserves are being maintained for those Taxes and the costs required to contest them which have been or will be disclosed in its latest financial
                    statements delivered or which are next to be delivered to the Agent under Clause 19.1 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial Statements)</font>; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0dbb451e7ac249f09936307974aab80b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such payment can be lawfully withheld.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ca28ffa6f484833b87364b943220195">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as approved by the Majority Lenders, each Obligor shall maintain its residence for Tax purposes in the jurisdiction notified to the Agent on or prior
                    to the date of this Agreement and ensure that it is not resident for Tax purposes in any other jurisdiction.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd3897874e40473f836a5e33a95a218a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Merger</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor will enter into any amalgamation, demerger, merger, consolidation, re-domiciliation, legal
        migration or corporate reconstruction, except with the prior written consent of the Majority Lenders.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa605c9e727b48568e84056ae499a6ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Further Assurance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z64574979fe0049d187665130c76df355">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as
                    the Agent or Security Agent may reasonably specify (and in such form as the Agent or Security Agent may reasonably require):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">78</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd6360c5439ca45fa967e3ef6a9538518">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to perfect the Security Interests created or intended to be created by that Obligor under or evidenced by the Security Documents (which may include the
                    execution of a mortgage, charge, assignment or other security over all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the Security
                    Agent provided by or pursuant to the Finance Documents or by law;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1f40474ab5a47d4a7e059b09044113d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to confer on the Security Agent Security Interests over any property and assets of that Obligor located in any jurisdiction equivalent or similar to the
                    Security Interest intended to be conferred by or pursuant to the Security Documents over those assets;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc0e77c0c340f449086a3054aeb121d60">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security Documents; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z82f0468842c549cc80cd0ca770245990">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to facilitate the accession by a New Lender to any Security Document following an assignment in accordance with Clause 31.1<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;"> (Assignments and Transfers by the Lenders).</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8ebc0b8861c44250a42f40c13a5a6408">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the
                    creation, perfection, protection or maintenance of any Security Interest conferred or intended to be conferred on the Security Agent by or pursuant to the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z80fc89aecaab469993e4073d52ae2e92">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Negative Pledge in Respect of Charged Property</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as approved by the Majority Lenders and save for Permitted Security Interests, no Obligor will
        grant, assume or permit to exist any Security Interest over any Charged Property to the extent prohibited by Clause 27.3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(General Negative Pledge -
          The Owner).</font></font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zecd1c5a1b0a548ebacb08b6040c06737">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Environmental Matters</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac2244d936ad4325b7e8cf038b72d01c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall, as soon as reasonably practicable but no later than five (5) Business Days after the date that the relevant Obligor obtains knowledge
                    thereof, notify the Agent of any Environmental Claim being made against any Group Member or any Fleet Vessel which, if successful to any extent, might have a Material Adverse Effect and of any Environmental Incident which may give rise
                    to such a claim and will keep the Agent regularly and promptly informed in reasonable detail of the nature of, and response to, any such Environmental Incident and the defence to any such claim.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90bc0f865ff449fd86745d9f5ce345be">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Environmental Laws (and any consents, licences or approvals obtained under them) applicable to Fleet Vessels will not be violated in a way which might have a
                    Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89fae9d2e7824c3e8ba0def26cef9b4b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maintenance of Listing</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall maintain its listing on the Copenhagen Stock Exchange and Nasdaq New York.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb7cd5214bdb544ecb8c97287c8b7e75d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Change of Legal Entity Type, Jurisdiction, Etc.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During the Facility Period, no Obligor will, without prior written approval of the Majority Lenders
        (such approval not to be unreasonably withheld or delayed) change:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3f20129c511d4fa7bb1a8aec3c7dd8a1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the type of legal entity which it exists as;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9bc25c8d463e4a6d8b24d6fc6f5398ff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its jurisdiction or country of domicile or centre of establishment or tax residency; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59c49467a2a346ae9fbd461a8967ec4a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its Accounting Reference Date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">79</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb624e819e37445629bb969a54c2eb277">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Money Laundering and Bribery</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall, and each Obligor shall use all reasonable endeavours to procure that any parties
        acting on their behalf shall, observe and abide with any measure (including but not limited to) any law, official requirement or other regulatory measure or procedure implemented to combat:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd58a142e1cc7440f88a381666b20145d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">money laundering (as defined in article I of the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the
                    use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament
                    and of the Council and Commission Directive 2006/70/EC Directive 2005/60/EF (Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of
                    money laundering and terrorist financing); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbcf680dd499e467b8f2768e9eaab5495">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">bribery and corrupt practices in compliance with the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in
                    other jurisdictions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f29039e9d314d92a1588f8926f6d6af">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Certificate of Financial Responsibility</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If required at any time by the government of the United States of America, the Owner shall obtain and
        provide to the Agent a copy of the certificate of financial responsibility and the vessel response plan as required under the laws of the United States of America. If requested by the Agent (acting reasonably), the Owner shall also provide evidence
        of the approval of such documents by the appropriate United States of America government entity.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c1293e3b209488f98fcabf711d6de1b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91cbafafad4b4a9693ac46d8633a41ad">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall ensure that none of them, nor any of their respective directors, officers or employees is or will become a Restricted Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7302e1fca72a463e9da19f9ee6d16ffe">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall, and shall procure that each other Group Member and each Relevant Affiliate of any of them shall, not use any revenue or benefit derived
                    from any activity or dealing with a Restricted Party in discharging any obligation due or owing to the Finance Parties, to the extent such discharge with such revenue or benefit would be prohibited by Sanctions Laws or would otherwise
                    cause any Finance Party to be in breach of Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6114717af3d2441c80933f85d15eac8c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall procure that no proceeds from any activity or dealing with a Restricted Party are credited to any bank account held with any Finance Party
                    in its name or in the name of any other Group Member or any Relevant Affiliate of any of them, to the extent such provision of proceeds would be prohibited by Sanctions Laws or would otherwise cause any Finance Party to be in breach of
                    Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd673434533e2420b887066dac5554867">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor shall, and shall procure that each other Group Member shall, to the extent permitted by law promptly upon becoming aware of them supply to the
                    Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions Laws by any Sanctions Authority.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf01b19bc69b64104964693ca42d1265d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor shall permit or authorise and each Obligor shall prevent any Mortgaged Vessel being used directly or indirectly:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze50c896ff5814c3f87b5f30a3991f86f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by or for the benefit of any Restricted Party in violation of Sanctions Laws or in any manner which would otherwise cause any Finance Party to be in breach of
                    Sanctions Laws; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">80</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z892e91ca882a44adb78aa99675ab0e63">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in any trade which is reasonably likely to expose the Mortgaged Vessel, any Finance Party, any manager, crew or insurers to enforcement proceedings or any
                    other consequences whatsoever arising from Sanctions Laws.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb007ae3d2eb4cd9aee0f6e9d8bfc079">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ownership of Assets</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner shall hold full legal title to, and own the entire beneficial interest in, the applicable
        Mortgaged Vessel, Insurances and Earnings, free of any Security Interest and other interests and rights of every kind, save for Permitted Security Interests.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcfd0d6c0fbdf4f1197c834fe70a82404">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Centralised Cash Management</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors shall ensure that the Group's cash management function is centralised and handled by TORM
        A/S for the Group.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z92cd69bda9e14a748987574ef79b922f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DEALINGS WITH MORTGAGED VESSELS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor undertakes that this Clause 22 will be complied with in relation to each Mortgaged Vessel
        throughout the relevant Mortgaged Vessel&#8217;s Mortgage Period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4baaab6a47144ebc835e927aad4106c3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Vessel&#8217;s Name and Registration</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde172d2d25114054b0997f11767bafe1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Mortgaged Vessel&#8217;s name shall not be changed without the prior written consent of the Agent (acting on the instructions of the Majority Lenders).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze787bc1a5f094e48aa463aa59a92a543">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgaged Vessel shall be registered with the relevant Registry under the laws of its Flag State in the name of the Owner. Subject to Clause 22.1d) below,
                    the Mortgaged Vessel shall not be registered under any other flag or at any other port or fly any other flag (other than that of its Flag State), except with approval of the Agent (acting on the instructions of all of the Lenders). If
                    that registration is for a limited period, it shall be renewed at least forty five (45) days before the date it is due to expire and the Agent shall be notified of that renewal at least thirty (30) days before that date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf305d3fdfffa44a79e1a82d6050458a0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nothing will be done and no action will be omitted if that might result in such registration being forfeited or imperilled or the Mortgaged Vessel being
                    required to be registered under the laws of another state of registry.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z19ad51b1af404ce7accf55118058e060">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Owner may change the Flag State of any Mortgaged Vessel owned by it to any other Flag State without the consent of the Lenders subject to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc5272d7b0275456791dc80d1436a2457">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Owner providing the Finance Parties with a replacement Mortgage at the time of such transfer and any other replacement Security Documents and other
                    documentation as the Agent or the Security Agent may reasonably request (including, without limitation, legal opinions, certificates of ownership and encumbrance (or the equivalent evidence of registration in the name of the Owner), in
                    each case in form and substance satisfactory to the Agent), so that the Finance Parties have the equivalent Security Interest over such Mortgaged Vessel as they had prior to such change of Flag State;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8d33855704434f8eb5d5ee0aa4b4fce0">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any amendments to the Finance Documents which may be required in the reasonable opinion of the Agent as a result of such change of Flag State; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z955ce02aa06b487d9518b42a992f7cf4">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Default having occurred and being continuing.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbee9958919054d6fac6887665934ec07">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding the provisions of Clause 22.1a), b), c) and d) above, no bareboat registrations may be effected in respect of any of the Mortgaged Vessels
                    without the prior written consent of the Agent (acting on the</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">81</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">instructions of the Majority Lenders); provided that bareboat registrations may be effected in Denmark
        subject to the receipt by the Security Agent of such undertakings and powers of attorney relating to the deletion of such bareboat registrations in form and substance satisfactory to the Security Agent as the Security Agent may require.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe39ead014cd4436b645292173d95fe5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sale or Other Disposal of Mortgaged Vessel</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ac22f5c69234ac49873ad745d4357d0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner may sell any Mortgaged Vessel or any share or interest in it to any person, provided that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a455abecdfc4b54a80fb7a746f61eeb">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Default is continuing or has occurred; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4ea97fc18124f21807c6f3509d4f3f1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower has made or will make no later than at the Disposal Repayment Date, a prepayment in accordance with Clause 7.4 <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">(Mandatory prepayment &#8211; Sale or Total Loss of a Mortgaged Vessel).</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6374eedd45de4937a41002724bd1c3b7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There are no restrictions on the purchase or disposal of any Fleet Vessel (other than a Mortgaged Vessel, as set out in 22.2a) above), including with respect
                    to new-build programs.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z717e235b6e5d4c6581547b2791d72f4b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Manager</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z62a7602703f741be926aa0bb1697f702">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to paragraphs b) and c) below, each Mortgaged Vessel shall be managed commercially and technically by TORM A/S or in a tanker pool managed by TORM
                    A/S.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z828c45fd7fac442d842d978fb17f08e3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Mortgaged Vessel may be managed commercially and technically by another Group Member, or in another vessel pool, provided that the vessel pool is managed
                    by a reputable and experienced vessel pool manager acceptable to the Agent (with such acceptance not to be unreasonably withheld), and provided that at least fourteen (14) Business Days prior written notice is given to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1984142e57a24327a58ab061ecc068c1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Mortgaged Vessel may be managed by another Approved Technical Manager or by another commercial manager that has been consented to by the Majority Lenders
                    (such consent not to be unreasonably withheld) subject to such Approved Technical Manager and/or approved commercial manager, as the case may be, having delivered a duly executed manager&#8217;s undertaking in a form consistent with market
                    practice in ship finance transactions in favour of the Security Agent in a form and substance acceptable to the Majority Lenders and including in any event a subordination of the manager's claims against the Obligors and the Mortgaged
                    Vessels to the claims of the Finance Parties under the Finance Documents; provided that in the case of a third party manager, the Obligors shall only use their reasonable commercial efforts to obtain such subordination).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36a3cd132472465482a823010597c810">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Copy of Mortgage on Board; Notice of Mortgage</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To the extent required by the applicable law of the Flag State, the Owner agrees to:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z68032496b23141ad986941ab315738cc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">keep on board the relevant Mortgaged Vessel with its papers a properly certified copy of the relevant Mortgage shown to anyone having business with the
                    Mortgaged Vessel which business might create or imply any commitment or Security Interest over or in respect of the Mortgaged Vessel (other than a lien for crew&#8217;s wages and salvage) and to any representative of the Agent or the Security
                    Agent; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze97f4753a28a41e6a8a9dff5b25b037e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">prominently display a framed printed notice of the Mortgaged Vessel&#8217;s Mortgage in the navigation room and in the master&#8217;s cabin of the Mortgaged Vessel. The
                    notice must be satisfactory to the Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z92a2574916a5484bbedffa2d352b7d20">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Chartering</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">82</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc7d395e798a14487820f955135aacca8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">None of the Obligors shall enter into any Charter for a Mortgaged Vessel (except for the Bareboat Charters copies of which have been provided to the Agent as
                    a condition precedent to the first Utilisation under this Agreement and, if the Obligors expect to change the bareboat charter structure of any Mortgaged Vessel, such other Bareboat Charters as may be approved by the Agent (acting on
                    the instructions of the Majority Lenders) and a copy of which has been provided to the Agent) which is a bareboat or demise charter or passes possession and operational control of such Mortgaged Vessel to another person.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za8ec083772774973b7a8ffdf6c6cf8f1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All Charters of the Mortgaged Vessels shall be on terms as to payment or amount of hire which are not materially less beneficial to the Obligors than the
                    terms which at that time could reasonably be expected to be obtained on the open market for vessels of the same age and type as such Mortgaged Vessel under charter commitments of a similar type and period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z394617bf477441aea84cb797dd130592">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors shall promptly notify the Agent of any Charter made for a period which is longer than thirteen (13) months (including any optional or automatic
                    extension periods) and shall deliver to the Agent, upon the Agent&#8217;s reasonable request, a summary of all Charters to which the Mortgaged Vessels are subject, including the identity of the charterers.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbfdf974045564b51897daad7b41f18dc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors shall give notice of the assignments contained in the General Assignment for each Mortgaged Vessel to the charterer under any Charter for such
                    Mortgaged Vessel longer than thirteen (13) months (including any optional or automatic extension periods) immediately upon entry into the General Assignment (or, if later, the date of entry into such Charter) and shall ensure that the
                    Agent receives a copy of that notice, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">provided </font> that, prior to the occurrence and continuance of an Event of Default, no notice
                    shall be required to be given if the Borrower demonstrates to the reasonable satisfaction of the Agent (acting on the instructions of all of the Lenders), sound commercial reasons to refrain from giving such notice. If a charterer of a
                    Mortgaged Vessel is notified of the assignment under the General Assignment, the Obligors shall use reasonable endeavours to obtain acknowledgements of such notices from that charterer (it being acknowledged that it may not be possible
                    to obtain such acknowledgements).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z807e8e352f63428eacd4bb535127ca34">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except with approval or as provided at paragraph f) below, the Obligors shall not terminate or rescind the Bareboat Charters or withdraw the Mortgaged Vessel
                    from service under the Bareboat Charters or take any similar action. Except with approval or as provided at paragraph f) below, the Bareboat Charterers shall not terminate or rescind the Bareboat Charters for any reason whatsoever.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa87817ee9094f7dbad91babba1a5bd1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner and/or the Bareboat Charterers may terminate the Bareboat Charters and related Bareboat Charterparty Fee Agreements (as defined in the relevant
                    General Assignment) and withdraw the relevant Mortgaged Vessel from service under the Bareboat Charters and the Security Agent shall, at the request and the cost of the Borrower, as soon as reasonably practicable release all Transaction
                    Security granted to it by the Owner and/or the Bareboat Charterers in respect of the Bareboat Charters and related Bareboat Charterparty Hire and Management Fee Agreements in each case provided that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfec9989b03ca47d799bb82860afb21af">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Owner or the relevant Bareboat Charterer has given the Agent and the Security Agent not less than 5 (five) Business Days&#8217; (or such shorter period as the
                    Lenders may agree) prior written notice of the proposed termination;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbfca6afa57834299b8fa0bdc866ab36b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Owner grants such Transaction Security as the Security Agent, in its reasonable opinion, requires and the Owner carries out any action to protect, perfect
                    or give priority to the Transaction Security in each case as the Security Agent, in its reasonable opinion, requires;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb94c1441be6c4d819ceb38d9a5268027">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">this Agreement and any other relevant Finance Documents has been unconditionally amended in such manner as the Agent, in its reasonable opinion, requires in
                    consequence of that additional security being provided; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">83</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49c227a0c7ea4291bd4945c42006f360">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent, or its duly authorised representative, has received such documents and evidence it may, in its reasonable opinion, require in relation to that
                    amendment and additional security including documents and evidence of the type referred to in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 3 (Conditions Precedent)</u></font> in relation to
                    that amendment and additional security and its execution and (if applicable) registration.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdc1648c1327a4857acbbf9155a45daaf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor shall do anything which would or might prevent the other Obligors complying with this Clause 22<font style="font-size: 10pt; font-family: 'Times
                      New Roman', Times, serif; font-style: italic;"> (Dealings with Mortgaged Vessels) </font>or Clauses 23 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Condition and Operation of
                      Mortgaged Vessels)</font> or 24<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> (Insurance),</font> or fail to do anything required by the Bareboat Charters where failure to do so would
                    or might have such an effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze40045cc0974479da587c9082c3768ab">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as approved by the Majority Lenders, the Bareboat Charterers shall not grant or allow to exist any Security Interest over any asset of the Bareboat
                    Charterers over which a Security Interest is granted or expressed to be granted by its General Assignment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z86e942e379db4060b4e118e8e2263e24">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payment of Earnings</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The relevant Earnings from the Mortgaged Vessel shall be paid in accordance with the provisions of the
        relevant Mortgaged Vessel&#8217;s General Assignment. If any Earnings are held by brokers or other agents, they shall be paid to the Security Agent, if so required by the Security Agent following any date on which the Earnings have become payable to the
        Security Agent under the Mortgaged Vessel&#8217;s General Assignment.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc504e06c42c947f8b77dbb059c620b02">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Class Records</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon written request by the Agent not more than once per year except in case of the occurrence and
        continuance of an Event of Default, the Obligors shall instruct the relevant Classification Society to send to the Agent copies of all class records held by that Classification Society in relation to the relevant Mortgaged Vessel.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c9cc786413b410599c2a53e54d5f759">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONDITION AND OPERATION OF MORTGAGED VESSELS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor undertakes that this Clause 23 will be complied with in relation to each Mortgaged Vessel
        throughout the relevant Mortgaged Vessel&#8217;s Mortgage Period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9a599da5f73b4e528df23159ccb5f195">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Defined Terms</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Clause 23 and in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule



            3 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>:</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Applicable



          Law</font>&#8221; means all laws and regulations applicable to vessels registered in the Mortgaged Vessel&#8217;s Flag State or which for any other reason apply to the Mortgaged Vessel or to its condition or operation at any relevant time, including, without
        limitation, laws and regulations relating to scrapping and/or dismantling vessels.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Applicable



          operating certificate</font>&#8221; means any certificates or other document relating to the Mortgaged Vessel or its condition or operation required to be in force under any Applicable Law or any Applicable Code.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z182d30c8238349fdb872516317b991fd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repair</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors shall keep each Mortgaged Vessel owned by it in a good safe condition and state of repair:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z85d6a421c361464d97940a5625623c6e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">consistent with prudent ownership and sound ship management practice; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">84</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z155d3763669947be9bba4546cb93e37d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">so as to maintain that Mortgaged Vessel&#8217;s class as at the date of this Agreement (or, in the case of any vessel mortgaged as additional security pursuant to
                    Clause 25.13 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Creation of Additional Security</font>), as at the date of creation of such mortgage) free of overdue recommendations and
                    conditions affecting that Mortgaged Vessel&#8217;s class with a Classification Society.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z676ca378bc3d4fc7bcef75ec0f07639b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Modification</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except with approval of the Agent (acting on the instructions of the Majority Lenders), the structure,
        type or performance characteristics of the Mortgaged Vessel shall not be modified in a way which could or might materially alter the Mortgaged Vessel or materially reduce its value.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z01dd86dd7eca4f8cad5f2c4462601bb4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Removal of Parts</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except with approval of the Agent (acting on the instructions of the Majority Lenders), no material part
        of the Mortgaged Vessel or any equipment shall be removed from the Mortgaged Vessel if to do so would materially reduce its value (unless at the same time it is replaced with equivalent parts or equipment owned by the Owner free of any Security
        Interest except Security Interests created pursuant to the Security Documents).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z665a92cdd8f1455184041cc0ba8623a5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third Party Owned Equipment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except with approval of the Agent (acting on the instructions of the Majority Lenders), equipment owned
        by a third party shall not be installed on the Mortgaged Vessel if it cannot be removed without risk of causing damage to the structure or fabric of the Mortgaged Vessel or incurring significant expense.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zebe91572abb246b2a04b740724368c41">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maintenance of Class; Compliance with Laws and Codes</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgaged Vessel&#8217;s class shall be the relevant Classification, which may not be changed without
        consent of the Majority Lenders. The Mortgaged Vessel and every person who owns, operates or manages the Mortgaged Vessel shall comply in all material respects with all Applicable Laws, and the requirements of all Applicable Codes. There shall be
        kept in force and on board the Mortgaged Vessel or in such person&#8217;s custody any applicable operating certificates which are required by Applicable Laws or Applicable Codes to be carried on board the Mortgaged Vessel or to be in such person&#8217;s
        custody.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59a1fba1d3dd46dc94155b8f37b47254">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Surveys</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgaged Vessel shall be submitted to continuous surveys and any other surveys which are required
        for it to maintain the Classification as its class. Copies of reports of those surveys shall be provided promptly to the Agent if it so requests. If any recommendations are made in such a report, they shall be complied with in the way and by the
        time required in the report.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8de97803ab8c443ca290b0c18d347175">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inspection</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent and/or Security Agent, through a qualified surveyor appointed by the Agent and/or Security
        Agent for such purpose, shall be allowed once a year to board the Mortgaged Vessels at all reasonable times (without materially interfering with that Mortgaged Vessel&#8217;s trading or operations) to inspect it and given all proper facilities needed for
        that purpose, subject to customary indemnity undertakings. The limitation of one such inspection per year per Mortgaged Vessel shall not apply at any time that an Event of Default has occurred and is continuing.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">85</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9647e1a6a6c746b5b054c49e7179ad57">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lay up</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors shall not allow any lay up of any Mortgaged Vessels without the prior written consent of
        the Agent (acting on the instructions of the Majority Lenders).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za474b8a3bc434a64aec73907b1ff9bfb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Information about Mortgaged Vessel</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall promptly be given any information which it may reasonably require about the Mortgaged
        Vessel or its employment, position, use or operation, including details of towages and salvages, copies of all Charters subject to the General Assignment and copies of any applicable operating certificates.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfff639b9f9334996a2d8d3a8aabc1b9a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of Certain Events</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall immediately notify the Agent of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z181aec4a282443daae301f2460aa4c74">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Major Casualty or any damage to a Mortgaged Vessel where the cost of the resulting repairs is likely to exceed the Majority Casualty Amount;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z46cc73832ce8456db4bb79a7914a7986">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any occurrence which may result in a Mortgaged Vessel becoming a Total Loss;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa15b36719f348a584f43c6bb20b5ecf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any requisition of a Mortgaged Vessel for hire;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze62fc48fc7434368bf5c3affe2994de2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Environmental Incident, or any Release which in either case may reasonably result in a liability in excess of two million Dollars (US$2,000,000) (or the
                    equivalent in any other currency) involving any single Mortgaged Vessel or five million Dollars (US$5,000,000) (or the equivalent in any other currency) in respect of the Mortgaged Vessels taken together, in accordance with the
                    provisions of Clause 21.10a) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Environmental Matters</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e192c4f5da7485db91efbc690b2971b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any capture, seizure, arrest, confiscation or detention of the Mortgaged Vessel or any exercise or purported exercise of a lien, Security Interest or other
                    claim on the Mortgaged Vessel or its Earnings or Insurances.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc93eeab2ef84a19896af8983485ab30">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repairers&#8217; Liens</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except with prior written consent of the Security Agent, the Mortgaged Vessel shall not be put into any
        other person&#8217;s possession for work to be done on the Mortgaged Vessel if the cost of that work will exceed or is likely to exceed an amount equal to $6,000,000 for such Mortgaged Vessel put into any other person&#8217;s possession for work, unless any
        amount above such threshold is either covered by (i) a written undertaking not to exercise any lien on the Mortgaged Vessel or its Earnings for the cost of such work exceeding such threshold, delivered by such person to the Security Agent on
        approved terms or (ii) adequate reserves which have been made available (as evidenced in a form and substance reasonably acceptable to the Agent).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zafff2eea38b94e4686de547cfa4f6fbf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lawful Use</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgaged Vessel shall not be employed:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z33774825c8774796a959f4f429c70adf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in any way or in any activity which is unlawful under international law or the domestic laws of any relevant country;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze39c599d84264160bfacb01a9df5f97a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in carrying illicit or prohibited goods;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za968232c1a9847a5b7b4a646b70c3b00">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">86</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb22f15c01e15467a8abc40b571773440">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if there are hostilities in any part of the world (whether war has been declared or not), in carrying contraband goods</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and the persons responsible for the operation of the Mortgaged Vessel shall take all necessary and
        proper precautions to ensure that this does not happen, including participation in industry or other voluntary schemes available to the Mortgaged Vessel and in which leading operators of ships operating under the same flag or engaged in similar
        trades generally participate at the relevant time.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce8c5f9bbce74abcbb184c3a9b0a74cd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">War Zones</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgaged Vessel shall not enter or remain in any zone which has been declared a war zone by any
        government entity or the Mortgaged Vessel&#8217;s war risk insurers unless the Insurances permit the Mortgaged Vessel to enter into or remain in such zone. If the Owner has to take out additional insurances in order to comply with the Mortgaged Vessel&#8217;s
        insurer&#8217;s requirements to ensure that the Mortgaged Vessel remains properly insured in accordance with the Finance Documents in order to enter such war zone, the Owner shall:&#160; ensure that such additional insurances are obtained and copies of such
        documents are provided to the Agent at the Agent's request.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za76dd778d50d4e8e98b99e80fd4b01fe">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">23.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Dismantling, recycling and green passport</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc19552d89ca1401399cef7cfe2c673aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event that the any Group Member sells a Mortgaged Vessel for dismantling or recycling, the relevant Group Member shall obtain from the buyer of that
                    Mortgaged Vessel a covenant that such buyer will dismantle or recycle the vessel in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27bc4fa6fa19401baca030441b1697cd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any Mortgaged Vessel is to be scrapped by the Owner, the Owner shall first provide the Agent with a copy of that Mortgaged Vessel's "Green Passport" (being
                    a document listing all the potentially hazardous materials on board) or an equivalent document for that Mortgaged Vessel in a form satisfactory to the Agent (acting on the instructions of the Majority Lenders) and executed by a surveyor
                    approved by the Agent (acting on the instructions of the Majority Lenders).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z87ca334f892f462d89673b93ea8d7f4a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INSURANCE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor undertakes that this Clause 24 shall be complied with in relation to each Mortgaged Vessel
        and its Insurances throughout the relevant Mortgaged Vessel&#8217;s Mortgage Period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z243ec8c96a414663b10647342bed70d2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance Terms</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this Clause 24:</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved



          Insurers</font>&#8221; means any first class insurer for prudent ship operations with a minimum rating of A- with AM Best and/or BBB+ with Standard &amp; Poor&#8217;s, or any other international, reputable maritime insurance company, underwriter approved in
        writing by the Agent (acting reasonably) and, in respect of any P&amp;I risk, any club that is a member of the International Group of P&amp;I Clubs or any other P&amp;I Club or association approved in writing by the Agent (acting reasonably).</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved



          Insurance Brokers</font>&#8221; means each of Arthur Gallagher, Henschien, Bergvall, BMS, George Duncker, Marsh, Willis, Towers Watson, Hugh Wood Inc., or such other reputable international insurance broker approved in writing by the Agent (acting
        reasonably).</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">87</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Excess
          risks</font>&#8221; means the proportion (if any) of claims for general average, salvage and salvage charges not recoverable under the hull and machinery insurances of a vessel in consequence of the value at which the vessel is assessed for the purpose
        of such claims exceeding its insured value.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Excess
          war risk P&amp;I cover</font>&#8221; means cover for claims only in excess of amounts recoverable under the usual war risk cover including (but not limited to) hull and machinery, crew and protection and indemnity risks.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull
          cover</font>&#8221; means insurance cover against the risks identified in paragraphs a) and b) of Clause 24.3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Coverage Required).</font></font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">P&amp;I
          risks&#8221;</font> means the usual risks (including liability for oil pollution, excess war risk P&amp;I cover) covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations
        (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision
        liability not covered under the terms of the hull cover).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbb235bf296b49219c36fdf6cab6e38a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Required Insurance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall, at its own cost, obtain and maintain at all times insurances in respect of each
        Mortgaged Vessel against:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e7f4c872747430c8e5ca433ba0b5572">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">fire and usual marine risks (including hull and machinery, excess risks, hull interest and freight interest);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z986e12efc7e9473db5b1efb9f225d02b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">war and usual dispossession risks (including war protection and indemnity risks and terrorism, piracy, hijacking and confiscation risks);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdf7a73b30a8747319724b618734ea868">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">protection and indemnity risks (including pollution liability risks) on usual entry terms adopted by the industry for similar vessels for the full tonnage of
                    each Mortgaged Vessel; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z899a61c833c94d619e2a9850f6f49eed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">at the request of the Agent, such other risks and matters specified by the Agent by written notice to the Borrower which the Agent (acting on the instructions
                    of the Majority Lenders) reasonably considers necessary or advisable for a prudent shipowner or operator of a vessel similar to the relevant Mortgaged Vessel to insure against at the time of that notice, where such insurance is
                    available at a reasonable cost, and having regard to market practices and other circumstances prevailing at the relevant time,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in each case, on terms which comply with the other provisions of this Clause 24.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zee3f6015e75844d2921107f92ab2f49f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Coverage Required</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd8529d6dabdf411d8d820d5f0e71654b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The insured value of each Mortgaged Vessel shall at all times during the Facility Period represent at least such Mortgaged Vessel&#8217;s Market Value and the
                    aggregate insured value of all the Mortgaged Vessels in respect of such Insurances shall at all times during the Facility Period be no less than one hundred and twenty per cent. (120%) of the aggregate amount of the Loan then
                    outstanding.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6662786706b4439ca64c42138ec4b1f2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The amount of the hull and machinery marine risks coverage for each Mortgaged Vessel shall at all times during the Facility Period represent at least eighty
                    per cent. (80%) of the Mortgaged Vessel&#8217;s Market Value.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e026c49b3344bf48bd92d354a22dcfc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The amount insured in respect of P&amp;I risks shall be in the amount equal to the maximum limit of cover available in the market.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">88</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b571be149244183aa30c8e49148fc6f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Placing of Cover</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The insurance coverage required by Clause 24.2 (<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Required Insurances</font>) shall be:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8bffe2b788f74029bb4ec716011e799b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the name of the Mortgaged Vessel&#8217;s Owner and (in the case of the Mortgaged Vessel&#8217;s hull cover for claims in respect of physical loss or damage to a
                    Mortgaged Vessel) no other person, other than:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1416c2d50ca24a4f868f8419312e1440">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Security Agent to the extent required by the Security Agent under Clause 24.4b) below; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeefafaaeeb4c4aecbe65cfaacc047602">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any manager or other third party subject to such person, upon request from the Security Agent, assigning all rights to the Security Agent in a manner
                    acceptable to the Security Agent,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and, if so required by the Agent from time to time, has duly executed and delivered a first priority
        assignment of its interest in the Mortgaged Vessel&#8217;s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires);</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbfb86c29a38941c9ada6a495efbd971f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if the Agent so requests (acting on instructions of the Majority Lenders), in the joint names of the Mortgaged Vessel&#8217;s Owner and the Security Agent (and, to
                    the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or calls);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fb81138d9ce4a2191dd658a556c7039">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in Dollars or another approved currency;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7e72fdda545845b597c804d8c0f7a0f8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">arranged through Approved Insurance Brokers or direct with Approved Insurers or protection and indemnity or war risks associations and/or clubs that are
                    members of the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">International Group of P&amp;I Clubs</font>&#8221;; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ed703e5f1af4d24822b0ba45a5f64d9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on terms and conditions satisfactory to the Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z453fcbf86aaa480aa67f24a140114405">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deductibles</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The aggregate amount of any excess or deductible under the Mortgaged Vessel&#8217;s hull cover shall not
        exceed US$300,000, unless approved in writing by the Agent (acting reasonably).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaefc1c41c6444f008980c1be4ddfa0e1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgagee&#8217;s Insurance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall promptly reimburse to the Agent (i) the full cost (as conclusively certified by the
        Agent) of taking out and keeping in force in respect of the Mortgaged Vessels mortgagee&#8217;s interest insurance (MII) and a mortgagee&#8217;s additional perils pollution insurance (MAPP) (all P&amp;I risks) cover for the benefit of the Finance Parties in
        each case for an amount equal to up to one hundred and ten per cent. (110%) of the Loan then outstanding and on such terms as the Agent considers appropriate, and (ii) the full cost incurred by the Agent or the Lenders in considering or making
        claims thereunder.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb9ad50aeab864ce5bbca9088d4c8ba4e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fleet Liens, Set off and Cancellations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Mortgaged Vessel&#8217;s hull cover also insures other vessels, the Security Agent shall either be
        given an undertaking in approved terms by the brokers or (if such cover is not placed through brokers or the brokers do not, under any applicable laws or insurance terms, have such rights of set off and cancellation) the relevant insurers that the
        brokers or (if relevant) the insurers will not:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36863a6b0b5c48f5a2cd2d2e457446f5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">set off against any claims in respect of the Mortgaged Vessel any premiums due in respect of any of such other vessels insured (other than other Mortgaged
                    Vessels); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze307e1136e1f4c708c0b1a02efceb37d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">cancel that cover because of non-payment of premiums in respect of such other vessels,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">89</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">or the Borrower shall ensure that hull cover for any Mortgaged Vessels is provided under a separate
        policy from any other vessels, in each case unless reputable international insurance brokers and reputable maritime insurance companies have developed a general policy of not giving such undertakings.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z621b7474ba764c2292102952fd2c61a7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance Notices and Loss Payable Clauses</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The interest of the Security Agent as assignee of the Insurances shall be endorsed on all insurance
        policies by the incorporation of a Loss Payable Clause and an Insurance Notice in respect of the Mortgaged Vessel and its Insurances signed by its Owner and, unless otherwise approved, each other person assured under the relevant cover (other than
        the Security Agent if it is itself an assured) in a manner satisfactory to the Security Agent (acting reasonably).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2876d830b964978b152e52b7c04d29b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Details of Proposed Renewal of Insurances</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Before any of the Mortgaged Vessel&#8217;s Insurances are due to expire and only if so requested by the Agent,
        the Agent shall be notified of the names of the brokers, insurers and associations proposed to be used for the renewal of such Insurances and the amounts, risks and terms in, against and on which the Insurances are proposed to be renewed.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z367199455c84457f87d4e20bbba09d38">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Instructions for Renewal</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Before any of the Mortgaged Vessel&#8217;s Insurances are due to expire, instructions shall be given to
        brokers, insurers and associations for them to be renewed or replaced on or before their expiry.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze73fd14d387b423998d536f723fa8f12">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confirmation of Renewal</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgaged Vessel&#8217;s Insurances shall be renewed upon their expiry in a manner and on terms which
        comply with this Clause 24 and confirmation of such renewal given by approved brokers or insurers to the Agent at least three Business Days (or such shorter period as may be approved by the Agent) before such expiry.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36995811e1eb4070bc68b791b2f9bd8a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance Documents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall be provided with pro forma copies of all insurance policies and other relevant
        documentation issued by brokers, insurers and associations in connection with the Mortgaged Vessel&#8217;s Insurances as soon as possible after they are available after they have been placed or renewed.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zec604ecc151d41f597f5e7c86eef60a6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Letters of Undertaking</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless otherwise approved where the Agent is satisfied that equivalent protection is afforded by the
        terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal of the Insurances, the Agent shall be provided promptly with letters of undertaking in an approved form
        (having regard to general insurance market practice and law at the time of issue of such letter of undertaking) from the relevant Approved Insurance Brokers, Approved Insurers protection and indemnity risks and/or war risks associations and club
        undertakings.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b3d56ab36c44ed6b49ddf3a78a8742b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Independent Report</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may at any time request a detailed report from an independent firm of marine insurance brokers
        giving their opinion on the adequacy of the Mortgaged Vessel&#8217;s Insurances in which case the Borrower shall reimburse</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">90</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent for the cost of obtaining such a report. The Borrower shall be liable to pay (or reimburse the
        Agent) for no more than one such report per Mortgaged Vessel per year (unless (x) such report is obtained in connection with the occurrence of, or shows the occurrence of, an Event of Default, in which case the cost of such report shall be for the
        Borrower&#8217;s account or (y) there shall be a material change to the Mortgaged Vessel&#8217;s Insurances).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3b714a1432f34da686f030844cfbc5fb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Collection of Claims</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All documents and other information and all assistance required by the Agent to assist it and/or the
        Security Agent in trying to collect or recover any claims under the Mortgaged Vessel&#8217;s Insurances shall be provided promptly.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z271b810d61374f4582ce98d958f8bd48">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Employment of Mortgaged Vessel</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgaged Vessel shall only be employed or operated in conformity with the terms of the Mortgaged
        Vessel&#8217;s Insurances (including any express or implied warranties) and not in any other way (unless the insurers have consented and/or any additional requirements of the insurers have been satisfied).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3ee796058b0e43b88ff28d00151ae9fd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Declarations and Returns</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any of the Mortgaged Vessel&#8217;s Insurances are on terms that require a declaration, certificate or
        other document to be made or filed before the Mortgaged Vessel sails to, or operates within, an area, those terms shall be complied with within the time and in the manner required by those Insurances.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd2926ef83ccf44b4b0ecc9d027324301">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Application of Recoveries</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All sums paid under the Mortgaged Vessel&#8217;s Insurances to anyone other than the Security Agent shall be
        applied in repairing the damage and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0603a97ddad9482e8919c769f8d66f35">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Settlement of Claims</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any claim under the Mortgaged Vessel&#8217;s Insurances for a Total Loss or Major Casualty shall only be
        settled, compromised or abandoned with prior approval of the Agent (acting on the instructions of the Majority Lenders).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7dc4ee029321486faf8a02757b900c3f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">24.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change in Insurance Requirements</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent gives notice to the Borrower to change the terms and requirements of this Clause 24 (which
        the Agent may only do, in such manner as it considers appropriate in its reasonable opinion, as a result of changes of circumstances or market practice after the date of this Agreement), this Clause 24 shall be modified in the manner so notified by
        the Agent on the date fourteen (14) days after such notice from the Agent is received<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">, provided always</font> that the Agent shall use reasonable
        endeavours to give such notices as close as practicable to renewal dates for the Insurances and to consult with the Borrower before giving any such notice.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za34e925b1f7d42e0885db12eeba1b4bf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MINIMUM SECURITY VALUE</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor undertakes that this Clause 25 will be complied with from the date of this Agreement until
        the end of the Facility Period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z82a025562d1b43cc973d859d029f4711">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Valuation of Assets</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">91</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the purpose of the Finance Documents, the value at any time of any Mortgaged Vessel or any other
        asset over which additional security is provided under this Clause 25 will be its value as most recently determined in accordance with this Clause 25 and, for the avoidance of doubt, in case of additional valuations required by the Agent as
        contemplated in Clause 25.2c), on the basis of such additional valuations.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb40b93e9718343978aff855a1ef89842">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Valuation Frequency</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd5395f6b39fd462c9b7c18f6c2e525d0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prior to the occurrence of an Event of Default, valuations of each Mortgaged Vessel and each such other asset in accordance with this Clause 25 shall be
                    provided to the Agent:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd33a43c7adc24dcbbf9073f58612ed82">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as required to determine the Initial Security Value,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z162c6c475c7c4d5cbab2a44de934b5cb">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">semi-annually (as at each 30 June and 31 December), along with each Compliance Certificate delivered pursuant to Clause 20.3 <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial Testin</font>g) in respect of such dates, and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7bbc2261155f40759104640ada0eff4a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as required to determine the Market Value of the Mortgaged Vessels as contemplated in Clause 7.4 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Mandatory prepayment - Sale or Total Loss of a Mortgaged Vessel</font>) in connection with a Sale or Total Loss of a Mortgaged Vessel Security Value.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc602d4f06d324cbebda0c0c32b4798a5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">After an Event of Default has occurred and while it is continuing, valuations of each Mortgaged Vessel and each such other asset in accordance with this
                    Clause 25 may be required by the Agent at any time.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z69e53ecb02f84990bf073daaaa202747">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At any time, if the Agent reasonably suspects the Borrower is not in compliance with (i) Clause 20 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Financial Covenants</font>)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">, </font>(ii) Clause 28c) (in relation to Forward Freight
                    Agreements<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">)</font>, (iii) the required Initial Security Value in connection with any Utilisation, or (iv) this Clause 25, the Agent may
                    with thirty (30) days&#8217; prior notice (other than in the case of item (iii) of this sub-clause (c) in which case no such notice period shall apply) either request additional valuations of each Mortgaged Vessel to be provided to it by the
                    Borrower or itself obtain additional valuations of each Mortgaged Vessel, in each case, such additional valuations (whether obtained by the Borrower or by the Security Agent) to prevail.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z894130e6e0384147aa43f6a1108085a1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Expenses of Valuation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall bear, and reimburse to the Agent where incurred by the Agent, all costs and expenses
        of providing or obtaining valuations.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb70e6d7500e9491faeef8ade0d26b46a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Valuations Procedure</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd425cc4d78e446779eb8dc1bc93c536a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The value of any Mortgaged Vessel shall be determined in accordance with this Clause 25.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc02325c4297c4513abdf41421fbc744e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Additional security in the form of Cash deposited in a blocked account subject to Security Interest in favour of the Security Agent shall be valued at par.
                    Any other additional security provided under this Clause 25 shall be valued in such a way, on such a basis and by such persons (including the Agent itself) as may be approved by the Majority Lenders or as may be agreed in writing by the
                    Borrower and the Agent (on the instructions of the Majority Lenders).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z65938429960445fa85ba3f3e3f71f0d3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency of Valuation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Valuations shall be provided by an Approved Broker in Dollars or, if an Approved Broker is of the view
        that the relevant type of vessel is generally bought and sold in another currency, in that other currency. If a valuation is provided in another currency, for the purposes of this Agreement it shall be converted into Dollars at the Agent&#8217;s</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">92</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">spot rate of exchange for the purchase of Dollars with that other currency as at the date to which the
        valuation relates.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91a44ea0d034405dab99dc80cf14fa78">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Basis of Valuation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each valuation will be addressed to the Agent in its capacity as such and made:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zccab49f6939a4ecd8090de6168ff4428">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">without physical inspection provided that the Agent (acting on the instructions of the Majority Lenders acting reasonably) may by no less than two months'
                    notice to the Borrower require that the Market Value be determined in respect of one or more Mortgaged Vessels with physical inspection;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a4ca304341d467eb7527560eb883a61">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on the basis of a sale for prompt delivery for a price payable in full in cash on delivery at arm&#8217;s length on normal commercial terms between a willing buyer
                    and a willing seller not under duress; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc1d889e9ce35483a98796dd2dd86f98e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">without taking into account the benefit of any charter commitment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa16ed8d2e7549b2bcce03637e0ec0e0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Information Required for Valuation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall promptly provide to the Agent and any such Approved Broker any information which they
        reasonably require for the purposes of providing such a valuation.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc00f80bd7172442585d7c85be5cd190b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Approved Brokers</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All valuers must be an Approved Broker. The Agent may from time to time notify the Borrower of approval
        of one or more additional independent ship brokers as Approved Brokers for the purposes of this Clause 25.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1419054013f244229de9606959b0f783">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Appointment of Approved Brokers</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">When a valuation is required for the purposes of this Clause 25, the Borrower shall promptly appoint two
        (2) Approved Brokers to provide such a valuation. If the Borrower is approved to appoint valuers but fails to do so promptly, the Agent may appoint Approved Brokers to provide that valuation.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z87a0ec22bd524eb488e1e73a0123b903">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number of Valuers</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each valuation will be carried out by two Approved Brokers obtained by the Borrower.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3821bcaf8ca34fdb81b4f0fc76878b66">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Differences in Valuations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6adb6cb136e5444498a021c1240ebfd6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to paragraphs b) and c) below, if the valuations provided by each Approved Broker differ, the value of the relevant Mortgaged Vessel for the purposes
                    of the Finance Documents will be the mean average of those valuations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4115fda4ee7f4343a9820a2f90122140">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the valuations on a Mortgaged Vessel delivered by the two (2) Approved Brokers deviates by a margin of more than twenty per cent. (20%) of the higher of
                    the two valuations, the Agent (acting on behalf of the Lenders) may request a valuation from a third Approved Broker and the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Market Value</font>&#8221;
                    of the relevant Mortgaged Vessel shall thereafter be the average of the three (3) valuations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z541d2f34cf3b437aa5d8ff1f00f7bdd8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the valuations of all Mortgaged Vessels in the aggregate delivered by two (2) Approved Brokers deviates by a margin of more than ten per cent. 10% of the
                    higher of the two valuations, the Agent (acting on behalf of the Lenders) may request valuations from a third Approved Broker for all such Mortgaged Vessels and the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-weight: bold;">Market</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</font>&#8221; of such Mortgaged Vessels shall thereafter be the average of the three (3)
                    valuations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">93</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zedaf202d234b4073a06215048af3fb09">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Shortfall</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If at any time the Security Value is less than the Minimum Value, the Agent may, and shall, if so
        directed by the Majority Lenders, by notice to the Borrower require that such deficiency be remedied. The Borrower shall then within fourteen (14) days of receipt by the Borrower of such notice ensure that the Security Value equals or exceeds the
        Minimum Value. For this purpose, the Borrower may, at its option:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5eba53a03ce64229bccff0c1441f6128">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">provide additional security over other assets approved by the Majority Lenders in accordance with this Clause 25; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za6e9e9c35903448ab2a40c1d4a6a10e5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">prepay any part of the Loan under Clause 7.6 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Voluntary
                      Prepayment)</font> provided that in such case no minimum prepayment amount requirements shall be applicable;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and in the event that such additional security is not provided, or prepayment made, within fourteen (14)
        days of receipt by the Borrower of such notice, the Borrower shall prepay such amount of the Loan as shall be required under Clause 7.3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Mandatory
          Prepayment &#8211; Security Value</font>), which shall, for the avoidance of doubt, not constitute a breach of this Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f5e8e8ebacd40f7a78b0e01cd4e40eb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Creation of Additional Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The value of any additional security which the Borrower offers to provide to remedy all or part of a
        shortfall in the amount of the Security Value will only be taken into account for the purposes of determining the Security Value if and when:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1315d2629f340cdb630c2932919a952">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of any vessel mortgaged as additional security pursuant to Clause 25.12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Security Shortfall</font>), the relevant owner accedes as an Additional Guarantor and grants the Transaction Security and carries out any action to protect, perfect or give priority to the Transaction
                    Security in each case identified in Part III of <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 3 </u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;"><u>(Conditions Precedent)</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">;</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf04e91f37e5f431680c336478915cfd8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that additional security, its value and the method of its valuation have been approved by the Majority Lenders, it being agreed that cash collateral provided
                    in Dollars and placed in a blocked account with the Account Bank which is subject to a perfected Security Interest in favour of the Security Agent shall always be acceptable to the Majority Lenders and shall be valued at par;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z007febc9a931467db1df8149746ff269">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Security Interest over that security has been constituted in favour of the Security Agent or (if appropriate) the Finance Parties pursuant to security
                    documentation in form and substance satisfactory to the Security Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z691177678f0b470cbf39d03e6d358652">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Finance Documents have been unconditionally amended in such manner as the Agent, in its reasonable opinion, requires in consequence of that additional
                    security being provided; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z132a60f0e62a446bad593a9ec0a2096b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent, or its duly authorised representative, has received such documents and evidence it may, in its reasonable opinion, require in relation to that
                    amendment and additional security including documents and evidence of the type referred to in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 3 (</u></font><font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>Conditions Precedent</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> in relation to that amendment and
                    additional security and its execution and (if applicable) registration.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd85f98ba726b4bc5bf9d5bdc6e05524b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">25.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Release of Additional Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fe79cc2d5404180aeb5b60279f0e8be">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In connection with each semi-annual valuation of the Mortgaged Vessels as contemplated in Clause 25.2a)i) only and provided always that the conditions set out
                    in Clause 25.14b) below are satisfied, the Security Agent shall, at the request and the cost of the Borrower, as soon as reasonably practicable following receipt of the</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">94</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notice referred to in Clause 25.14b)b)i) below (but in any case no earlier than the Proposed Additional
        Security Reduction Date set out in such notice), release any Security Interests over additional security in the form of cash created pursuant to Clause 25.13 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Creation of Additional Security</font>), such date on which the relevant releases occur being a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Security Reduction Date</font>&#8221;.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z42067f97bf794e89bf4126eef5ff5121">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The conditions referred to in Clause 25.14a) above are as follows:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb726ced336124c898fdbfbdcbdc31a5c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower shall have provided the Agent and the Security Agent with at least fifteen (15) Business Days&#8217; prior written notice of such request for release
                    of the relevant Security Interests, such notice stating a proposed date of release (the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;Proposed Additional Security Reduction Date</font>&#8221;)



                    which date shall be no later than 30 days following the date of the relevant semi-annual valuation Compliance Certificate referred to Clause iii) below;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a4695d9960144bb9d866f53d55dc38c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the released security must be in lump sums of US$1,000,000 or, if the security is less than US$1,000,000, that amount; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83d6f79900e3443b9987b1c42f84479f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">immediately prior to and following the Additional Security Reduction Date, the Security Value shall be equal to or greater than the Minimum Value, as set out
                    in a semi-annual valuation Compliance Certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1fdb0c20a468464f94d44399c954bd8c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BANK ACCOUNTS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce99da3b0e304f5d8bd6477115d251b1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">26.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Account pledge</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5d663a22b03042e788333d8a7cc29ef9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner undertakes that if, at any time from the date of this Agreement to the end of the Facility Period, it opens an Account with respect to any of the
                    Mortgaged Vessels, it will grant a pledge over such Account in favour of, and on terms acceptable to, the Security Agent as soon as practicable after establishing the Account.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30fc5667adfc4f0c8db610f1c507f86b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Account established by the Owner with respect to any of the Mortgaged Vessels is to be established with an Account Bank.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7d3e5a3a003e43f3a55a3b68e3416ea3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BUSINESS RESTRICTIONS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as otherwise approved by the Majority Lenders, each Obligor undertakes that this Clause 27 will
        be complied with by and in respect of each Group Member from the date of this Agreement until the end of the Facility Period.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf00e228c98c84bcba61f93f5c3e77fdb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change of Business</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as approved by the Majority Lenders, no Group Member shall engage in any business other than the
        businesses in which such entity is engaged as at the date of this Agreement and activities related directly thereto and similar or related business (such as owning and operating bulk, chemical and tanker vessels. The Borrower shall not, and shall
        procure that no other Group Member will, make any material change to its business from that as at the date of this Agreement except:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z012b7cae5ece4664b4dffd8981ca3b08">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the disposal of any Fleet Vessels, subject to compliance with Clause 7.4 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">(Mandatory Prepayment &#8211; Sale or Total Loss)</font>; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5cac8c2cd74c475e923f167a247359b9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as approved by the Majority Lenders.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">95</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6b74ea1f0c54cda8bc7851d7742a6eb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Owner's Business</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner shall not conduct any business other than the ownership and operation of the Mortgaged Vessels
        and any business incidental thereto.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf6d63d5175174afaa136909a8c27cfa4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Negative Pledge &#8211; The Owner</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8733a11a535041808e762e29b86d2276">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner shall not grant, assume or permit any Security Interest to exist, arise or be created or extended over all or any part of its assets.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a14c78e0e394d4397654248c035b28e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to Clauses 27.4 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial Indebtedness)</font>
                    and 27.7 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Disposals),</font> the Owner shall not:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1fbd97e79ca2471680e0722acacc05ee">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may be leased to, or reacquired by, any other Group Member other
                    than pursuant to disposals permitted under Clause 27.7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Disposals);</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90af42bae9054882bd5761c0654f7807">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sell, transfer, factor or otherwise dispose of any of its receivables on recourse terms (except for the discounting of bills or notes in the ordinary course
                    of business);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze6a5d59d0ce845498eb27a5365c9c4d1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enter into any arrangement under which money or the benefit of a bank or other account may be applied, set off or made subject to a combination of accounts;
                    or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z09358381c15d48a7ab8b120fb03236bf">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">enter into any other preferential arrangement having a similar effect,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in circumstances where the arrangement or transaction is entered into primarily as a method of raising
        Financial Indebtedness or of financing the acquisition of an asset.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zca575aa26231485db0795ca079b325fb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clauses 27.3a) and 27.3b) above do not apply to Permitted Security Interests.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze68865f3db9a46f8b77a8c52ec061220">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Indebtedness - The Obligors (other than the Owner)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1f6c1f13c1543ad92eb30c0e9dac467">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor (other than the Owner) shall incur or permit to exist, any Financial Indebtedness owed by it to any other person except:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za88c2a58957e47beb5ccc632e2758003">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Financial Indebtedness incurred by an Obligor (other than the Owner) if:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z900052804e8b464ab1c0460f6bb8745d">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower and the Group is in compliance with the provisions of Clause 20 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">(Financial Covenants</font>); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z86b08f2af90a423289a77fc81c577ea5">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower and the Group will remain in compliance with the provisions of Clause 20 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">(Financial Covenants)</font> even after taking account of such Financial Indebtedness on a pro forma basis; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2374f2ed9191468f86f68ec78ad56810">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">C)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Event of Default has occurred and is continuing at the time such Financial Indebtedness is incurred or would occur as the result of the incurrence of such
                    Financial Indebtedness; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze86fa3b1cc7241748abccea7a687415b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Indebtedness incurred under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5317edca97f1491981f9eb05f4ae35b0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall ensure that the aggregate exposure of the Group under charter arrangements for vessels owned by third parties with remaining terms in
                    excess of six (6) months shall not exceed, when added to any exposure of the Group under Forward Freight Agreements entered into under Clause 28c), an amount equal to a charter-in day rate of US$25,000 payable on 50% of all Fleet
                    Vessels owned by all Group Members for a period of twenty-four (24) months. The aggregate exposure of the Group under charter-in arrangements for vessels owned by third parties as per 30 June or 31 December (as the case may be) in the
                    relevant year shall be reported on in each Compliance Certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">96</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6da43b5b525f4a5ba941a33b531d2b8e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Indebtedness - The Owner</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner shall not incur or permit to exist, any Financial Indebtedness owed by it to anyone else
        except:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zad1897e575dd437ab45f8232aa08d9a4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Indebtedness incurred under the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a7ed7fc9a304f63b12df60f662c8040">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Indebtedness incurred which is approved at the relevant time by all of the Lenders; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9a84600e20934c34a18b10c5b49d01ad">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">trade credits on normal commercial terms and in the ordinary course of business.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze5073e93bbea40028dda411efee79e1f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Loans and credit &#8211; The Owner</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner shall not make, grant or permit to exist any loans or any credit by it to anyone else other
        than:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z031a9a91d56043a285c67281fdd52e66">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">loans or credit to another Obligor; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7949378c90e4b3d9e731e23ed2b7fae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">trade credit granted by it to its customers on normal commercial terms in the ordinary course of its trading activities.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf3205f9e8421457fa2c1824b38f24cb0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disposals &#8211; the Owner</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbf168093ce640ae8d1eecb6f14fc2ac">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other than as set forth in Clause 27.7b) below, the Owner shall not enter into a single transaction or a series of transactions, whether related or not and
                    whether voluntarily or involuntarily, to sell, lease, transfer or otherwise dispose of any of its assets except for any of the following disposals so long as they are not prohibited by any other provision of the Finance Documents:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7340b0b9a5c147ae9e3a866a637d55a3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">disposals of assets on normal commercial terms, at market value and on an arm&#8217;s length basis; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8f10aa4e2084c02a11e051dd4a8f364">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">disposals permitted by Clause 27.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Negative Pledge - The
                      Owner).</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6cb0d931cde8491d89ec83d3a397aa27">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provided that no Event of Default has occurred and is continuing, the Owner may dispose of a Mortgaged Vessel, subject to compliance with Clause 7.4<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> (Mandatory Prepayment &#8211; Sale or Total Loss of Vessel</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z104aa6dd7b2746c49f2a1236fb0207a0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Contracts and Arrangements with Affiliates</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Group Member shall be party to any arrangement or contract with any of its Affiliates unless such
        arrangement or contract is on an arm&#8217;s length basis (except for Financial Indebtedness owed to another Group Member or an &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Affiliate</font>&#8221; (as such
        term is defined in accordance with GAAP) of any Group Member, provided that all Financial Indebtedness owing from an Obligor to another Group Member shall be unsecured and, to the extent required by the Subordination Deed, fully subordinated to
        this Agreement and the other Finance Documents).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6ec174d0119b47f48439e0b5d49693a0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acquisitions and Investments - The Owner</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner shall not acquire any person, business, vessels or other material assets (other than a vessel
        that is, or becomes, a Mortgaged Vessel) or make any investment in any person or business or enter into any joint venture arrangement except for capital expenditures or investments relating to upgrade or maintenance work in the ordinary course of
        business.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z697cd8b15b5647a7b183edef2cb52e39">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">27.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions and Other Payments</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7985ef25ad7a4d879b563506dc91394d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as permitted under Clause 27.10b) below, the Borrower shall not:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">97</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fa97b30b6964ab9b017f5c41ba4f868">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash
                    or kind) on or in respect of its share capital (or any class of its share capital);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48b5836ce7744cccbecb87be2ea7d244">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">repay or distribute any dividend or share premium reserve;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z604357e6f234446b8dd296a741bc0610">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pay or allow the payment by any other Group Member of any management, advisory or other fee to or to the order of any of the shareholders of the Borrower;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58e11213f1544f948c4d6e8745fe500f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2349dbba007e450c8ac7f09d789b1843">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">make any payment or repayment or allow any other Group Member to make a payment or repayment under any Financial Indebtedness owed to a shareholder of the
                    Borrower or a Group Member which is not an Obligor;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each of the above being referred to herein as a "<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-weight: bold;">Distribution</font>".</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z38c229ed2124487cae8e56f4c856e560">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 27.10a) above does not apply to any direct or indirect Distributions by the Borrower after the expiry of each half of each of its financial years, of
                    up to 75% of its Net Income (as defined below) for that half year period; provided that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z139210c682884da7bd4ef16ad53f20f8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any such Distributions are declared and made when no Default is continuing or would occur immediately after the declaration or making of such payments; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd01df21c693e4da0abe34e8ee4d75558">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">after giving effect to any such payments, the Borrower is not in breach of any of the provisions of Clause 20.2 (<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;">Financial Condition).</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For this purpose, "Net Income" shall mean the net income determined based on the Borrower's financial
        statements as at 30 June or its annual audited financial statements, as the case may be. Any amount available for distribution based on Net Income for a financial year and that is not distributed shall not be carried forward.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z040e70e08183472b88d13df62886f156">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Clause 27.10 shall cease to apply at any time:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd6f77048980414aab4a22d1a78a5c50">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">at which the Group LTV is equal to or less than fifty per cent. (50%) and would continue to be equal to or less than fifty per cent. (50%) following the
                    Distribution; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74d585a70535447781ce0b92f5759705">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower is listed on the New York Stock Exchange or Nasdaq New York.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For this purpose "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">Group LTV</font>" means the ratio of (y) the sum of the Group's Borrowings less Cash and Cash Equivalents to (z) the aggregate Market Value of the Fleet Vessels determined in the same manner as Market Value in respect of the
        Mortgaged Vessels.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z872bac8899da48c4a9b095f3218fdbf8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">28.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">HEDGING</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor undertakes that this Clause 28 will be complied with from the date of this Agreement until
        the end of the Facility Period:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z968c9f4e92614bd2a19e1856504f267f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Owner shall not enter into any Treasury Transactions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3aa4cc122e754141821b816d863f95f0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors shall not enter into any Treasury Transaction which is speculative, including Treasury Transactions that are (i) not entered into to hedge a real
                    risk or exposure which the Borrower has or (ii) entered into by the Borrower for the main purpose of financial losses or gains.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ec55a115b0d4b3a888dc4b826c36f03">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding the provisions of Clause 28b), Forward Freight Agreements which are not entered into for the purpose of hedging cover against the forward
                    position in which the Group has a commitment in relation to</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">98</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">freight market risk existing because of trading of specified time charters and voyages in respect of
        physical vessels or cargoes in respect of any Fleet Vessel may be entered into (other than by the Owner), provided that the aggregate exposure under such Forward Freight Agreements (when added to the outstanding exposure under Charters permitted by
        Clause 27.4b)) shall not exceed an amount equal to a charter-in day rate of US$25,000 payable on fifty per cent. (50%) of all Fleet Vessels owned by all Group Members for a period of twenty-four (24) months; and provided further that such Forward
        Freight Agreements are entered into in the ordinary course of trading, on arms' length terms and using market standard documents. The aggregate exposure of the Group under Forward Freight Agreements entered into under this Clause 28c) as of 30 June
        or 31 December (as the case may be) in the relevant financial year shall be specified in each Compliance Certificate.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zca55edd62236486b8e406d71d1a0345a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EVENTS OF DEFAULT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the events or circumstances set out in Clauses 29.1 (<font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif; font-style: italic;">Non-payment</font>) to 29.23 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Mortgaged Vessel Registration</font>) is an Event of Default.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6cf4d31f18b2440c85cd26c466f94f7d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non payment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place
        at and in the currency in which it is expressed to be payable unless:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z087fa4c0cfb44a7cb380ca0cfeaac6b3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its failure to pay is caused by administrative or technical error or by a Payment Disruption Event; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b089152c42c46408fab9eb694cb5871">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">payment is made within three (3) Business Days of its due date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z34d37293f37d49dca89a2e6f5f25755a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Covenants</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower does not comply with Clause 20 (<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Financial Covenants</font>).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f6c4ef1e5fc4f6fa51f1da21622bd8f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Insurances in respect of a Mortgaged Vessel are not placed and kept in force in the manner required
        by Clause 24 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Insurance</font>).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z596df6dca5b44f2bae2969aaeba25b12">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Shortfall</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower, upon the request of the Agent, fails to timely comply with the provisions of Clause 25.12
        (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security Shortfall</font>).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6e149bf92c6746719055e6b604cca139">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sanctions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The representation made or deemed to be made or repeated by the Obligors in Clause 18.32 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sanctions</font>) is or proves to have been incorrect or misleading in any respect when made or deemed to be made or repeated or any proceeds of the Loan
        are applied in contravention of the restrictions set out in Clause 21.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Use of Proceeds</font>) or any Obligor fails to comply with its obligations
        under Clause 21.3d) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Compliance with Laws - Sanctions Laws</font>) or Clause 21.15 (<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-style: italic;">Sanctions</font>) or any other requirement with respect to Sanctions set out in this Agreement is not complied with.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z017022aec9ff47d2a3f067f87bb2baa7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Obligations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">99</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f36cb5a26ba492c82b8b3a9f0bd439c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clauses 29.1 <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">(Non-paymen</font>t), 29.2 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Financial Covenants</font>), 29.3 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Insuran</font>ce), 29.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security Shortfall</font>),



                    or 29.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sanctions</font>)).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fd7a29565e34afcbdb4db0fe47f5aee">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Event of Default under Clause 0a) above will occur if the Agent considers in its reasonable opinion that the failure to comply is capable of remedy and the
                    failure is remedied within ten (10) Business Days of the earlier of (i) the Agent giving notice to the Borrower or relevant Obligor and (ii) the Borrower or an Obligor becoming aware of the failure to comply.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ad60e77f29847ba91e10b6c68c99a62">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Misrepresentation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb56f429927104b85be82f622d2d65ebb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any representation, warranty or statement made or deemed to be made or repeated by an Obligor in the Finance Documents or any other document delivered by or
                    on behalf of any Obligor under or in connection with any Finance Document (other than the representation set out in Clause 18.32 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sanctions</font>))



                    is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7fa2eaeacf824158bc2b4aa9925056c0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Event of Default under Clause 29.7a) above will occur if the Agent considers in its reasonable opinion that the circumstances giving rise to that
                    misrepresentation are capable of remedy and are remedied within fifteen (15) Business Days of the earlier of (i) the Agent giving notice to the Borrower or relevant Obligor and (ii) the Borrower or an Obligor becoming aware of the
                    failure to comply.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0bccb04cacf140f88c5ff8f08ef4453c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Breach of material contract</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An event or circumstance is outstanding which constitutes an event of default or termination event
        (however described) under any material agreement or instrument (other than a Finance Document or any agreement between an Obligor and any Lender or any Affiliate of any Lender or any other agreement or arrangement which relates to Financial
        Indebtedness (without prejudice to Clause 29.9 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Cross Default)) </font>which is binding on the Borrower or any other Group Member or to which its
        assets are subject.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf6bf6d7f359f42cd81ec1484dc7f3b1e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cross Default</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4eaab31801b04371a05c56d57c72bc9d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Financial Indebtedness of any Group Member is not paid when due nor within any originally applicable grace period.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z78e49b0b82db4a7b984df68bcbc69c5e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Financial Indebtedness of any Group Member is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event
                    of default (however described).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9eabcf71c5d040778ae6b81b53a2e91c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any commitment for any Financial Indebtedness of any Group Member is cancelled or suspended by a creditor of that Obligor as a result of an event of default
                    (however described).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9857f6d65ca74ab6878c04e0368d193a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The counterparty to a Treasury Transaction entered into by any Group Member becomes entitled to terminate that Treasury Transaction early by reason of an
                    event of default (however described).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8368a7db259647c9b56b5bd722ac5662">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any creditor of any Group Member becomes entitled to declare any Financial Indebtedness of that Group Member immediately due and payable prior to its
                    specified maturity as a result of a material event of default (however described).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf50b20af9c8a458b899f04dcf7f0db66">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Event of Default will occur under this Clause 29.9 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling
                    within Clauses 29.9a) to e) is less than ten million Dollars (US$10,000,000) (or its equivalent in any other currency or currencies).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">100</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbfdd0f969e0c469b9f34c07fa87d8eda">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insolvency</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd00bbc5077fe4ec9bd48ab024cfccece">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Group Member (other than the Owner) is generally unable or admits inability to pay its debts in an aggregate amount exceeding ten million Dollars
                    (US$10,000,000) or the Owner is generally unable or admits inability to pay its debts in an aggregate amount exceeding one million Dollars (US$1,000,000) as they fall due, suspends making payments on any of its debts exceeding ten
                    million Dollars (US$10,000,000) or one million Dollars (US$1,000,000), as the case may be, in aggregate or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding
                    any Finance Party in its capacity as such hereunder) with a view to rescheduling any of its indebtedness in excess of ten million Dollars (US$10,000,000) or one million Dollars (US$1,000,000), as the case may be, in aggregate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zda2de4841b41431192360996e7afead5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The value of the assets of any Group Member is less than its liabilities (taking into account contingent and prospective liabilities) and as a result such
                    Group Member is required under applicable law to file for insolvency or cease trading.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b5daeda77a048ae9c5d58f57c8a20c9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A moratorium is declared in respect of any indebtedness of any Group Member (other than the Owner) exceeding ten million Dollars (US$10,000,000) in aggregate
                    or of any indebtedness of the Owner exceeding one million Dollars (US$1,000,000) in aggregate. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5589ec14373403783217e84492248d8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insolvency Proceedings</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za98c63454a714cc2b072ff028a3819fc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84fce7d9623b43da81a19985103739c2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the suspension of payments (with respect to payments in respect of debt, in respect of debt in an aggregate amount exceeding US$10,000,000), a moratorium of
                    any indebtedness exceeding ten million Dollars (US$10,000,000) aggregate, winding up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Group Member (other than
                    the Owner);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36d0fd1b069444b4a5ed120d5dcd29bc">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the suspension of payments (with respect to payments in respect of debt, in respect of debt in an aggregate amount exceeding US$1,000,000), a moratorium of
                    any indebtedness exceeding one million Dollars (US$1,000,000) aggregate, winding up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Owner;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4cc8e3e1cd5c458dae8ba748c5f47bc3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a composition, compromise, assignment or arrangement with any creditor of any Group Member (other than the Owner) in respect of debt in an aggregate amount
                    exceeding US$10,000,000 or in respect of the Owner in respect of debt in an aggregate amount exceeding US$1,000,000;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4290b8c95fc46cca42d253118b04022">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any Group Member
                    (other than the Owner) or any of its assets having an aggregate value exceeding US$10,000,000 (including the directors of any such Group Member requesting a person to appoint any such officer in relation to such Obligor or any of its
                    assets), or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb59eeac6718f42b08dafe12a1419060b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of the Owner or any
                    of its assets having an aggregate value exceeding US$1,000,000 (including the directors of the Owner requesting a person to appoint any such officer in relation to the Owner or any of its assets)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">or any analogous procedure or step is taken in any jurisdiction.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">101</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zadd538fa03684e49bba861985194a2a6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 29.11a) above shall not apply to any winding up petition (or analogous procedure or step) which is frivolous or vexatious and is discharged, stayed or
                    dismissed within fourteen (14) days (or such longer period as the Agent may agree) of commencement or, if earlier, the date on which it is advertised.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zef0e4e3fda194c0ea7c6ef3f7f71e4f3">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Creditors&#8217; Process</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any expropriation, attachment, sequestration, distress, execution or analogous process affects any
        substantial asset or assets of any Group Member (other than the Owner) having an aggregate value exceeding ten million Dollars (US$10,000,000) or, in respect of the Owner having an aggregate value exceeding one million Dollars (US$1,000,000) (other
        than a Mortgaged Vessel) and, in each case, is not discharged within five (5) Business Days.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z68f25dd1ad224d83b9f6ec056c019eba">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Unlawfulness and Invalidity</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41b5e07e429c44e2b8852e77a7c88ae5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">It is or becomes unlawful for an Obligor or any other Group Member which is a party to the Subordination Deed to perform any of its obligations under the
                    Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a1cdc1a61904bdfb45424d0e6210db8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any obligation or obligations of any Obligor under any Finance Documents or any other Group Member under the Subordination Deed are not (subject to the Legal
                    Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6e4c6cfd85934cbab610dbba055abd25">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Finance Document ceases to be in full force and effect or any Transaction Security or any subordination created under the Subordination Deed ceases to be
                    legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5839e3d25391486ebeffe5821eefec8f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Subordination Deed</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90471dc9f4a446d095bb8301ef23ec5d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Group Member which is party to the Subordination Deed (other than an Obligor) fails to comply with the provisions of, or does not perform its obligations
                    under, the Subordination Deed; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f09d56e7d0a4ceb9cb48d27c75a3b28">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a representation or warranty given by that party in the Subordination Deed is incorrect in any material respect,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and if the non-compliance or circumstances giving rise to the misrepresentation are capable of remedy,
        and it is not remedied within fifteen (15) Business Days of the earlier of the Agent giving notice to that party or that party becoming aware of the non-compliance or misrepresentation.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1d825c0dc5c4842addff8cc6dbc567d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cessation of Business and Revocation of Authorisations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6af510e115274eaea6b392f917ba1e7d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or substantially all of its business.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63c4aee0958b4a9abf5299ae114505bd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Authorisation required in connection with the entry by any Obligor into, validity or enforceability of any of the Finance Documents or the performance by
                    any Obligor of the obligations thereunder or any of the transactions contemplated thereby is revoked, terminated or otherwise ceases to be in full force and effect and such revocation, termination or cessation has or is reasonably like
                    to have a Material Adverse Effect.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z252df5cbbfdf4a79bec371c32098b233">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ownership of the Obligors</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">102</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At any time after the initial Utilisation Date any Obligor (other than the Borrower) is not or ceases to
        be a direct or indirect wholly-owned Subsidiary of the Borrower.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeaef98508bce42f6be34d4fe7149dcc6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Audit Qualification</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower&#8217;s Auditors issue a qualified opinion or an adverse opinion as contemplated by international
        auditing standards as at the date of this Agreement with respect to the consolidated audited annual financial statements of the Borrower.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z05ae09928e0a429dbbf57b0a29e35d88">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Expropriation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The authority or ability of any Obligor to conduct its business is limited or wholly or substantially
        curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action (including destruction of a substantial part of such Obligor&#8217;s assets (including any Mortgaged Vessel)) by or on behalf of any governmental,
        regulatory or other authority or other person in relation to any Group Member or any of its assets, provided such event has or is reasonably likely to have a Material Adverse Effect.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z92b71dcbf52d4c0d9566d57e01bf66c5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repudiation and Rescission of Finance Documents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Obligor (or, in the case of the Subordination Deed, any Group Member which is a party to the
        Subordination Deed (other than an Obligor)) repudiates or purports to repudiate a Finance Document or rescinds or purports to rescind a Finance Document.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zda0e738e23284b7f93777d71dd57487a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Litigation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any litigation, alternative dispute resolution, arbitration or administrative proceeding is taking
        place, or threatened against any Group Member or any of its assets, rights or revenues which, which is not frivolous or vexatious and which, if adversely determined has or is reasonably likely to have a Material Adverse Effect, except if such Group
        Member has taken out an appropriate insurance cover in respect of the whole amount of any judgement, arbitral award or order relating thereto and has provided evidence thereof to the Agent.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd82e6bcadfa470382040dec2c56a833">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.21</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Material Adverse Effect</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Environmental Incident or other event or circumstance or series of events (including any change of
        law) occurs which has or is reasonably likely to have a Material Adverse Effect.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e710055a20e47b2a15558005f9994a5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.22</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Arrest of Mortgaged Vessel</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A maritime or other lien (not being a Permitted Maritime Lien) is imposed on any Mortgaged Vessel or if
        a Mortgaged Vessel, its Earnings, Insurances or Requisition Compensation is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim and in either case
        the Owner fails to procure the release of such lien or Mortgaged Vessel within a period of thirty (30) days (or such longer period as may be approved) of any of the Obligors becoming aware of such event save where the Obligors have provided
        additional security to the Security Agent in such form and for such amounts as the Agent may approve, acting on the instructions of all the Lenders.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z931aa7234be44a6f9dfcfa91595c2c80">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.23</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgaged Vessel Registration</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">103</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except with approval, the registration of any Mortgaged Vessel under the laws and flag of its Flag State
        is cancelled or terminated or, where applicable, not renewed or, if such Mortgaged Vessel is only provisionally registered on the date of its Mortgage, such Mortgaged Vessel is not permanently registered under such laws within thirty (30) days of
        such date.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze403391065b547b49ea8921cd3c1789a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">29.24</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acceleration</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and
        shall if so directed by the Majority Lenders, by notice to the Borrower:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z38aaaa746f78438bb4b10fa0b233b4cf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">cancel the Total Commitments at which time they shall immediately be cancelled; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2995a1a9ef324a45bbd493302c9c39da">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately
                    due and payable, at which time they shall become immediately due and payable; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2174d28c78654673979d9c7d143ba5f6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">declare that all or part of the Loan be payable on demand, at which time it shall immediately become payable on demand by the Agent on the instructions of the
                    Majority Lenders; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74b77aa48fcf44aa8399e96d74e8b28b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">declare that no withdrawals be made from any Account; and/or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z17c2798ddb334672a5c3069a2c116066">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exercise or direct the Security Agent and/or any other beneficiary of the Security Documents to exercise any or all of its rights, remedies, powers or
                    discretions under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5764329336bc410da88fd386d7be988c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TRANSACTION SECURITY</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z93407201832a48a7a5f191b35ce510c4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Ranking</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Transaction Security shall secure the Obligors' liabilities under this Agreement and the Finance
        Documents on a first priority basis.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45508eb0e19b47c9b2840de8f3243baa">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Enforcement of Transaction Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z885935838b67479698ab23e403efcdac">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Enforcement instructions:</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zadc73b62f00c4fb293e33267efbafb16">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent may refrain from enforcing the Transaction Security unless instructed otherwise by the Majority Lenders.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb6500e2d6c6e448db1b43d8345071725">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent shall not enforce the Transaction Security in the absence of instructions from the Majority Lenders unless the Security Agent reasonably
                    considers that it is necessary to do so in order to protect the priority, value or enforceability of the relevant Transaction Security.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z927db25aa6e940ae9d085fc457562291">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any action has been taken under Clause 29.24 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Acceleration</font>),



                    the Majority Lenders may, subject to the Transaction Security having become enforceable in accordance with its terms, give or refrain from giving instructions to the Security Agent to enforce or refrain from enforcing the Transaction
                    Security as the Majority Lenders see fit.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z011a5cef11034fd584782ae107bf0b5c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Manner of enforcement: </font>If any Transaction Security is
                    being enforced in accordance with this Agreement and the Security Documents, the Security Agent shall enforce the Transaction Security in such manner (including, without limitation, the selection of any administrator (or any analogous
                    officer in any jurisdiction) of any Obligor to be appointed by the Security Agent) as the Majority Lenders shall instruct, or, in the absence of any</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">104</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such instructions, as the Security Agent considers in its discretion to be appropriate or in the best
        interests of the relevant Secured Parties.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z556c034fc470460bac576f45423ea5b3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Waiver of rights. </font>To the extent permitted under
                    applicable law, each of the Secured Parties and the Obligors waives all rights it may otherwise have to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5526b647cc0c4d38a0874dc6d356bd2d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">require that the Transaction Security be enforced in any particular order or manner or at any particular time or that any sum received or recovered from any
                    person, or by virtue of the enforcement of any of the Transaction Security or of any other security interest, which is capable of being applied in or towards discharge of any of the Secured Obligations is so applied; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z157e89cbb94c4d78a0937aaffc6b1fbe">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">contest or support any other person in contesting, in any proceeding, (i) the validity,&#160; perfection,&#160; priority&#160; or&#160; enforceability&#160; of&#160; the&#160; Transaction&#160;
                    Security and/or (ii) the relative rights and duties of the Secured Parties under this Agreement or any other Finance Document with respect to such Transaction Security; provided that nothing in this Agreement shall be construed to
                    prevent or impair the rights of any party hereto to enforce this Agreement, including the priority of the Transaction Security as provided herein.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd573d02b68444660a80325a230e70dda">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Duties owed: </font>Each of the Secured Parties and the
                    Obligors acknowledges that, in the event that the Security Agent enforces or is instructed to enforce any Transaction Security by the Majority Lenders, the duties of the Security Agent and of any Receiver or Delegate owed to the other
                    Secured Parties in respect of the method, type and timing of that enforcement or of the exploitation, management or realisation of any of that Transaction Security shall be no different to or greater than the duty that is owed by the
                    Security Agent, Receiver or Delegate to the Obligors under general law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd47fda62570d437b90eb6346cb04d5f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Enforcement through Security Agent only: </font>The Secured
                    Parties shall not have any independent power to enforce, or have&#160; recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion arising under the Security Documents except through the Security
                    Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac912603092f4d73ad4b25fa16546613">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Application of Recoveries</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf9beacd057ec47e781006217fbfe3ce6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Order of application</font>: Subject to Clause b) below, all
                    amounts from time to time&#160; received or recovered by the Security Agent in connection with the realisation or enforcement of all or any part of the Transaction Security and any collections under the Owner's Guarantee (together, for the
                    purposes of this Clause 30.3, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recoveries</font>") shall be held by the Security Agent on trust to apply them to the extent permitted by
                    applicable law (and subject to the provisions of this Clause 30.3), in the following order of priority:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3fbb25065a4e48b68673dd3baff0197b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in discharging costs, expenses, fees or other sums of a similar nature owing to the Security Agent, any Receiver or any Delegate in connection with any
                    realisation or enforcement of the Transaction Security taken in accordance with the terms of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z031e51f88bcc466081db40b79c20aceb">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in payment of all costs and expenses incurred by any other Secured Party in connection with any realisation or enforcement of the Transaction Security taken
                    in accordance with the terms of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z39043c4823a3463f914c030b9d4a6b7b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in payment to the Agent on its own behalf and on behalf of the Lenders for application (in accordance with the terms of this Agreement) towards the discharge
                    of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdef9c8de8118476d94c4616a4e1d35d2">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first, any and all obligations of the Obligors owed to the Agent under the Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z95ba45c022e84817b557b3d447e299a7">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">second, any and all obligations of the Obligors owed to the Lenders under the Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0e072fe4aa5e4ffab88882a7bc5d02c4">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if none of the Obligors or other Group Members is under any further actual or contingent liability under any Finance Document, in payment to the relevant
                    Obligor or Group Member.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">105</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb38e71d14c0647dbb24d8d4e1ada8a2b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Prospective liabilities: </font>Following an acceleration
                    under Clause 29.24 and/or the enforcement of any of the Transaction Security and/or the receipt of any Recoveries under the Owner's Guarantee, the Security Agent may (upon instructions from the Majority Lenders) hold any amount of the
                    Recoveries in a suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security&#160; Agent shall think fit (any interest being credited to the relevant
                    account) for later application under Clause 30.3a) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Order of application</font>) in respect of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0244382d78dd44eabb4af2980c53df4f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any sum due or owing to the Security Agent, any Receiver or any Delegate; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z06ba46e9248644fbbf39c4fe7dd6a458">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any part of the Obligors' liabilities to the Finance Parties,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that the Security Agent reasonably considers, in each case, might become due or owing at any time in the
        future.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2e25176d221482f9dd52b9cf637c6b1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Investment of proceeds: </font>Prior to the application of
                    the proceeds of the Security Property in accordance with Clause 30.3a) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Order of application</font>) the Security Agent may, upon
                    instructions from the Majority Lenders, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as
                    the Security Agent shall think fit (the interest being credited to the relevant account) pending the application from time to time of those monies in accordance with the provisions of this Clause 30.3.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z682a92b80a024df0a03938bbdd97d72a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Currency Conversion: </font>For the purpose of, or pending
                    the discharge of, any of the Secured Obligations the Security Agent may convert any moneys received or recovered by the Security Agent from one currency to another (in the case of the Security Agent, at the Security Agent&#8217;s Spot Rate of
                    Exchange). The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84e53f6ed19b472f90a3aca2f8d37157">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Permitted Deductions: </font>The Security Agent shall be
                    entitled, in its discretion, (a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of taxes or otherwise) which it is or may be required by any applicable law to
                    make from any distribution or payment made by it under this Agreement, and to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence of performing its duties, or by virtue of its
                    capacity as Security Agent or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc35affdcd4aa4db3a63d01ca908f553b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Good Discharge:</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf05d2a4d0d2a4bfe91ea22d5140eadd3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any payment to be made in respect of the Secured Obligations by the Security Agent may be made to the Agent on behalf of the Lenders, and any payment made in
                    that way shall be a good discharge, to the extent of that payment, by the Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zebb9bd1107184de2b8320ddc994aa730">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent is not under any obligation to make the payments to the Agent under this paragraph f) in the same currency as that in which the Obligors'
                    liabilities are denominated.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74c4ec200ea24a7d849e123a929c6e9e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Calculation of Amounts: </font>For the purpose of
                    calculating any person&#8217;s share of any sum payable to or by it, the Security Agent shall be entitled to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z09565f6a11e847e7bd2373856ba49932">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notionally convert the liabilities owed to any person into US Dollars, that notional conversion to be made at the spot rate at which the Security Agent is
                    able to purchase the US Dollars with the actual currency of the Liabilities owed to that person at the time at which that calculation is to be made; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc192e86a50c4adda84aa945127250e1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">assume that all moneys received or recovered as a result of the enforcement or realisation of the Security Property are applied in discharge of the
                    liabilities in accordance with the terms of the Finance Documents under which those Liabilities have arisen.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">106</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8d20db256bf545c581fd93236e1f3ff7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">30.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Turnover by the Finance Parties</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d8e75a4b71e403eb336695cc92d7ac1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Turnover:</font> If at any time prior to the Final Repayment
                    Date, any Finance Party receives or recovers any amount of Recoveries not paid to it in accordance with Clause 30.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Application of
                      Recoveries</font>) (including by way of set-off) that Finance Party will:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ea9706b81c5490a86efafc7f5139f55">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to receipts and recoveries not received or recovered by way of set-off, hold that amount on trust for the Security Agent and promptly pay that
                    amount to the Security Agent for application in accordance with the terms of this Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5b2b3f5397640e7b9cfc2211b9cd810">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to receipts and recoveries received or recovered by way of set-off, promptly pay an amount equal to that recovery to the Security Agent for
                    application in accordance with the terms of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z125e2fe3cd1b421a818899bc17a7c5f2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Sums received by Obligors or other Group Members: </font>If
                    any of the Obligors or any other Group Member receives or recovers any sum which, under the terms of any of the Finance Documents, should have been paid to the Security Agent, that Obligor will, and in the case of a Group Member the
                    Obligors shall ensure that that Group Member will, hold that amount on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance with the terms of this Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z447a5078ea6a4ac79ecb175e0cf02149">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Saving provision: </font>If, for any reason, any of the
                    trusts expressed to be created in this Clause 7 should fail or be unenforceable, the affected Finance Party or Obligor or other Group Member will promptly pay an amount equal to that receipt or recovery to the Security Agent to be held
                    on trust by the Security Agent for application in accordance with the terms of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfaaa632693554dd5ac24278db1737429">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Prevalence of this Clause 30 over Clause 37.6 (Partial
                      Payments). </font>To the extent that there are any Recoveries (as defined in Clause 30.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Application of Recoveries</font>)), such
                    Recoveries shall be applied first in accordance with this Clause 30<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>and thereafter the Recoveries received by the Agent in
                    accordance with this Clause 30 shall be applied by the Agent in accordance with Clause 37.6 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Partial Payments) </font>if applicable<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">.</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z099ace85ac9c48fdb579ae232eb85274">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CHANGES TO THE LENDERS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb8326814c154a3c94c611cc4cfafc3a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assignments and Transfers by the Lenders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to this Clause 31, a Lender (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-weight: bold;">Existing Lender</font>&#8221;) may assign any of its rights, or transfer by novation or sub-participate any of its rights and obligations, under any Finance Document to a bank or financial institution or to a trust,
        fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">New Lender</font>&#8221;).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z98e480b60ae143df9e8dc70a89c4e5ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions of Assignment or Transfer</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6178d71dd11348db8ec10fa2cf6f2410">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The consent of the Borrower is required for an assignment or transfer by an Existing Lender or any sub-participation or any other agreement or arrangement
                    having an economic effect substantially similar to a sub-participation of any of its obligations by a Lender which involves the transfer of voting rights to the transferee or gives the transferee effective control over voting rights (a
                    &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sub-Participation</font>&#8221;), unless the assignment, transfer or Sub-Participation (as applicable) is (i) to a Lender or an Affiliate of a
                    Lender, or (ii) following the occurrence of an Event of Default which is continuing and has been notified to the Borrower by the Agent. Any assignment, transfer or Sub-Participation by a Lender shall be without additional cost to the
                    Borrower or the Agent. The Agent will immediately advise the Borrower of the assignment, transfer or Sub-Participation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">107</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7c54a4bc2afd47adb7a8a9387f360517">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower&#8217;s consent may not be unreasonably withheld or delayed and will be deemed to have been given ten (10) Business Days after the Agent or Existing
                    Lender has requested consent unless consent is expressly refused within that time.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb997e2759b5f4731b28d3aca7d393acf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An assignment or transfer will only be effective:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z308da6fe12514a6d8411cece343f9632">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to
                    the Agent) that the New Lender will assume the same obligations to the Borrower and the other Finance Parties as it would have been under if it was the Original Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z49d9113c9ae44ad79c4dc784d814ef36">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on the New Lender entering into any documentation required for it to accede as a party to the Subordination Deed and to any Security Document to which the
                    Existing Lender is a party in its capacity as a Lender and, in relation to such Security Documents, completing any filing, registration or notice requirements;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeeebddd1b51d46baac5eeeeee77af4c8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on the performance by the Agent of all &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">know your customer</font>&#8221;
                    or other checks relating to any person that it is required to carry out in relation to such assignment or transfer to a New Lender, the completion of which the Agent shall promptly notify to the Lender and the New Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2368d308894d4b4bb3229a5fcf822e60">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if it is for a minimum amount of five million Dollars (US$5,000,000) or, if less, all of the Commitments of the Existing Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z496274b8102d4cb99065b294c2e733ba">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if required, the Borrower has given its consent in accordance with paragraph (a) above; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0139ba994dd3409690282bd63f1d8755">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of a transfer only, will only be effective if the New Lender enters into the documentation required for it to accede as a party to the
                    Subordination Deed and if the procedure set out in Clause 31.5<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> (Procedure for Transfer</font>) is complied with.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3a72ef2592a54da9b1ea2e7445fdf861">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zafc35c624dc1425fa66889109ff82eaf">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5d007874fcb54a829abba7ac76a3fd33">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender
                    or Lender acting through its new Facility Office under Clause 12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax gross-up and indemnities</font>) or Clause 13 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Increased Costs</font>),</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment
        under that Clause to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2bbb3abdfa4e4eecb737cbed368e1bf3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority to
                    execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with the Finance Documents on or prior to the date on which the transfer or assignment becomes
                    effective in accordance with the Finance Documents and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze63b8a899d9b4fbaa4eca5a5ce0b9e37">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Lender may transfer all or any part of its rights and/or obligations under the Finance Documents to a direct or indirect shareholder of the Borrower
                    holding or controlling more than 5% of the shares in the Borrower, to any Obligor, or to any other Group Member without the prior written consent of all of the Lenders.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">108</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7df3aed9420e4e30bd51cb320088799d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Fee</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender (unless it is an Affiliate of the Existing Lender) shall, on the date upon which an
        assignment takes effect, pay to the Agent (for its own account) a fee of three thousand five hundred Dollars (US$3,500).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa563b9b99394df0963e3de766fded57">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Limitation of Responsibility of Existing Lenders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9186df38f7104ff58b8e56fa421fbeb4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless expressly agreed to the contrary, an Existing Lender and the Arranger makes no representation or warranty and assumes no responsibility to a New Lender
                    for:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8ac7444d42a642cdad74dc8f68acacf9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3e901cb36cc48609346fc3bdbb0c335">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the financial condition of any Obligor;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74802f3ff7264de9b9b0de94e09a8dc4">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the performance and observance by any Obligor or any other person of its obligations under the Finance Documents or any other documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za2967f720dd244d68a53df71e65adc85">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and any representations or warranties implied by law are excluded.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57da2e7d29d04ce881753d03023fa15e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each New Lender confirms to the Existing Lender and the other Finance Parties that it:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c11b997385443a3936b6ef98709b082">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of the Obligors and their
                    related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5431bfb710ca4bf4861d01f7b7d4b56b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be
                    outstanding under the Finance Documents or any Commitment is in force.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za7f785f583864830a6d4f301110077c6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nothing in any Finance Document obliges an Existing Lender to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c8c6867b50e4d0a8c65a5e1b5acd155">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">accept a re transfer or re assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 31 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Lenders</font>); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z99d8b3b23af74a9597ba46224e28dfd7">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance
                    Documents or otherwise.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5dc15bffd04d46a3a501eb31fecf772d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Procedure for Transfer</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbc7e93e5d4814ca28501e3b93da6affc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the conditions set out in Clause 31.2<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> (Conditions
                      of Assignment or Transfer),</font> a transfer is effected in accordance with Clause 31.5d) below when (a) the Agent executes an otherwise duly completed Transfer Certificate and (b) the Agent executes any document required under
                    Clause 31.2c) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Conditions of Assignment or Transfer</font>) which it may be necessary for it to execute, in each case delivered to it by
                    the Existing Lender and the New Lender duly executed by them and, in the case of any such other document, any other relevant person. The Agent shall, subject to Clause 31.5b) below, as soon as reasonably practicable after receipt by it
                    of a Transfer Certificate and any such other document each duly completed, appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate
                    and such other document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">109</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd00f633e88894f16b03d46fcd05d0cf8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has
                    complied with all necessary &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">know your customer</font>&#8221; or similar checks under all applicable laws and regulations in relation to the
                    transfer to such New Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z08066fc9c1c2423c957872e3ddb8af48">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer Certificate on their behalf without any consultations with
                    them.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4e3316e7da64dcba5d25821edfd722c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Transfer Date:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z499d48bf3dcf46da92f3fe329968e084">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, the
                    Existing Lender shall be released from further obligations towards the Obligors and the other Finance Parties under the Finance Documents and the rights of the Obligors and the other Finance Parties against the Existing Lender under the
                    Finance Documents shall be cancelled (being the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Discharged Rights and Obligations</font>&#8221;) (but the obligations owed by the Obligors under
                    the Finance Documents shall not be released);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf3a57e8649dc41078cb55905cd7d0d01">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the
                    Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf86b3d38580f42e4a865b8ea3a72da37">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the other Finance Parties and the New Lender shall acquire the same rights and assume the same obligations between themselves as they would have acquired and
                    assumed had the New Lender been the Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Existing Lender and the other Finance Parties shall each be released
                    from further obligations to each other under the Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd270bd19a77f4ee9af958ec6ca187ea8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the New Lender shall become a Party to the Finance Documents as a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
                      bold;">Lender</font>&#8221; for the purposes of all the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce0c35702f604b86ab2f1473f45de2dd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Procedure for Assignment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z550cd4370bf640c4a84a2a0e23daa471">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to the conditions set out in Clause 31.2 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Conditions
                      of Assignment or Transfer</font>) an assignment may be effected in accordance with Clause 31.6c) below when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender.
                    The Agent shall, subject to Clause 31.6b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance
                    with the terms of this Agreement, execute that Assignment Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04e00283990a43fb8a7ba0eb0fc17ac7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has
                    complied with all necessary "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">know your customer</font>" or other similar checks under all applicable laws and regulations in relation to the
                    assignment to such New Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0af4bf7a3437482ca2854927821d369f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Assignment Agreement on their behalf without any consultations with
                    them.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z94c1273d244a4cbc8a2927a4349f535a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Transfer Date:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbb9ca2aa47149e8951958abea90999e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents expressed to be the subject of the assignment in the
                    Assignment Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">110</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6d7b899c3553449ab5fece26ed984236">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Existing Lender will be released from the obligations (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight:
                      bold;">Relevant Obligations</font>") expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Security Documents); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6cf8d8b3836d403b80f9e6d3a6e0bb37">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the New Lender shall become a Party as a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lender</font>&#8221; and
                    will be bound by obligations equivalent to the Relevant Obligations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf94fc9c8c5df4fd89746b77627e66877">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lenders may utilise procedures other than those set out in this Clause 31.6 to assign their rights and obligations under the Finance Documents (but not,
                    without the consent of the Borrower or unless in accordance with Clause 31.5 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(Procedure for Transfer), </font>to obtain a release by the
                    relevant Obligor from the obligations owed to such Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">
                      provided</font> that such Lenders comply with the conditions set out in Clause 31.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions of Assignment or Transfer).</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z14535556f1c84d21b683b8ce677f7719">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Borrower</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an
        Assignment Agreement or an Increase Confirmation and any other document required under Clause 31.2c) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions of Assignment or Transfer</font>),
        send a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation and such documents to the Borrower.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z168542c6fec24b94b110a84befb3b274">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">31.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Over Lenders&#8217; Rights</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In addition to the other rights provided to Lenders under this Clause 31, each Lender may without
        consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure
        obligations of that Lender including, without limitation any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; except that no such charge, assignment or Security Interest shall:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z52e3c7f379c846649bcb2c8e7a78d433">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest
                    for the Lender as a party to any of the Finance Documents; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2fb48270140f4e9cae26234b2b7ba98f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or
                    granted to the relevant Lender under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb9ef9f6ea02e49078d8995e82b321d80">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">32.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CHANGES TO THE OBLIGORS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83c6e6eaf4694a50922f491fe1caefdd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">32.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Transfer or Assignment</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance
        Documents without the prior written consent of the Lenders.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3504940a6d8d4e3b81f055f7bcf44926">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">32.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Guarantors</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z735369a4217c484dab0ec5998ae667f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to compliance with the provisions of paragraphs c) and d) of Clause 19.8 (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Know your custome</font>r&#8221; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">checks</font>), the Borrower may request that any of its wholly owned Subsidiaries
                    become a Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc3653aba8a8a4c5e87f43af5b30f08d2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Group Member shall become an Additional Guarantor if:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">111</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf345044c1f342188e688644086646ff">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the proposed Additional Guarantor delivers to the Agent a duly completed and executed Accession Deed; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc0945d12473f4a49a7790542c6349c32">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent has received all of the documents and other evidence listed in Part III of <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif;"><u>Schedule 3 </u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>(Conditions Precedent</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif;"><u>)</u></font> in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z82504cb280f843b5b2b15320ffabe945">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall notify the Borrower and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the
                    documents and other evidence listed in Part III of <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 3 </u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;"><u>(Conditions Precedent</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc42580274d447bdbe29bbd50e69ad26">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph
                    c) above, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1622dc9d75f44ad9a2cd18756a2493fc">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">32.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Repetition of Representations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Delivery of an Accession Deed by any Additional Guarantor constitutes confirmation by that Additional
        Guarantor that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf8a8b638ddac4fb2915d13f2c7ea9368">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ROLES OF AGENT, ARRANGER AND BASE REFERENCE BANKS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9f5d072d7d94e4fa503769c429dd2c8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Appointment of the Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4a0e26cda6a549cf8e158bd860c62469">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Arranger and the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z736bb0dfa60743c7b6ec10024f14227a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Arranger and the Lenders authorises the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers,
                    authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1066b1a5c3004385a53955af3c45addf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Instructions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zee712baec3054c3a9232b2ed58509677">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z80719c48f4b74d35afb1054d5739d827">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as
                    Agent in accordance with any instructions given to it by:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41310e2cc7da4d6680e761ac3c168357">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57596293aff4477ca70f164ff4d34aac">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in all other cases, the Majority Lenders;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ac1e4bcb7d04f9d8c2225f184ccb898">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph i) above.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb4599a620ef54d25a3a9d5e4901cb2b4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document
                    stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or
                    discretion and the Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">112</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc75c324f760648ffbc06ffa742923711">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary
                    indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the
                    Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zadb14ecdfb9b47a195634ea252e85011">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or
                    security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with
                    those instructions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z613e531d570443b098ea162bce4a9aa2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f4b011e99e945ad8cdf3503c89efccc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to
                    any Finance Document. This paragraph f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the security constituted by
                    the Security Documents or the Security Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf0995d5526814180af109ce2afa7e1fd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Duties of the Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0ffa1f55f33f479e97302b8804d8a56e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf99292de15334861942f97bb04390bd1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to paragraph c) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that
                    Party by any other Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9b863be316894c79b15ba514cfa083eb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to Clause 31.7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Copy of Transfer
                      Certificate, Assignment Agreement or Increase Confirmation to Borrower</font>), paragraph b) above shall not apply to any Transfer Certificate, any Assignment Agreement or any Increase Confirmation.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f3f343259ea4df98b63c01631909248">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any
                    document it forwards to another Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74b2a962bb2248a38b6b3e4dd4547443">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall
                    promptly notify the other Finance Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7974b7648e394ee68f483c10088c6d54">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent, the
                    Arranger or the Security Agent) under this Agreement, it shall promptly notify the other Finance Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9736188d76d401fa23a657a753c0c98">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party
                    (and no others shall be implied).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z912143d8a3d94947837970a4f457630a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Role of the Arranger</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to
        any other Party under or in connection with any Finance Document.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58b252bf70034e5888e698a4c5bbc33f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No fiduciary duties</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9b6f8988696f49178c9afe1dceafbbc5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary of any other person.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc9e85bead32b4f5b8171e3d09fde32bc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Neither the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">113</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a5b47175e0b4b24b4f8838d5461002d">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business with the Group</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of
        banking or other business with any Group Member.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za9c77c0c5a524a4db23756e17328a035">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Rights and discretions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1ad328cd6544d47b8d5d9858c2adb4a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za0608a6b97c549f08ba81d5208a12148">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z46d462367c8e4373ad8e69f38050e568">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">assume that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9fdc5a2b2bff42ea9f221621efdeaa78">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance
                    Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbf3861638344e6b9ce3a137abdd9136">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless it has received notice of revocation, that those instructions have not been revoked; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z654768f5fae845f3aece502c4b7acdea">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">rely on a certificate from any person:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79a4dc6e5b284305bce95f6eaf1eb7ee">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb70006846c37428c9b9b9d2394eab35a">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to the effect that such person approves of any particular dealing, transaction, step, action or thing,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as sufficient evidence that that is the case and, in the case of paragraph A) above, may assume the
        truth and accuracy of that certificate.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z544dcd3a4b364ffeabdbe6874cd20c1d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z08808bee41864b50be3648db2ce4dc3d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">no Default has occurred (unless it has actual knowledge of a Default arising under Clause 29.1 (<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-style: italic;">Non-payment)</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7452ba2289514b16bf300624cce01190">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8121224a8adc4cf79b5547e30f953b18">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any notice or request made by the Borrower (other than a Utilisation Request or Selection Notice) is made on behalf of and with the consent and knowledge of
                    all the Obligors.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb924bc6967b240c681a029f024427015">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd120759b8b854cabae3e572c57e2865d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to the generality of paragraph c) above or paragraph e) below, the Agent may at any time engage and pay for the services of any lawyers to
                    act as independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6e2d8c996810427da6038168e0fa01e0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained
                    by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae752f6f32b1403798ed80b9f93e806f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5da157467ea84e82859a1d68d93a8c4a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be liable for any error of judgment made by any such person; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">114</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6bb202c1177c4879bead220a5d77a082">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be bound to supervise, or be in any way responsible for, any loss incurred by reason of misconduct, omission or default on the part of any such person,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless such error or such loss was directly caused by the Agent's gross negligence or wilful misconduct.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8c73dc26883545fda21a32a01bc08f70">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as
                    agent under this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6df6a5baf08a453fbae683d7543ac77b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to the generality of paragraph g) above, the Agent:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze5a83d2b21a04b1fb6083eabcf63a256">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">may disclose; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2377ea9f73549f794776ff0955087e6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on the written request of the Borrower or the Majority Lenders shall, as soon as reasonably practicable, disclose,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the identity of a Defaulting Lender to the Borrower and to the other Finance Parties.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc3a024eb6c3b4731ad2be2753cadb4e1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it
                    would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3ba229bc62f4db8ad0e280e31ee376f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">j)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any
                    financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
                    against, or security for, such risk or liability is not reasonably assured to it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd5dbbd3e09e040cc9792bb4c1b1c6225">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Responsibility for documentation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Neither the Agent nor the Arranger is responsible or liable for:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6bf8323f466b4d75a09a6b965dd824a2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other person in or
                    in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
                    Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f1772dba0524424bee09bd6f1e4a6ff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction Security or any other agreement, arrangement or
                    document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3695780f1e814dafaef55477e2cbf7dd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or
                    prohibited by applicable law or regulation relating to insider dealing or otherwise.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc29ce8ddd3cc48e18085a65a0eaa023a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No duty to monitor</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall not be bound to enquire:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1dffaed404848f18673e8b68bd1914d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether or not any Default has occurred;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z01b36d23898943668a8964d33804c010">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as to the performance, default or any breach by any Party of its obligations under any Finance Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7487a6e0b781482c8271096b7e995864">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether any other event specified in any Finance Document has occurred.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">115</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a4c0513c66e435388421c17c7aad6da">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exclusion of liability</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z867afa045ee54ae8acba7f02d9e92ef5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without limiting paragraph b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent,
                    the Agent will not be liable (including, without limitation, for negligence or any other category of liability whatsoever) for:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze01640e007a34ed1a81a479dffbe43ab">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under
                    or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z502037cd073142c0bacd1d8c3e1902d3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Transaction Security
                    or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Transaction Security; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f34273e8b7d43258712fc6f92d2bc52">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">without prejudice to the generality of paragraphs i) and ii) above, any damages, costs or losses to any person, any diminution in value or any liability
                    whatsoever arising as a result of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8097f811926e44f881ab103707bb349c">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any act, event or circumstance not reasonably within its control; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z889d18257cf74334a106da60866b04f1">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the general risks of investment in, or the holding of assets in, any jurisdiction,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">including (in each case and without limitation) such damages, costs,&#160; losses, diminution in value or
        liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value
        of assets (including any Payment Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or
        strikes or industrial action.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc60ac9de9ee04ae7ace018d4043ea2a2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the
                    Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Transaction Document and any officer, employee or agent of the Agent may rely on this Clause subject to
                    Clause 1.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Third party rights)</font> and the provisions of the Third Parties Act.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbc61d89800f2423294552dc0c6ae7e84">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be
                    paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6de8fb55fafe4be4b5f5957eb99a7094">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zded21939e9484c6995eefca28602d93e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">know your customer</font>" or other checks in relation to
                    any person; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z39b702ca773f4599b15c8bd9d3449b6e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely
        responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ab135468d354da0ae38e366a3c44575">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in
                    connection with any Finance Document or the Transaction Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">116</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall be limited to the amount of actual loss which has been finally judicially determined to have been
        suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time
        which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the
        Agent has been advised of the possibility of such loss or damages.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc456d81d921f41fb84da2b1ba137244e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lenders&#8217; indemnity to the Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd04829ea8cab4b1fb0c2c3cd9043cca6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments
                    immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever)
                    incurred by the Agent (otherwise than by reason of the Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 37.12 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Disruption to Payment Systems etc</font>.), notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the
                    fraud of the Agent) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: -36pt; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>Subject to paragraph c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to paragraph a) above.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb051dde659534193a12d220622327146">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Paragraph b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the
                    Agent to an Obligor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zec46eca0749b4040bf91db42ea05f09e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Resignation of the Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2bed1f39723447ad8a118f1b9838c339">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders and the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83364da13d4e48ab870f4951937d44f0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alternatively the Agent may resign by giving 30 days&#8217; notice to the Lenders and the Borrower, in which case the Majority Lenders may appoint a successor
                    Agent, such successor to be acceptable to the Borrower (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdeac3492d36f4cbd99ccc2413de3a377">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Majority Lenders have not appointed a successor Agent in accordance with paragraph b) above within 20 days after notice of resignation was given, the
                    retiring Agent may appoint a successor Agent, such successor to be acceptable to the Borrower (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z50cec3af760a491c88b26d479cc30299">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is
                    entitled to appoint a successor Agent under paragraph c) above, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as
                    Agent) agree with the proposed successor Agent amendments to this Clause 0 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and
                    protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent's normal fee rates and those amendments will bind the Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaab3e9f951b64ff3b5b850a97cfe2f52">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably
                    request for the purposes of performing its functions as Agent under the Finance Documents. The Borrower shall, within three Business Days of demand,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">117</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly
        incurred by it in making available such documents and records and providing such assistance.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5680c9a005f42fda7a083f5ba9e5a14">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent's resignation notice shall only take effect upon the appointment of a successor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3fb92b829fc14387b0cff692fbfc7f04">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its
                    obligations under paragraph e) above) but shall remain entitled to the benefit of Clause 14.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Indemnity to the Agent and Security Agent</font>)
                    and this Clause 33.12 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations
                    amongst themselves as they would have had if such successor had been an original Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z32c0f63cd74c4c838429d79b8bf001c5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall resign in accordance with paragraph b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent
                    pursuant to paragraph c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc411c2c34c3c49a8b02f0365f6f3002e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent fails to respond to a request under Clause 12.8 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">FATCA



                      Information</font>) and the Borrower or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zee323b679495453e8e4adf076f583b90">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the information supplied by the Agent pursuant to Clause 12.8 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">FATCA Information</font>) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf8e2bffb989b4ad6943b62afd77fb7b7">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application
                    Date;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and (in each case) the Borrower or a Lender reasonably believes that a Party will be required to make a
        FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Borrower or that Lender, by notice to the Agent, requires it to resign.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f4f67fd43614bfcbcac7829697900f1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Replacement of the Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za58ff683599f40ffb4e67ad7f6c3cb69">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">After consultation with the Borrower, the Majority Lenders may, by giving 30 days&#8217; notice to the Agent (or, at any time the Agent is an Impaired Agent, by
                    giving any shorter notice determined by the Majority Lenders) replace the Agent by appointing a successor Agent, such successor to be acceptable to the Borrower (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z92f97b9128664607ad18499446698a96">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Agent such
                    documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z283ced1e54534cce9a595e4bed57ea09">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this
                    date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph b) above) but shall remain entitled to the benefit of Clause 14.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Indemnity to the Agent and the Security Agent</font>) and this Clause 0 (and any agency fees for the account of the retiring Agent shall cease
                    to accrue from (and shall be payable on) that date).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze424dd0f5e1b4c618e90fa8956247dad">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had
                    been an original Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">118</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z361fb9b2f6f94678acf8133ffa4bff1e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidentiality</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z02e861b7f0d746289c663e70aad2f5fb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from
                    any other of its divisions or departments.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za4848dc6f8d24556810783cb590533bc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent
                    shall not be deemed to have notice of it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8d0cab47487540f2bfc9b2bc0b78c2f7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relationship with the Lenders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c79a97fcd5344acbe902064e14fb030">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the
                    Finance Parties from time to time) as the Lender acting through its Facility Office:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zba53f2a58371485cad825c2d902a3c44">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">entitled to or liable for any payment due under any Finance Document on that day; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z04a02757b5ce443aaecf2b51995d7bda">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or
                    delivered on that day,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless it has received not less than five Business Days' prior notice from that Lender to the contrary
        in accordance with the terms of this Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2f4e5ed28ff4f70bac0dc606df7aa37">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or
                    despatched to that Lender under the Finance Documents. Such notice shall contain the address and (where communication by electronic mail or other electronic means is permitted under Clause 39.6 <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">(Electronic communication))</font> electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each
                    case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, electronic mail address (or such other information), department and officer by that
                    Lender for the purposes of Clause 39.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses) </font>and paragraph a)i) of Clause 39.6 <font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;">(Electronic communication</font>) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents
                    as though that person were that Lender.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfea73022cf774f808c9fcb61b845f2af">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Credit appraisal by the Lenders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in
        connection with any Finance Document, each Lender confirms to the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in
        connection with any Finance Document including but not limited to:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z67f191065c9246f9b5646aa17e5366fc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the financial condition, status and nature of each Group Member;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e4115d9adf84a35b92e579d8bf426fb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction Security and any other agreement, arrangement or
                    document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a7df521939c4cedbf40d80a656aea03">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with
                    any Finance Document, the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any
                    Finance Document or the Transaction Security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">119</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30c8d8a4e1b94904b62d471b26685f72">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the adequacy, accuracy or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance
                    Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce6db09253a3458981fb81f1777a5c88">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or
                    the existence of any Security Interest affecting the Charged Property.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z78b13d5163924433b78627dd9ec9c5bb">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agent's management time</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any amount payable to the Agent under Clause 14.3 <font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">(Indemnity to the Agent and the Security Agent</font>), Clause 16 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Costs and Expenses</font>) and Clause
        33.11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lenders' indemnity to the Agent</font>) after the occurrence of an Event of Default while such Event of Default is continuing, shall include the
        cost of utilising the Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrower and the Lenders, and is in addition to any fee paid or payable to
        the Agent under Clause 11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fees</font>).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd626a4665d24181b7e26ff216b72394">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Deduction from amounts payable by the Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice
        to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For
        the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z112b6eab616a4bd699b0ae92a54fede6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reliance and engagement letters</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Party and Secured Party confirms that each of the Arranger and the Agent has authority to
        accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Arranger or Agent) the terms of any reliance letter or engagement letters relating to any reports or letters provided by accountants
        in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and
        qualifications set out in such letters.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd1784f514b184582a465ba5c012c962e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Role of Base Reference Banks</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z094187dd5f384a3995c836a1be98be50">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Base Reference Bank is under any obligation to provide a quotation or any other information to the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z39b28e9d7a844f199e748d9c1b22c880">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Base Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Base Reference Bank Quotation,
                    unless directly caused by its gross negligence or wilful misconduct.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb2c1b9966c948a2bc21af8ac0aad837">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Party (other than the relevant Base Reference Bank) may take any proceedings against any officer, employee or agent of any Base Reference Bank in respect
                    of any claim it might have against that Base Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Base Reference Bank Quotation, and any
                    officer, employee or agent of each Base Reference Bank may rely on this Clause 33.20 subject to Clause 1.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Third party rights)</font> and
                    the provisions of the Third Parties Act.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">120</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z599698181f174610b8f01c6befe2e642">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">33.21</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Third party Base Reference Banks</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Base Reference Bank which is not a Party may rely on Clause 33.20 (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Role of Base Reference Banks</font>), paragraph b) of Clause 43.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exceptions</font>)
        and Clause 47 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Confidentiality of Funding Rates and Base Reference Bank Quotation</font>s) subject to Clause 1.3 <font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">(Third party rights</font>) and the provisions of the Third Parties Act.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z33fd239c0eab4f40a2af6ca58d167339">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">THE SECURITY AGENT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8eab25c410b04a34a5e024cd2bb263c2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trust and agency</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00c94d681d4544db8ce750d88f5e9f5c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent declares that it shall hold the Transaction Security on trust for the Secured Parties on the terms contained in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4baa16b19671413289cf245cf29a4b57">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Secured Party (that is or may become party to this Agreement) hereby irrevocably appoints the Security Agent to act as its agent (in Danish: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">repr&#230;sentant</font>) for the Secured Parties in accordance with the Danish act on capital markets (as amended from time to time) (in Danish: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lov om kapitalmarkeder</font>) under and in connection with each of the Danish law governed Security Documents to which the Security Agent is a
                    party (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant Danish Security Documents</font>").</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z141b1d56ed574470bdf109a621340f37">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the parties to this Agreement agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in
                    this Agreement or in the Security Documents to which the Security Agent is expressed to be a party (and no others shall be implied).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c60d7caa0eb4d2e9d554abebb3d5004">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Instructions to Security Agent and exercise of discretion</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45ab3959e2054364b0adf8c5aae96580">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to paragraphs (d) and (e) below, the Security Agent shall act in accordance with any instructions given to it by the Majority Lenders or, if so
                    instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled to assume that (i) any instructions received by it from an Agent, the Finance
                    Parties or a group of Finance Parties are duly given in accordance with the terms of the Finance Documents and (ii) unless it has received actual notice of revocation, that those instructions or directions have not been revoked. The
                    Security Agent shall not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with this paragraph (a) (or, if this Agreement stipulates the matter is a decision for any other Finance Party or group of
                    Finance Parties, in accordance with instructions given to it by that Finance Party or group of Finance Parties).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7571f15d4d94b03bcbf81361f0fd121">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent shall be entitled to request instructions, or clarification of any direction, from the Majority Lenders as to whether, and in what manner,
                    it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z444a669867bb48ddbe8247deeaad5a6b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be
                    binding on all Secured Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9023b7112e064f4ba87f24c71610926b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Paragraph (a) above shall not apply:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf23f8b3eef2648bda080b868bb5ee30a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where a contrary indication appears in this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3866c11971524cb08a99e00e5216339d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">where this Agreement requires the Security Agent to act in a specified manner or to take a specified action;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">121</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za474765ff045444d881c1a9ac6d37a0f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of any provision which protects the Security Agent&#8217;s own position in its personal capacity as opposed to its role of Security Agent for the Secured
                    Parties including, without limitation, the provisions set out in Clauses 34.4(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security Agent&#8217;s discretions</font>) to Clause 34.19 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Disapplication</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5d4685bf0864e71930afab6439638c1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in respect of the exercise of the Security Agent&#8217;s discretion to exercise a right, power or authority under any of Clause 30.3a) (<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Order of application</font>), Clause 30.3b) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Prospective
                      liabilities</font>), and Clause 30.3e) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Permitted Deductions</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7d69718fae34fe281a81e3561d55c8e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If giving effect to instructions given by the Majority Lenders would (in the Security Agent&#8217;s opinion) have an effect equivalent to an amendment to this
                    Agreement or the Finance Documents, the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Secured Party (other than the Security Agent) whose consent would have been
                    required in respect of that amendment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55ec1b3529434108a02c253e65125b7b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In exercising any discretion to exercise a right, power or authority under this Agreement where either it has not received any instructions from the Majority
                    Lenders as to the exercise of that discretion, the Security Agent shall do so having regard to the interests of all the relevant Secured Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd93f659f3a084a44b8c2386d768e8896">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Agent&#8217;s Actions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to the provisions of Clause 30.2 (<font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-style: italic;">Enforcement of Transaction Security</font>) and Clause 34.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Instructions to Security Agent and
          exercise of discretion</font>), the Security Agent may (but shall not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers
        in its reasonable discretion to be appropriate or in the best interests of the relevant Secured Parties.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4fe01986b4d74f688b776f4456b8f7b0">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Agent&#8217;s discretions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent may:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71b0d9109dfb43f49d7472f1c8714391">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">assume (unless it has received actual notice to the contrary from the Agent) that (i) no Default has occurred and no Obligor is in breach of or default under
                    its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze6e4dbaf46934ab597138d5f7b2540c7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if it receives any instructions or directions under Clause 30.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
                      italic;">Enforcement of Transaction Security</font>) to take any action in relation to the Transaction Security, assume that all applicable conditions under the Finance Documents for taking that action have been satisfied;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9c994403d01240acb0e5e036188e975c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors or other experts (whether obtained by the
                    Security Agent or by any other Secured Party) whose advice or services are at any time necessary, expedient or desirable and the Security Agent shall not be liable for any damages, costs or losses to any person, any diminution in value
                    or any liability whatsoever arising as a result of so relying;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za51eec22093641d2b83538f3c089f899">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the
                    knowledge of a Secured Party or an Obligor, upon a certificate signed by or on behalf of that person;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeae41dedf35b4559b481fe826c76e9ea">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless this Agreement expressly specifies otherwise, disclose to any other Party any information it reasonably believes it has received as security trustee
                    under this Agreement; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">122</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd33926bf2f774dc0aa82608105208d6d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">refrain from acting in accordance with the instructions of any Party (including bringing any legal action or proceeding arising out of or in connection with
                    the Finance Documents) until it has received any indemnification and/or security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so
                    acting.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f7316cf3abf482797235365f5c51726">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Agent&#8217;s obligation to forward documents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent shall promptly forward to a Party the original or a copy of any document which is
        delivered&#160; to the Security Agent for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any
        document it forwards to another Party.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z076d6fbfbf434bad9aff3082b59473c7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Excluded obligations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security
        Agent shall not:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbba4da304ea641bab8ebf485b831b3ed">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by an Obligor of its obligations under
                    any of the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze0685ccb142e42dba3436cd6d6a34161">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6397bec4c46a40a5b2f3c38bc80fc619">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be bound to disclose to any other person (including but not limited to any Secured Party) (i) any confidential information or (ii) any other information if
                    disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb9ed38d84e8c426bae3b9a4c08c35eff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">have or be deemed to have any relationship of trust or agency or any fiduciary relationship with, any Obligor; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z59f8139acde04871bf9e279b53f0cc3e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the
                    exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf73b7d218a8548169d7413b9339874a2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exclusion of liability</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">None of the Security Agent, any Receiver or any Delegate shall accept responsibility or be liable for:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze41d429c3b704d5a95f6f38b94ab95a7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in connection
                    with any Finance Document or the transactions contemplated in the Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e2a3addef174ab2a3037731edff7420">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the&#160; Transaction Security or&#160; any&#160; other&#160; agreement,&#160; arrangement
                    or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0098d345e000420290776cf2a51f162a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any damages, costs or losses to any person, any diminution in value, or any liability arising as a result of taking or refraining from taking any action in
                    relation to any of the Finance Documents, the Transaction Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">123</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">or otherwise, whether in accordance with an instruction from an Agent or otherwise unless directly
        caused by its gross negligence or wilful misconduct;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf641eb8529444daa8ea27b32bb5490ff">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents, the
                    Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Transaction Security; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc8ad36f5578a410b97e43c6d23fac6e8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any shortfall which arises on the enforcement or realisation of the Transaction Security.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2410ed7f785745e580465cdd5a9dea6a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No proceedings</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5ca2a858d96c4d41b652b397594d2454">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Party (other than the Security Agent, that Receiver or that Delegate) may take any proceedings against any officer, employee or agent of the Security
                    Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance
                    Document or any Transaction Security and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Third Party Rights</font>) and the provisions of the Third Parties Rights Act.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd579d9a06514173b205378221a63130">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Nothing in this Agreement shall oblige the Security Agent to carry out:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8496d430be24f25b9baefc760c0951d">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any "know your customer" or other checks in relation to any person; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5d40b436598f4b65b5362d5e8ba7794c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Finance Party,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on behalf of any Finance Party and each Finance Party confirms to the Security Agent that it is solely
        responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb6ad9e997dd43dbb28291bce8919124">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Security Agent, any Receiver or Delegate, any liability
                    of the Security Agent, any Receiver or Delegate arising under or in connection with any Finance Document or the Transaction Security shall be limited to the amount of actual loss which has been finally judicially determined to have been
                    suffered (as determined by reference to the date of default of the Security Agent, Receiver or Delegate (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without reference to&#160; any&#160;
                    special&#160; conditions&#160; or&#160; circumstances&#160; known to the Security Agent, Receiver or Delegate (as the case may be) at any time which increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate be liable
                    for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Security Agent, Receiver or Delegate (as the case may be) has
                    been advised of the possibility of such loss or damages.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z932d02204aa64785b8b58f05da258b22">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Own responsibility</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in
        connection with any Finance Document, each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in
        connection with any Finance Document including but not limited to:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9e83723194c4d74a572ef9576363c90">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the financial condition, status and nature of each Group Member;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">124</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff08e4a510bc43e6b5fafe646ffff36d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Transaction Security and any other agreement, arrangement or
                    document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9407785c6a04e01850b4e31a4e9deab">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection
                    with any Finance Document, the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
                    any Finance Document or the Transaction Security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c5848dc3f234221b205904bd9905341">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any Finance
                    Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbdfefb63746444eab404b13ba50b6701">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the right or title of any person in or to, or the value or sufficiency of any part&#160; of the Charged Property, the priority of any of the Transaction Security
                    or the existence of any security affecting the Charged Property,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and each Secured Party warrants to the Security Agent that it has not relied on and will not at any time
        rely on the Security Agent in respect of any of these matters.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za07a96fe16c64c63bc2480145ef2022e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No responsibility to perfect the Transaction Security</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent shall not be liable for any failure (other than any failure resulting from the gross
        negligence or wilful misconduct of the Security Agent) to:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8d0181a0aa2d4ebca1c7556248c33213">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Charged Property;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1e20be970424e5bbef1a911be3aa6c2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the
                    Finance Documents or the Transaction Security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z153bf06014124ba597673e6fbcbb0ce7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any applicable laws
                    in any jurisdiction or to give notice to any person of the execution of any of the Finance Documents or of the Transaction Security;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z828e674d0baf41478883d87386625be5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">take, or to require any of the Obligors to take, any steps to perfect its title to&#160; any of the Charged Property or to render the Transaction Security
                    effective or to secure the creation of any ancillary Security Interests under the laws of any jurisdiction; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7fe593097cd64037877a9fb837025d18">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">require any further assurances in relation to any of the Security Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeff36bf4aa4048edb689e0e0c926b75a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Insurance by Security Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z981b3d7766ca4724b642e84c3b1c4a3e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or to verify
                    any obligation to arrange or maintain insurance contained in the Finance Documents. The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such
                    insurance.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z798f7672bce1460a95dfb27de991dce9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of,
                    directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless an</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">125</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Agent shall have requested it to do so in writing and the Security Agent shall have failed to do so
        within fourteen days after receipt of that request.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7dc97b8e9632484d950c7b8ceea793bf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Custodians and nominees</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in
        relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be
        responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or
        acts of any person.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30b73c4f156d45eab9d470435dcd8c29">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.13</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acceptance of title</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate,
        any right and title that any of the Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd06903d378114519b6a5e0725078a56e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.14</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Refrain from illegality</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security
        Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply with any such
        law, directive or regulation.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za8b43490e4a4497d906a1379261e815f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.15</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business with the Group</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking
        or other business with any Group Member.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde5899772d0946b18e68fc37b595c223">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.16</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Winding up of trust</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Security Agent, with the approval of the Agent, determines that (i) all of the Secured
        Obligations and all other obligations secured by the Security Documents have been fully and finally discharged and (ii) none of the Secured Parties is under any commitment, obligation or liability (actual or contingent) to make advances or provide
        other financial accommodation to any Obligor or other Group Member pursuant to the Finance Documents:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b65fa27943d477896926a1b3675ec1a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and
                    the rights of the Security Agent under each of the Security Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z29c556d2acd540e4b1c421f38f2c437e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Retiring Security Agent shall release, without recourse or warranty, all of its rights under each of the Security Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc4c1d42f4989426ab3cd4ee08e0adc81">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.17</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Powers supplemental</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The rights, powers, authorities and discretions conferred upon the Security Agent by this Agreement
        shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by general law or otherwise.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">126</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc8ad84eb148490b94cde94f914d7f20">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.18</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agency division separate</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z72d406c37d874308bb8dc051412e72d2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In acting as trustee or agent for the Secured Parties, the Security Agent shall&#160; be regarded as acting through its trustee, or as the case may be, agency
                    division which shall be treated as a separate entity from any of its other divisions or departments.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2b1e5272de24a76a5f59c2f73052fbb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the
                    Security Agent shall not be deemed to have notice of it.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7884a0ce60084bb79e5dc41f9763df78">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.19</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disapplication</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the
        trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and,
        in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z84002cc330d14ed7956eed8bd6ec5e26">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.20</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Intra-Group Creditors and Obligors: Power of Attorney</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Intra-Group Creditor and Obligor by way of security for its obligations under this Agreement
        irrevocably appoints the Security Agent to be its attorney to do anything which that Intra-Group Creditor or Obligor has authorised the Security Agent or any other Party to do under this Agreement or is itself required to do under this&#160; Agreement
        but has failed to do (and the Security Agent may delegate that power on such terms as it sees fit) and the same constitutes an Event of Default which is continuing.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ee69ffd0dc049598cdda0df70efc891">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.21</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Resignation of the Security Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z37be573137994703a3d9072412b08654">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent may resign by giving notice to the other Parties in which case the Majority Lenders may appoint a successor Security Agent, such successor
                    to be acceptable to the Borrower (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2075ede686034096964de3420370055d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (a) above within 30 days after the notice of resignation
                    was given, the Security Agent (after consultation with the Agents) may appoint a successor Security Agent, such successor to be acceptable to the Borrower (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z507b1fe5153f4711af6a20b08054e321">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The retiring Security Agent (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Retiring Security Agent</font>")



                    shall, at its own cost, make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as
                    Security Agent under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9aa5d9840141437f80ba61f535c6579c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent&#8217;s resignation notice shall only take effect upon (i) the appointment of a successor and (ii) the transfer of all of the Transaction
                    Security to that successor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z689ab1e9dfef4f86b50208af5722665a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Upon the appointment of a successor, the Retiring Security Agent shall be discharged from any further obligation in respect of the Finance Documents (other
                    than its obligations under paragraph (b) of Clause 34.16 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Winding up of trust</font>) and under paragraph (c) above) but shall, in respect
                    of any act or omission by it whilst it was the Security Agent, remain entitled to the benefit of Clauses 34 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">The Security Agent</font>),
                    14.3 (Indemnity to the Agent and the Security Agent and Clause 14.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Indemnity Concerning Security</font>).&#160; Its&#160; successor&#160; and each&#160; of&#160;
                    the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">127</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z437f35046b4240768bd2d6976086681b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By notice to the Security Agent, the Majority Lenders may require the Security Agent to resign in accordance with paragraph (a) above.&#160; In this&#160; event, the
                    Security Agent shall resign in accordance with paragraph (a) above but the cost referred to in paragraph (c) above shall be for the account of the Company.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za58c1000f97f49f08c35ed0520d75eb8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.22</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delegation</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf4fe6109ddc744278d5ea0e61181a078">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or
                    any of the rights, powers and discretions vested in it by any of the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z82371a566e98401da9864b958e899e7b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any delegation made pursuant to this Clause 34.22 may be made upon any terms and conditions (excluding the power to sub-delegate) and subject to any
                    restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties and it shall not be bound to supervise or monitor the performance of, or
                    be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4318f1c203c64a1fa3543f41f82c8678">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent shall, at the instruction of the Majority Lenders, undertake such enforcement or other proceedings and make such claims against any
                    delegates of the Security Agent appointed pursuant to this&#160; Clause 34.22 in respect of any right the Security Agent may have with respect to any act or omission of any kind by such delegate of the Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6d8e704cd90f418db77292367835b583">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">34.23</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Additional Security Agents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb58c6720b094bd38ae9f52bf68caa12">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Security Agent may at any time with the prior consent of the Majority Lenders appoint (and subsequently remove) any person to act as a separate trustee or
                    as a co-trustee jointly with it (i) if it considers that appointment to be in the interests of the relevant Secured Parties or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions which the Security
                    Agent deems to be relevant or (iii) for obtaining or enforcing any judgment in any jurisdiction, and the Security Agent shall give prior notice to the Company and each of the Agents of that appointment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc183630317414f4d97d4decf0ad27f6f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the Security Agent by this Agreement) and the duties
                    and obligations that are conferred or imposed by the instrument of appointment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z788925d983694d20bf6383b466eaf636">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that&#160; person in
                    performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze95ce048c40144dca25ca581a5b880ec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONDUCT OF BUSINESS BY THE FINANCE PARTIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf640b0e6bcf44115a06e171db2cc6ffd">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Parties Tax Affairs</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No provision of this Agreement will:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b502ae500354fc38adf5ff29c59ba8e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z905ffd03f8764ab080fe7050dd962800">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">128</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5ed0a3583cc94663b8c9d81c455320be">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d155afe0a8a4eb290d28be3d57ad1b5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Finance Parties Acting Together</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding Clause 2.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Finance Parties&#8217; Rights and Obligations</font>), if the Agent makes a declaration under Clause 29.24 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Acceleration)</font> the
        Agent shall, in the names of all the Finance Parties, take such action on behalf of the Finance Parties and conduct such negotiations with the Borrower and any Group Members and generally administer the Facility in accordance with the wishes of the
        Majority Lenders. All the Finance Parties shall be bound by the provisions of this Clause and no Finance Party shall be entitled to take action independently against any Obligor or any of its assets without the prior consent of the Majority
        Lenders.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c0b01d7804542de861bea36ddec1ddf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conflicts</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2aa9f3a990d1468a94b2673a38de6a8d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower acknowledges that the Arranger and its parent undertaking, subsidiary undertakings and fellow subsidiary undertakings (together the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Arranger Group</font>&#8221;) may be providing debt finance, equity capital or other services (including financial advisory services) to other persons
                    with which the Borrower may have conflicting interests in respect of the Facility or otherwise.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74fa58115d5d49c386fee0fd5a5730cd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No member of the Arranger Group shall use confidential information gained from any Obligor by virtue of the Facility or its relationships with any Obligor in
                    connection with their performance of services for other persons. This shall not, however, affect any obligations that any member of the Arranger Group has as Agent in respect of the Finance Documents. The Borrower also acknowledges that
                    no member of the Arranger Group has any obligation to use or furnish to any Obligor information obtained from other persons for their benefit.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze80d9ec26f0d4450847604daa1f7961c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The terms &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">parent undertaking,&#8221;</font>&#160;<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;subsidiary undertakin</font>g&#8221; and &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">fellow subsidiary undertaking</font>&#8221;
                    when used in this Clause have the meaning given to them in sections 1161 and 1162 of the Companies Act 2006.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5a49cfb51b9c43dd9644e658c43623ba">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">35.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Obligors</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any information or consent provided by the Agent or Security Agent under the Finance Documents may be
        relied upon by the Obligors as having been properly authorised by the Lenders, the Majority Lenders and/or the Finance Parties, as applicable, in accordance with the terms of the Finance Documents, unless otherwise notified by the Agent or Security
        Agent. Furthermore, each Obligor shall be entitled to deal with Agent and/or Security Agent in all matters arising under or relating to this Agreement and other Finance Documents.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88956220759849229527b0d5395b04f6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SHARING AMONG THE FINANCE PARTIES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze2902b3ad4b348e1bd948c4fc44316a4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payments to Finance Parties</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a Finance Party (a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">Recovering Finance Party</font>&#8221;) receives or recovers any amount from an Obligor other than in accordance with Clause 30<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Transaction Security</font>) or Clause 37 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payment
          Mechanics</font>) (a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recovered Amount</font>&#8221;) and applies that amount to a payment due under the Finance Documents then:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z976e21b1fd944a088527b7139228a0fd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery, to the Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc6c302807d1540328aeb5e441ebe9c08">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or
                    recovery been received or made by the Agent and distributed</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">129</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in accordance with Clause 37 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Payment Mechanics</font>), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a718fb40239425f86dc97e2c38044f9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the &#8220;<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sharing Paymen</font>t&#8221;) equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of
                    any payment to be made, in accordance with Clause 37.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partial Payments</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf94b32e3c0694fd1aff5ad31c5ca6a49">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Redistribution of Payments</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute
        it between the Finance Parties (other than the Recovering Finance Party) (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sharing Finance Parties</font>&#8221;) in accordance with Clause 37.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partial Payments</font>) towards the obligations of that Obligor to the Sharing Finance Parties.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1666d2b8cae048778e0055b414a55c3a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recovering Finance Party&#8217;s Rights</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On a distribution by the Agent under Clause 36.2 (<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Redistribution of Payments</font>) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount
        equal to the Sharing Payment will be treated as not having been paid by that Obligor.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8a73fdb1109f4e95842cf4117691c9c8">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Reversal of Redistribution</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable
        and is repaid by that Recovering Finance Party, then:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88ea6b4663864c8c9589c5ea0e1c6a57">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the
                    appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is
                    required to pay) (the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#8220;Redistributed Amount</font>&#8221;); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1e5d855fd8b84afaaa187ab250612169">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having
                    been paid by that Obligor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5e8ed74b0a0e42c2b4fee95cb34d5087">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">36.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exceptions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc4c21fa05cad488ca7d07ac16ce940af">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Clause 36 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause 36.5, have a valid
                    and enforceable claim against the relevant Obligor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z06c55acdf0c84171924c4b7154b257a2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a
                    result of taking legal or arbitration proceedings in accordance with the terms of this Agreement, if:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3147d076ac2a469d9de5cb030da94fe0">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">it notified that other Finance Party of the legal or arbitration proceedings; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5b4e94b5404e48868c42e1acec359a54">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable
                    having received notice and did not take separate legal or arbitration proceedings.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z603c54d9b4124b5da3a133a934865524">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PAYMENT MECHANICS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">130</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4aee793484f944e7923bb4c9bf56261f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payments to the Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2970ced47b96412d8454c21d7e95c9c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to
                    the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency
                    in the place of payment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z785347e4f7b44325bc29eb33a12168a4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial
                    centre in a Participating Member State or London) with such bank as the Agent specifies.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4eb358475edd4b9ca83472774a415624">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions by the Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each payment received by the Agent under the Finance Documents for another Party shall, subject to
        Clause 0 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Distributions to an Obligo</font>r) and Clause 37.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style:
          italic;">Clawback</font>) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment (but with same day value) in accordance with this Agreement (in the case of a Lender, for the account of its
        Facility Office), to such account as that Party may notify to the Agent by not less than five (5) Business Days&#8217; notice with a bank in the principal financial centre of the country of that currency (or, in relation to euro, in the principal
        financial centre of a Participating Member State or London). Any such payment made under this Clause 37.2 shall be made on the basis that if such payment is placed on overnight deposit by the Agent before making such funds available to the relevant
        Party and interest is earned on such overnight deposit, this interest shall be (or <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">a pro rata </font>amount of such interest in accordance with that
        Party&#8217;s share in the payment) shall be made available to the Party entitled to receive the payment.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z63bf109c3d764a0ca49043d1bf4a90c6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions to an Obligor</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may (with the consent of the Obligor or in accordance with Clause 38 (<font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Set off</font>)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that
        Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2b342031c23c4b79a243eddc18caa6a2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Clawback</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e13913033844cdcbaa2629430b232cd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to
                    enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1a0b276db748439d84a5f52fc5a0c01f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that
                    amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated
                    by the Agent to reflect its cost of funds.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd5cb963f4144e8dbc41e5c0f41b579b">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Impaired Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">131</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9964d91870584ffd9355805ac37cd671">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in
                    accordance with Clause 37.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Payments to the Agent</font>) may instead either:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f41beaac5e046d7a098fd17b219a5b0">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">pay that amount direct to the required recipient(s); or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z245cef871d3f442ba994cbfa5d780a6b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or
                    the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph a) of the definition of &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-weight: bold;">Acceptable Bank</font>&#8221; and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment (the &#8220;<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-weight: bold;">Paying Party</font>&#8221;) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recipient Par</font>ty&#8221; or &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Recipient Parties</font>&#8221;).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In each case such payments must be made on the due date for payment under the Finance Documents.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc40700887774407e8bdf366137e5f590">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro
                    rata to their respective entitlements.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd17ef34046b4182b42261ac2241d306">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Party which has made a payment in accordance with this Clause 37.5 shall be discharged of the relevant payment obligation under the Finance Documents and
                    shall not take any credit risk with respect to the amounts standing to the credit of the trust account.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z705beae7bd414c14b139ce20f8276ae5">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promptly upon the appointment of a successor Agent in accordance with Clause 33.13 (R<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">eplacement of the Agent</font>), each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to paragraph e) below) give all requisite instructions to the bank with
                    whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 37.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Distributions by the Agent</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0979f1d6fb65430495368f1f6efcee40">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Paying Party shall, promptly upon request by a Recipient Party and to the extent:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z995f7e2ce59948e184d502b628cd50e2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that it has not given an instruction pursuant to paragraph d) above; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb0cc43bf5ec407a9e1b1f8c86be3b72">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">that it has been provided with the necessary information by that Recipient Party,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">give all requisite instructions to the bank with whom the trust account is held to transfer the relevant
        amount (together with any accrued interest) to that Recipient Party.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36ce15abdb6b403c96499f080b3eea83">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Partial Payments</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9c5680d16a314208b279912a1a05dd2b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent receives a payment for application against amounts due under the Finance Documents that is insufficient to discharge all the amounts then due and
                    payable by an Obligor under those Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under those Finance Documents in the following order:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f90ff10b99a4940a1223e8869ff0fe3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">first,</font> in or towards payment pro
                    rata of any unpaid fees, costs and expenses;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5defc9d917db49cab303deddfa1759cc">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">secondly</font>, in or towards payment to
                    the Lenders pro rata of any amount owing to the Lenders under Clause 33.11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Lenders&#8217; Indemnity to the Agent</font>) including any amount
                    resulting from the indemnity to the Agent and the Security Agent under Clause 14.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Indemnity to the Agent and the Security Agent</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0029bf13a9c04c18b302e4bec16a15e9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">thirdly</font>, in or towards payment to
                    the Lenders pro rata of any accrued interest, fee or commission due but unpaid under those Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">132</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeab5a768751840dfbad827187ad34f66">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">fourthly</font>, in or towards payment to
                    the Lenders pro rata of any principal which is due but unpaid under those Finance Documents; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9673b0dcb62346f4b82dfc46b593a10c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">fifthly</font>, in or towards payment pro
                    rata of any other sum due but unpaid under the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z564fa1d1c81242578b7cf1186f0d9775">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent shall, if so directed by all the Lenders, vary the order set out in Clause 37.6a)i) to a)v) above.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb5b9af43bfa5421491ad8c0a56ab2cb1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clauses 37.6a) and 37.6b) above will override any appropriation made by an Obligor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5d685bb242847b39576866a6a463128">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Set off by Obligors</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All payments to be made by an Obligor under the Finance Documents shall be calculated and be made
        without (and free and clear of any deduction for) set off or counterclaim (except as otherwise provided in the Finance Documents).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3950480f536f46f0aa79cd9119ad12ed">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Business Days</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5145f3dd0c604d8da2006b538a4e34fb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or
                    the preceding Business Day (if there is not).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e1a0eb35f7d4d5cba9a4ce74c92a6ec">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the
                    rate payable on the original due date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c819e228b0147c5a054df10dcf06daf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.9</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Payments on Demand</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the purposes of Clause 29.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Non-paym</font>ent) and subject to the Agent&#8217;s right to demand interest under Clause 8.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Default Interest</font>),
        payments on demand shall be treated as paid when due if paid within three (3) Business Days of demand, except as otherwise expressly provided in the Finance Documents.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7946ae9a7a024d0f80a843a6752d092e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.10</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Currency of Account</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdcebf41e920f4830b1d8656c03cc270d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clauses 37.10b) and 37.10c) below, Dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5f87044e67f8435f8f4daac46b6fa497">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made in Dollars on its due date.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbad247dc048a4dc6933df29eee3326bf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in Dollars and, if they were incurred in a currency other
                    than Dollars, the amount payable under the Finance Documents shall be the equivalent in Dollars of the relevant amount in such other currency on the date on which it was incurred.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z609a7d282b4a42bbafbc38b76c41e204">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.11</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Change of Currency</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb9f93de9e7864e7db0ae39e7e37b840e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the
                    lawful currency of that country, then:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9582e4e3d19841dbbfce9e35a8d11760">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into,
                    or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Borrower); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">133</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z23dd4e6f916643eda02fda4297febc36">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of
                    that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z16ceac264d344c689b579194b7cb9cfd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrower)
                    specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the London interbank market and otherwise to reflect the change in currency.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze1a7020276b940e989d90fd9decb56ef">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">37.12</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disruption to Payment Systems Etc.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If either the Agent determines (in its discretion) that a Payment Disruption Event has occurred or the
        Agent is notified by the Borrower that a Payment Disruption Event has occurred:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z278a7fa92ea842df8c5240a3489eb9b6">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent may, and shall, upon instructions from the Majority Lenders, consult with the Borrower with a view to agreeing with the Borrower such changes to the
                    operation or administration of the Facility as the Agent may deem necessary in the circumstances;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z88249553508b4f748bf703954bfcd594">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in Clause 37.12a) above if, in its opinion, it is not
                    practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zefd78800311f4e258934ad22d70dd601">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall promptly notify the Finance Parties of any such determination or notice from the Borrower but in any event no later than five (5) Business
                    Days after the date on which such determination was made or notice of such determination was received;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdf346338a4d94823ac5c8e9aa5aa1b0f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall, upon instructions from the Majority Lenders, consult with the Finance Parties in relation to any changes mentioned in paragraph a) above but
                    shall not be entitled to take any action to implement any changes to the operation or administration of the Facility without the instructions of the Majority Lenders and Clause 33.2 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Instructions</font>) shall not apply in such circumstances pending receipt by the Agent of the Majority Lenders&#8217; instructions;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4ad59e5a80a740999fd29d822e38098b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any such changes agreed upon by the Agent, acting upon instructions from the Majority Lenders, and the Borrower shall (whether or not it is finally determined
                    that a Payment Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents, notwithstanding the provisions of Clause 0 (<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Amendments and Grant of Waivers</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z752de0d7927845ff87bd2cafc8efd299">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall not be liable to the Finance Parties for failing to take any steps in respect of a Payment Disruption Event in the absence of specific
                    instructions from the Majority Lenders;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d9fd7eb80a84281b5b1662fba0b93e0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall notify the Finance Parties of all changes agreed pursuant to Clause 37.12e) above;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb56890ea75a42afbb7561bac1b1fa6b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">h)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without
                    limitation, for negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take any actions pursuant to or in connection with,
                    this Clause 37.12.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b8fd5d074cc45b0aaf711f41c3cb9c4">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">38.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SET OFF</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to
        the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">134</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are in different currencies, the Finance Party may convert either obligation at a market rate of
        exchange in its usual course of business for the purpose of the set off.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b735de6494e4add99305e9985695c51">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NOTICES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za473f653d6394ed38035ee30f84ba2b7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Communications in Writing</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any communication to be made under or in connection with the Finance Documents shall be made in writing
        and, unless otherwise stated, may be made by letter.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c3e61027dda47f4ac23b1662dd22d86">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Addresses</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The address (and the department or officer, if any, for whose attention the communication is to be made)
        of each Obligor or Finance Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z772c84abfc1c4835b28d355540e17dcd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of any Obligor which is a Party, that identified with its name in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule



                        1 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>The Original Parties</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font>;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z570fbcd937734891a00ba575ada4c432">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of any Obligor which is not a Party, that identified in any Finance Document to which it is a party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z184e1d1ad5fe478ebfcc6c86ff6937c0">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of the Agent and any other original Finance Party that identified with its name in <font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif;"><u>Schedule 1 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>The Original Parties</u></font><font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif;"><u>)</u></font>; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf8ffece955d041f1afb4b0cf7f85d89f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in the case of each Lender or other Finance Party, that notified in writing to the Agent on or prior to the date on which it becomes a Party in the relevant
                    capacity,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">or, in each case, any substitute address or department or officer as an Obligor or Finance Party may
        notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days&#8217; notice.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z87daef03422c4fcda49e29caf29c8c12">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Delivery</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z705b6391b70b4bf2b5b7685ebc727d3b">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective when it has
                    been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address and, if a particular department or officer is specified as part of its address
                    details provided under Clause 39.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses),</font> if addressed to that department or officer.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z47c246a1c8274c488febdf677cabd640">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any communication or document to be made or delivered to the Agent or Security Agent will be effective only when actually received by the Agent or Security
                    Agent and then only if it is expressly marked for the attention of the department or officer identified in <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Schedule 1 (</u></font><font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>The Original Parties</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>)</u></font> (or any substitute department or
                    officer as the Agent or Security Agent shall specify for this purpose).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7397392f887b4f5798e3290497c43c19">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All notices from or to an Obligor shall be sent through the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7679b507bdba430d80058db1b4f8d4d1">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any communication or document made or delivered to the Borrower in accordance with this Clause 0 will be deemed to have been made or delivered to each of the
                    Obligors.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9a683acd24094687ad269aa448dddeec">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of Address</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promptly upon receipt of notification of an address or change of address pursuant to Clause 39.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses</font>) or changing its own address, the Agent shall notify the other Parties.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">135</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z020ac42566d54d9ab9db795fd77e8aae">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Communication when Agent is Impaired Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the
        Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that
        communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d14706e9e0c42f2a6820067c2d036db">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Electronic Communication</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z66543b91b837420a9d9a12ddc889b230">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any communication to be made between the Agent and a Lender or an Obligor under or in connection with the Finance Documents may be made by electronic mail or
                    other electronic means (including by way of the Agent&#8217;s Debt Domain system), if the Agent and the relevant Lender or such Obligor:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z96d26ff47f6941e4a357dea6a84cb774">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">agree that, unless and until notified to the contrary, this is to be an accepted form of communication;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d394647ee9a4caeb8cff914647c0708">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that
                    means; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb54b1e9360c6409bb886799e05262af3">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">notify each other of any change to their address or any other such information supplied by them.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z95c287a891514bdfa9453a97f24d9bf3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any electronic communication made between the Agent and a Lender or an Obligor will be effective only when actually received in readable form and in the case
                    of any electronic communication made by a Lender or an Obligor to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za57b6792abc545d4a8805fefe3012eca">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All Lenders confirm that they have consented to the use of the Agent&#8217;s Debt Domain system as an accepted method of communication under or in connection with
                    the Finance Documents and agree that the Debt Domain system will be the primary method of communication between the Agent and the Lenders. The Lenders acknowledge that a communication via Debt Domain will be effective once the
                    communication is posted to Debt Domain by the Agent.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z81d58980580e4d31ac469dd37a514048">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">39.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">English Language</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze197788baf99448a9ab45406604f3acc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any notice given under or in connection with any Finance Document shall be in English.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd632daaf402461a85c7ea690f3f327e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All other documents provided under or in connection with any Finance Document shall be:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze3612070d8ac485587b8c0354105763f">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in English; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze5ee66619c184939b1bb7c5cd55bbb34">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail
                    unless the document is a constitutional, statutory or other official document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z423ad3e6ff714c3da28f69b1e1e6aa4e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">40.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CALCULATIONS AND CERTIFICATES</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbbcc9f52f66441d2838a5e1622b91e62">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">40.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Accounts</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In any litigation or arbitration proceedings arising out of or in connection with a Finance Document,
        the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a792016c38d4435b06b768bc6d2a193">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">40.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Certificates and Determinations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">136</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any certification or determination by the Agent of a rate or amount under any Finance Document is in the
        absence of manifest error, conclusive evidence of the matters to which it relates.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdf9fd89d58a44cff8e81b44cfea05492">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">40.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Day Count Convention</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is
        calculated on the basis of the actual number of days elapsed and a year of three hundred and sixty (360) days or, in any case where the practice in the London interbank market differs, in accordance with that market practice.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1e25608360054d14a1bb55cefe2ebe1e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">41.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PARTIAL INVALIDITY</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable
        in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be
        affected or impaired.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3be480e1a16c4bce97f520a128a9754e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">42.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REMEDIES AND WAIVERS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or
        remedy under the Finance Documents shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Documents. No election to affirm any Finance Document shall be effective unless it is in writing. No single or
        partial exercise of any right or remedy prevents any further or other exercise, or the exercise of any other right or remedy. The rights and remedies provided in the Finance Documents are cumulative and not exclusive of any rights or remedies
        provided by law.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57e106b0937a450d9eea62940c534bc6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">43.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AMENDMENTS AND GRANT OF WAIVERS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z149a38657623494c9676573ee50e0084">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">43.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Required Consents</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd21fb3766f2f42b5b4ddc1a3044a97b2">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subject to Clause 43.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Exceptions</font>), any term of the
                    Finance Documents may be amended or waived with the consent of the Agent (acting on the instructions of the Majority Lenders and, if it affects the rights and obligations of the Agent, the consent of the Agent) and the Borrower and any
                    such amendment or waiver agreed or given will be binding on all Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcb61b0706be34bbfb64ab2464cb867e8">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may (or, in the case of the Security Documents, may instruct the Security Agent to) effect, on behalf of any Finance Party, any amendment or waiver
                    permitted by this Clause 43.1.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac1f2a90ad5b4542babbe181ae6c510d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to the generality of Clause 33.7 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Rights
                      and discretions</font>), the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for, and effecting, any amendment, waiver or consent under this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf7a8ee7cc0264f83bbe2f2877d8bce78">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor agrees to any such amendment or waiver permitted by this Clause 0 which is agreed to by the Borrower. This includes any amendment or waiver which
                    would, but for this paragraph d), require the consent of all of the Guarantors.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za004cb2dfda942cfa73d930623f3d731">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">43.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exceptions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a1959646e8e49d5a83163e5ee38f791">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An amendment, waiver or discharge or release that has the effect of changing or which relates to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze7a0e8ecd4194f0899f1e3984b51658b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the definition of &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Majority Lenders</font>&#8221; in Clause 1.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Definitions</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">137</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8030e2a31bb3467ab096f6ce04f5bc0e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an extension to the date of payment of any amount under the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91ae74eba995424193720bf2769680d5">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable or the rate at which they are
                    calculated;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0244d38f3d92463fb270c138f1fdc9cd">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an increase in, or an extension of, any Commitment or the Total Commitments or any requirement that a cancellation of Commitments reduces the Commitments of
                    the Lenders rateably;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za059654b0b4345f6aafe6a2d07a8be60">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a change to the Borrower or any other Obligor, except in the case of the release of any Guarantor in accordance with Clause 17.10 (<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Release</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c0b96796d034c4da372610df16f9408">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any provision which expressly requires the consent or approval of all the Lenders (other than the all Lender consent required under Clause 22.5(d));</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4a34cca7bbad43c7b8c912fda96071b6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 2.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Finance Parties&#8217; Rights and Obligations</font>),
                    Clause 31 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Le</font>nders), Clause 36.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Payments to Finance Parties</font>), this Clause 0, Clause 48 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Governing Law</font>) or Clause 49.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Jurisdiction of English Courts</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfe2d9f9ad82948dd90e292304469d37b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">viii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the order of distribution under Clause 30 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Transaction
                      Security</font>) or Clause 37.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Partial Payments</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z74818d54f18045859bc777fba7ac98bd">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ix)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the currency in which any amount is payable under any Finance Document;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdea48a9ab51f4e10a37000b3fed02ecd">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">x)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the nature or scope of the Charged Property (except in the case of any release of Charged Property expressly permitted by any Finance Document) or the manner
                    in which the proceeds of enforcement of the Security Documents are distributed;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3d7ba2c022544a739f6b9aaa3e121507">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the nature or scope of the guarantee and indemnity granted under Clause 17 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Guarantee and Indemnity</font>), except in the case of the release of any Guarantor in accordance with Clause 17.10 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Release</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zad0fb54c9988428ca8504f5322bc1ef6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the circumstances in which the security constituted by the Security Documents are permitted or required to be released under any of the Finance Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb2917078fc93484f983d64fe38148c65">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xiii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">changes to Clause 28 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Hedging</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfe3ebb6822514523b2c7ceada0b5a7a5">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xiv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">changes to Clause 9.1a) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Selection of Interest Periods</font>);



                    or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze5078cb3744a44fa869bc17adbfdb195">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">changes to any provision in this Agreement relating to Sanctions Laws or any person being a Restricted Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">shall not be made without the prior consent of all the Lenders.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z05da46ce28c5449a87254a424ede3a27">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An amendment or waiver which relates to the rights or obligations of the Agent, Security Agent or the Arranger or a Base Reference Bank in their respective
                    capacities as such (and not just as a Lender) may not be effected without the consent of the Agent, Security Agent or the Arranger (as the case may be).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z601ae03371a24fa8bfc7d457f5c6e317">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding Clauses 43.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Required Consents</font>) and
                    43.2a) to 43.2<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Error! Reference source not found.</font> above (inclusive), the Agent may, if the Borrower (acting reasonably) agrees, make
                    technical amendments to the Finance Documents arising out of manifest errors on the face of the Finance Documents, where such amendments would not prejudice or otherwise be adverse to the interests of any Finance Party without any
                    reference or consent of the Finance Parties.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1e30b0d7d15460ca3d6468bc3d030ca">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower shall (at its own cost) have the right, in the absence of a Default which is continuing, to replace any Lender (the &#8220;<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Replaced Lender</font>&#8221;) that refuses to consent to certain amendments or waivers of this Agreement approved by the Agent which expressly require the consent of
                    such Lender and which have been approved by the Majority Lenders with a New Lender (as defined in Clause 31.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Assignments and Transfers by
                      the Lenders</font>) provided that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z70c59d453b4b4adca332012e66f60465">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such New Lender consents to the proposed amendments or waivers;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">138</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8b7c7a1292fd41fab0e0f02a5d07b0d2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the New Lender and the Replaced Lender enter into a Transfer Certificate or Assignment Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2061152690a84ff28f3b7de49a358bef">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the conditions set out in Clause 31.2c)c)i) to c)iii) (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Conditions



                      of Assignment or Transfer</font>) inclusive are satisfied; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf0236ec3727147848f3c2777ba42e8d5">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all amounts owing to the Replaced Lender including, but not limited to</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfc912e61908f434fae9319cc3281fc11">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all amounts of principal and all accrued interest on the amount of the Replaced Lender&#8217;s Commitment which has been utilised on the date of the Transfer
                    Certificate or Assignment Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd2705e4534de44c08c78eafe061f82ad">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Break Costs; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8900b92f672c4efc8ad310eaac9e3a21">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">C)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any accrued but unpaid fees payable pursuant to Clause 11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fees</font>)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">are paid on or before the date of the Transfer Certificate or Assignment Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9076a0b005144fcc8fb3e69c40a5c9d5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">43.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Releases</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Except with the approval of the Lenders or as is expressly permitted or required by the Finance
        Documents, the Agent shall not have authority to authorise the Security Agent to release:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5f3dee9c0a2480aae624ca759ebc43e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Charged Property from the security constituted by any Security Document; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za33ef2b17f9e4cf9982e807a755f1692">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Obligor from any of its guarantee or other obligations under any Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd57f96a1b6034b17b302b10bb0548726">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">43.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Excluded Commitments</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any
        term of any Finance Document or any other vote of Lenders under the terms of this Agreement (other than an amendment, waiver or consent referred to in Clause 43.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Exception</font>s)) within fifteen (15) Business Days of that request being made (unless the Borrower and the Agent agree to a longer time period in relation to any request):</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4accc78b5c2d4dd985c03aa684782265">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the Facility when ascertaining whether any relevant
                    percentage of Total Commitments has been obtained to approve that request; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0dd85d9cef5846a2a6cbcb98ed5bf276">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to
                    approve that request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z34157191162241f8851689aa1d1bbb8a">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">43.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disenfranchisement of Defaulting Lenders</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5fa28e7977af40e3be9691211e048ceb">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or whether any given percentage (including, for the
                    avoidance of doubt, unanimity) of the Total Commitments under the Facility or the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the
                    Finance Documents, that Defaulting Lender&#8217;s Commitments under the Facility will be reduced by the amount of its Available Commitments under the Facility and, to the extent that the reduction results in that Defaulting Lender&#8217;s Total
                    Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of this Clause 43.5.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd038472412bb45f7a320576966b467dc">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the purposes of this Clause 43.5, the Agent may assume that the following Lenders are Defaulting Lenders:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z37ad3a3bc46c470e8b72ce66fd9191ae">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Lender which has notified the Agent that it has become a Defaulting Lender; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">139</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4446d82c989d4d5e88cde4ad35c10e25">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs a), b) or c) of the definition of Defaulting
                    Lender has occurred,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">unless it has received notice to the contrary from the Lender concerned (together with any supporting
        evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd2ab6c214deb4f9e804d9077da3d8a5f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">43.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Replacement of a Defaulting Lender</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdfaba149d8b94786a8d91b2061995986">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender or a Non-Consenting Lender, by giving ten (10) Business Days&#8217; prior
                    written notice to the Agent and such Lender replace such Lender by requiring such Lender to (and to the extent permitted by law such Lender shall) assign pursuant to Clause 31 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Changes to the Lenders</font>) all (and not part only) of its rights and obligations under this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27dca328615b410383428347c65bd43c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 43.6 shall be subject to the following conditions:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za9609dae83e3417cacb956045246f5aa">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower shall have no right to replace the Agent or Security Agent;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9d688c518624b5180eafbc8545a1bbb">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement Lender;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2e6bb14f9ecd4f429d1077a3301364a4">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the transfer must take place no later than fourteen (14) days after the notice referred to in Clause 43.6a) above; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5232c78a80754cf3bc2a3c2cf417effb">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant
                    to the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z94fdb89971d848c6a38389964ec2e259">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">44.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">COUNTERPARTS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Document may be executed in any number of counterparts, and this has the same effect as if
        the signatures on the counterparts were on a single copy of the Finance Document.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27ae8ef9ccb84164a5be5e833c6bc7da">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONFIDENTIALITY</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ba6d5f1a1d04f8fa3aa7e715aaa3a05">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidential Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to
        anyone, save to the extent permitted by Clause 45.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Disclosure of Confidential Information</font>) and Clause e) (<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-style: italic;">Disclosure to Numbering Service Providers</font>), and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its
        own confidential information.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd0a5946b32b74698b43d9bd2c215b889">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure of Confidential Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Finance Party may disclose:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z21dea61ca1234840a7dba538ad335eda">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners, insurers, insurance brokers,
                    providers of direct or indirect credit protection and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">140</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Confidential Information is to be given pursuant to this Clause 45.2a) is informed in writing of its
        confidential nature and that some or all of such Confidential Information may be price sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the
        confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd09d9a454df8483a83c86e8a84eee2aa">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any person:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7328431744d24b5280cba5577f8c6a09">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance
                    Documents or which succeeds (or which may potentially succeed) it as Agent and, in each case, to any of that person&#8217;s Affiliates, Representatives and professional advisers;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6579828719964a31916fbd27328292c6">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub participation in relation to, or any other
                    transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person&#8217;s Affiliates, Representatives and professional advisers;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z36b7068bb3e84947a940a21254cb15b8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">appointed by any Finance Party or by a person to whom Clause 45.2b)i) or 45.2b)ii) above applies to receive communications, notices, information or documents
                    delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under Clause 33.15 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Relationship



                      with the Lenders</font>));</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9058a5fc51bd4083af011acefeb1dbaa">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in Clause
                    45.2b)i) or 45.2b)ii) above;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z11a8fbef7bdb4bccaac4a4ce60868595">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory
                    authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z73825b1b12d7423f8bef44e85493d7d5">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other
                    investigations, proceedings or disputes;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z97e7b8f762774f81bc886016d70b546b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any persons to whom or for whose benefit that Finance Party charges, assigns or otherwise creates a Security Interest (or may do so) pursuant to Clause 0 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Security over Lenders&#8217; Rights</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb82a3dd69dd149d3b54afed95530ce00">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">viii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">who is a Party; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4604bb59701a4086ac9d5f7b1812e7ff">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ix)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">with the consent of the Borrower,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in each case, such Confidential Information as that Finance Party shall consider appropriate, if:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45b97c23fee54bce833204d262870fa5">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to paragraphs b)i), b)ii) and b)iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality
                    Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential
                    Information;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z43958c0e1b7d45aebacc61880cc11e6c">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">B)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to paragraph b)iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is
                    otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z95f8f4f6ad4a4d1494dad2854822f9c3">

            <tr>
              <td style="width: 126pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">C)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in relation to paragraphs b)v), b)vi) and b)vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature
                    and that some or all of such Confidential Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">141</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 162pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">may be price-sensitive information except that there shall be no requirement to so inform if, in the
        opinion of that Finance Party, it is not practicable so to do in the circumstances;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd582be64ea634c4fb8ab56bc8b6a7421">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any person appointed by that Finance Party or by a person to whom Clauses 45.2b)b)i) or 45.2b)b)ii) above applies to provide administration or settlement
                    services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed
                    to enable such service provider to provide any of the services referred to in this Clause 45.2c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in
                    the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Finance Party;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0712696474f44c7aa3b047803140d3bf">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to
                    carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such
                    Confidential Information may be price sensitive information; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8558f4cee3149c190b524e2fa5b269f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #000000;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Confidential Information which is required to be publicised by applicable laws and regulations.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2aa86b1ab1f44ba8955a1f0bbd36e810">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure to Numbering Service Providers</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa7dacf39ae9477ea5d9011562567495">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering
                    services in respect of this Agreement, the Facility and/or one or more Obligors the following information:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z625b516862c34cf683712fe65c57c6f8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">names of Obligors (including any logos or trademarks of such Obligors);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f844a67addc4e3ea72fe8a335bc5417">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">country of domicile of Obligors;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z681cc75574c5499995312703f70494a1">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">place of incorporation of Obligors;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze6b11ecb00a24939982d24eb94b44401">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">date of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z70a9383191e847fb95f07a89f20e1248">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">v)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Clause 48 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Governing Law</font>);</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z83eca075f0134ec5ac44ca980aa0ae32">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the names of the Agents and the Arranger;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za75b150f34294339810021745b34c5ee">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">vii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">date of each amendment and restatement of this Agreement;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00ef565c3c764692ab8af131f159912a">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">viii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">amount of, and name of, the Facility;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6278a21f5b2e4becad1f7e0a291d5259">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ix)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">amount of Total Commitments;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z87640fee09fe40de80c9f6594e5fe265">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">x)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">currency of the Facility;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze9e0ed0e117948879e0b152104a7d87e">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xi)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">type of the Facility;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd2d3274b9644e5fa1bc1e62ee6e2edf">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ranking of the Facility;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3860dc5e421f49879ff01f6c7613fb80">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xiii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Final Repayment Date for the Facility;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb86f185898b4002a35ac8e0ede3e4e9">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xiv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">changes to any of the information previously supplied pursuant to Clauses e)a)i) to e)a)xiii) above; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbb26b35920746a8aba0a30a49f61bb8">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">xv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">such other information agreed between such Finance Party and the Borrower,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 90pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">to enable such numbering service provider to provide its usual syndicated loan numbering identification
        services.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">142</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z53fbe1ae0002402b91bb72651b620efd">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service
                    provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z394af2ce6eed4e2fb3cd68b6fe9bc199">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Obligor represents that none of the information set out in Clauses e)a)i) to e)a)xv) above is, nor will at any time be, unpublished price sensitive
                    information.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z85931825683b47a0a52d4a8efb1217b9">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.4</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disclosure for Statistical Purposes</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Finance Party undertakes, upon request of the Borrower, to deliver such information as to the place
        where its participation in any outstanding Utilisation, or other Financial Indebtedness owed to such Finance Party, is beneficially held to the extent required to be delivered to any public authority in Denmark for statistical purposes.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb5bfafdd0574138b105feb8be64f912">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.5</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Entire Agreement</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Clause 45 constitutes the entire agreement between the Parties in relation to the obligations of
        the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3cb83d287ad04f28b3e755fcf7c27305">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.6</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inside Information</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be
        price sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to inside dealing and market abuse and each of the Finance Parties undertakes not to use
        only Confidential Information for unlawful purpose.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcc19e1da26814d2e93813c46752dafc2">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.7</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notification of Disclosure</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each of the Finance Parties agrees (to the extent permitted by applicable law and regulation) to inform
        the Borrower:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z81e1486876b947b095bf9d9a6d51b32f">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of the circumstances of any disclosure of Confidential Information made pursuant to Clause 45.2 (<font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif; font-style: italic;">Disclosure of Confidential Informatio</font>n) if allowed by the applicable laws, regulations and internal compliance rules except where such disclosure is made to any of the persons referred to in
                    that clause during the ordinary course of its supervisory or regulatory function; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z102de1b72b4049c6a2ffcd929c9eb23e">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">upon becoming aware that Confidential Information has been disclosed in breach of this Clause 45 (<font style="font-size: 10pt; font-family: 'Times New
                      Roman', Times, serif; font-style: italic;">Confidentiality</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf7b91db006b94fa794679206bf68d2c1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">45.8</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Continuing Obligations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The obligations in this Clause 45 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-style: italic;">Confidentiality</font>) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve (12) months from the earlier of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zae87529c526f404bbe95c2dc7e6559f3">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been
                    cancelled or otherwise cease to be available; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z42348dabf3ba44f0af42913657718310">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the date on which such Finance Party otherwise ceases to be a Finance Party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">143</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za1fe4f1a9f67492cbf790a54dd3ae6b7">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">46.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">RESTRICTION ON DEBT PURCHASE TRANSACTIONS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Obligor shall, and each Obligor shall procure that no Group Member shall, enter into any Debt
        Purchase Transaction or beneficially own all or any part of the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of the type referred to in paragraphs b) or c) of the definition of Debt Purchase Transaction. No
        Lender shall enter into any Debt Purchase Transaction with a direct or indirect shareholder of the Borrower holding or controlling more than five per cent. (5%) of the shares in the Borrower without the prior written consent of all of the Lenders.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zed997ad5d4e14254b0d6d9f82f00fddf">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">47.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONFIDENTIALITY OF FUNDING RATES AND BASE REFERENCE BANK QUOTATIONS</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc897a8265e904e868c0752bcbdf70024">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">47.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Confidentiality and disclosure</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8813437b86294367bed38fce6b7bd65d">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Base Reference Bank Quotation) confidential and not to
                    disclose it to anyone, save to the extent permitted by paragraphs b), c) and d) below.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf0d9c095a51841f68d348d92ec7c2a4c">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may disclose:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf8b4bbd068d14a4da476a3aa8053e8cd">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Funding Rate (but not, for the avoidance of doubt, any Base Reference Bank Quotation) to the relevant Borrower pursuant to Clause 8.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Notification of rates of intere</font>st); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z130b7c6e52404412bb0ca7583abab990">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Funding Rate or any Base Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the
                    Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form
                    of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or Base Reference Bank, as the
                    case may be.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7a58cadad9bc496ca33df82e600081c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent may disclose any Funding Rate or any Base Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zec16a8433dce419a9ccaac9a330e22b2">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to
                    whom that Funding Rate or Base Reference Bank Quotation is to be given pursuant to this paragraph i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such
                    requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Base Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation
                    to it;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zecbdaff5ffaa441e9c134019e8423333">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other
                    regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Base Reference Bank Quotation is to be given is informed in
                    writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable
                    to do so in the circumstances;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8035a15e8cb94d21a6bad217a8342b1c">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other
                    investigations, proceedings or disputes if the person to whom that Funding Rate or Base Reference Bank Quotation is to be given is informed in writing of its</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">144</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 126pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">confidential nature and that it may be price-sensitive information except that there shall be no
        requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z77c1a2ff23ef415cbdbc1f30f83c3b28">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any person with the consent of the relevant Lender or Base Reference Bank, as the case may be.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc98a03627350474889a536567e7017d7">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent's obligations in this Clause 47 relating to Base Reference Bank Quotations are without prejudice to its obligations to make notifications under
                    Clause 8.4 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Notification of rates of interest)</font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-weight: bold;">provided that </font>(other than pursuant to paragraph b)i) above) the Agent shall not include the details of any individual Base Reference Bank Quotation as part of any such notification.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zca91050b3e0b4c57ba75ea90329ae533">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">47.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Related obligations</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf1ced87ac9334583963c75c160b529ee">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Base Reference Bank Quotation) is or may be price-sensitive
                    information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in the
                    case of the Agent, any Base Reference Bank Quotation for any unlawful purpose.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zce012a513d8f42efa7c170c8cb8ea416">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Base Reference Bank, as the case may be:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d4c5441c78d460eabe77ac31d68a359">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">of the circumstances of any disclosure made pursuant to paragraph c)ii) of Clause 47.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                      serif; font-style: italic;">Confidentiality and disclosure</font>) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4fea7415e02b46209cbc251fd5167d2b">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">upon becoming aware that any information has been disclosed in breach of this Clause 47.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z571e7620680a426c962b0e4ea1e11932">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">47.3</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No Event of Default</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">No Event of Default will occur under Clause 29.4 (<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-style: italic;">Other obligations</font>) by reason only of an Obligor's failure to comply with this Clause 47.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z569e536d8c0f49329af5d42708c2025e">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">48.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GOVERNING LAW</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement and any non-contractual obligations connected with it are governed by English law.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z75bcc76feb3845189525121c1c09737f">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">49.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ENFORCEMENT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbe8e9c0b83b6481db1a2400b04a1922c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">49.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jurisdiction of English Courts</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z89c8bea2c8204cd986075ce687e50396">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations
                    connected with it (including a dispute regarding the existence, validity or termination of this Agreement) (a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Disput</font>e&#8221;).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf05504393b28400686fde088f4dc3bae">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the
                    contrary.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z90285de0c70a42c59dd3ef5533b5b845">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Clause 49.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a
                    Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">145</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc29647738122406aa446360823df52a1">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">49.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Service of Process</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Without prejudice to any other mode of service allowed under any relevant law, each Obligor which is a
        Party (other than an Obligor incorporated in England and Wales) and each Additional Guarantor (at the time it becomes an Additional Guarantor hereunder):</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za961b071f344470fa6834b2d245f9886">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">irrevocably appoints TORM plc of Birchin Court, 20 Birchin Lane, London EC3V 9DU, United Kingdom (as also set out in <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif;"><u>Schedule 1 (</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"><u>The Original Parties</u></font><font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif;"><u>)</u></font> or, for an Additional Guarantor, in its relevant Accession Deed, as that Obligor&#8217;s English agent for service of process in relation to any proceedings before the English
                    courts in connection with any Finance Document;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z06280a7cf05f4042aa6ccfd4491f2792">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb1bfdb9381c74abd878d1b6fa70d81e9">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service of process, that Obligor must immediately (and in
                    any event within ten (10) days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By its signature to this Agreement, TORM plc acknowledges and accepts its appointment as agent for
        service of process in relation to any proceedings before the English courts in connection with any Finance Document as set out in a) above.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z98fa19ac09e948438c9e373cfa2662c5">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">50.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PATRIOT ACT</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Each Lender hereby notifies the Borrower and the Guarantors that pursuant to the requirements of the USA
        PATRIOT Act (Title III of Pub. Law 107-56 (signed into law October 26, 2001)) (as amended from time to time, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">USA PATRIOT Act</font>&#8221;) it may be
        required to obtain, verify and record information that identifies the Borrower and the Guarantors, including the names and addresses thereof and other information that allows each Lender to identify the Borrower and the Guarantors in accordance
        with the USA PATRIOT Act. The Borrower and the Guarantors shall provide such information and take such actions as are requested by any Lender to comply with the USA PATRIOT Act.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdf3ca91eff514e9e93e37f890a1df50c">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">51.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONTRACTUAL RECOGNITION OF BAIL-IN</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8f7fe81ae11244e983a8db857136abf6">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">51.1</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bail-in recognition</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0d9c7cf25a3f47568f398e50fd24a810">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding any other term of any Finance Document&#160; or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and
                    accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect
                    of:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeea272c3c67342458c3bdc25bb366c54">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Bail-In Action in relation to any such liability, including (without limitation):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b7cee4b2ee846cebfa7d58c1b3ac971">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such
                    liability;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z00c2cf87bb884ae38d3bd959ad967675">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1279a27b4f414e9d96ed3f812051bced">

            <tr>
              <td style="width: 90pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a cancellation of any such liability; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">146</font></div>
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    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4eab84d1eb604f5b9cd70015df993c0a">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z627df0ae77ff4ccab3470a1ce73ec160">

            <tr>
              <td style="width: 54pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">51.2</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Definitions</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As used in Clause 51.1 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-style: italic;">Bail-in recognition</font>), the following terms have the following meanings:</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bail-In
          Action</font>" means the exercise of any Write-down and Conversion Powers.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bail-In
          Legislation</font>" means in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and
        investment firms , the relevant implementing law or regulation&#160; as described in the EU Bail-In Legislation Schedule from time to time.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EEA
          Member Country</font>" means any member state of the European Union, Iceland, Liechtenstein and Norway.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">EU
          Bail-In Legislation Schedule</font>" means the document described as such and published by the Loan Market Association (or any successor person) from time to time.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Resolution



          Authority</font>" means any body which has authority to exercise any Write-down and Conversion Powers.</font></div>
    <div style="text-align: left; margin-left: 54pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">"<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Write-down



          and Conversion Powers</font>" means in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation
        Schedule.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">147</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES TO TERM FACILITY AGREEMENT</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z6eb44bc5208648e79f5877b0509909f9">

        <tr>
          <td colspan="2" style="width: 44.33%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FOR TORM PLC</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as Borrower</font></div>
          </td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 45.09%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
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          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
          <td style="width: 12.53%; vertical-align: bottom;">
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          <td colspan="2" style="width: 45.09%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td colspan="2" style="width: 44.33%; vertical-align: bottom;">&#160;</td>
          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 45.09%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
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          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lars Christensen</font></div>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="width: 45.09%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Christian Gorrissen</font></div>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
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          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Name:</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter Brogaard Hansen</font></div>
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          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
          <td style="width: 12.53%; vertical-align: bottom;">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FOR ABN AMRO BANK N.V.</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">as Arranger, Original Lender, Agent and Security Agent</font></div>
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          <td colspan="2" style="width: 45.09%; vertical-align: bottom;">&#160;</td>
          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
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          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 3.99%; vertical-align: top;">&#160;</td>
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          <td style="width: 31.83%; vertical-align: bottom; border-top: #000000 2px solid;">&#160;</td>
          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
          <td style="width: 12.53%; vertical-align: bottom; border-top: #000000 2px solid;">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">J.P. Keijzer</font></div>
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          <td style="width: 6.6%; vertical-align: top;">&#160;</td>
          <td style="width: 12.53%; vertical-align: bottom;">
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    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 1 - THE ORIGINAL PARTIES</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Original Parties</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Borrower</font></div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z575a4f01cce64498a7d2f281d13175d7">

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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name</font>:</font></div>
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          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
          </td>
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        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: rgb(192, 192, 192); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jurisdiction of incorporation</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">England</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: rgb(192, 192, 192); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registration number </font>(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">or equivalent, if any</font>)</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">09818726</font></div>
          </td>
        </tr>
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          <td style="width: 36.96%; vertical-align: top; background-color: rgb(192, 192, 192); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered office</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Birchin Court, 20 Birchin Lane<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>London EC3V 9DU<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>United Kingdom</font></div>
          </td>
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        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: rgb(192, 192, 192); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Address for service of notices</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c/o TORM A/S</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tuborg Havnevej 18<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>2900 Hellerup<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Denmark</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax:&#160; +45 39 17 93 80<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Attention:&#160; Executive Management<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Email: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #1E5569;"><u>man@torm.com</u></font></font></div>
          </td>
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    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Original Guarantors</font></div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zf4f25f25a6324b30904d999a7c0daece">

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          <td style="width: 36.92%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name</font>:</font></div>
          </td>
          <td style="width: 63.08%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM A/S</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jurisdiction of incorporation</font></div>
          </td>
          <td style="width: 63.08%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
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          <td style="width: 36.92%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registration number </font>(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">or equivalent, if any</font>)</font></div>
          </td>
          <td style="width: 63.08%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22460218</font></div>
          </td>
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        <tr>
          <td style="width: 36.92%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">English process agent </font>(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">if not incorporated in England</font>)</font></div>
          </td>
          <td style="width: 63.08%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC, Birchin Court, 20 Birchin Lane, London EC3V 9DU<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>United Kingdom</font></div>
          </td>
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          <td style="width: 36.92%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered office</font></div>
          </td>
          <td style="width: 63.08%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tuborg Havnevej 18, 2900 Hellerup, Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.92%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Address for service of notices</font></div>
          </td>
          <td style="width: 63.08%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tuborg Havnevej 18<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>2900 Hellerup<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Denmark</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">150</font></div>
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    <div><br>
    </div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zdd69903f89354c568295945b2d5a5d8a">

        <tr>
          <td style="width: 36.92%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 63.08%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax:&#160; +45 39 17 93 80<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Attention:&#160; Executive Management<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Email: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">man@torm.com</font></font></div>
          </td>
        </tr>

    </table>
    <br>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z5eaed0e7900c4bada083d91761bba0b7">

        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name</font>:</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 6 K/S</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Jurisdiction of incorporation</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registration number </font>(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">or equivalent, if any</font>)</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">39356813</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">English process agent </font>(<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">if not incorporated in England</font>)</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC, Birchin Court, 20 Birchin Lane, London EC3V 9DU<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>United Kingdom</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered office</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c/o TORM A/S, Tuborg Havnevej 18, 2900 Hellerup, Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Address for service of notices</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c/o TORM A/S</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tuborg Havnevej 18<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>2900 Hellerup<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Denmark</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax:&#160; +45 39 17 93 80<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Attention:&#160; Executive Management<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Email: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">man@torm.com</font></font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">151</font></div>
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    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Arranger, Original Lender, Agent and Security Agent</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="zf50c9075dd6c4c608a61d0f46d947080">

        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABN AMRO Bank N.V.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 36.96%; vertical-align: top; background-color: #C0C0C0; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment</font></div>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$70,000,000</font></div>
          </td>
          <td style="width: 63.04%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OPS NL/Credits/Lending/ECT &amp; International<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Coolsingel 93<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>3012 AE Rotterdam<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>The Netherlands</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fax: +31 10 401 6118<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Attention: Mr. Pieter van Wijk en Mr. Dien Quan<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                </font>Email: loket.leningenadministratie.ccs@nl.abnamro.com</font></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">152</font></div>
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    <div style="text-align: left; text-indent: -42.55pt; margin-left: 42.55pt; margin-top: 13pt; margin-bottom: 6.5pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 2 - VESSEL INFORMATION</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgaged Vessel Information</font></div>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z29db69560e944b8c99e9dcb366d038b4">

        <tr>
          <td style="width: 5.31%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">No</font></div>
          </td>
          <td style="width: 8.24%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Mortgaged Vessel Name</font></div>
          </td>
          <td style="width: 18.22%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered Owner</font></div>
          </td>
          <td style="width: 18.2%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Type</font></div>
          </td>
          <td style="width: 13.64%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Flag and Port of Registry</font></div>
          </td>
          <td style="width: 15.16%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Hull Number</font></div>
          </td>
          <td style="width: 21.22%; vertical-align: top; background-color: rgb(217, 217, 217); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Classification Society and Classification</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; text-indent: -18pt; margin-left: 21.3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></div>
          </td>
          <td style="width: 8.24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To be named</font></div>
          </td>
          <td style="width: 18.22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 6 K/S</font></div>
          </td>
          <td style="width: 18.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LR1 Tanker</font></div>
          </td>
          <td style="width: 13.64%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danish Flag, Port of Registry to be provided when available</font></div>
          </td>
          <td style="width: 15.16%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15121140</font></div>
          </td>
          <td style="width: 21.22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To be provided when available</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; text-indent: -18pt; margin-left: 21.3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></div>
          </td>
          <td style="width: 8.24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To be named</font></div>
          </td>
          <td style="width: 18.22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 6 K/S</font></div>
          </td>
          <td style="width: 18.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">LR1 Tanker</font></div>
          </td>
          <td style="width: 13.64%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danish Flag, Port of Registry to be provided when available</font></div>
          </td>
          <td style="width: 15.16%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15121141</font></div>
          </td>
          <td style="width: 21.22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To be provided when available</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 5.31%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left; text-indent: -18pt; margin-left: 21.3pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></div>
          </td>
          <td style="width: 8.24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To be named</font></div>
          </td>
          <td style="width: 18.22%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 6 K/S</font></div>
          </td>
          <td style="width: 18.2%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">MR Tanker</font></div>
          </td>
          <td style="width: 13.64%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Danish Flag, Port of Registry to be provided when available</font></div>
          </td>
          <td style="width: 15.16%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15121038</font></div>
          </td>
          <td style="width: 21.22%; vertical-align: top; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To be provided when available</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">153</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 3 - CONDITIONS PRECEDENT</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Conditions Precedent</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part 1<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>Conditions Precedent to Delivery of the first Utilisation Request</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7429274052674c3e94454ba0af7685ad">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Borrower&#8217;s Corporate Documents</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1b91f192f3a64c0db90f92fd0a9834a6">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of the Constitutional Documents of the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc0bc18294984410ca9681bf6db38f428">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of a resolution of the board of directors of the Borrower:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3e04bf5d832e4ee2988697f32e3a895d">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute such Finance
                    Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za427a1f65d8d404a9b047c76d5a05037">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z52de017334e84595a4b64321a73b9fc8">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request
                    or Selection Notice) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7e241023d03e4e97a039f033bbc266cd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above and who will sign any of the Finance Documents and
                    related documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z611a6e8a370947119e5dde670b76aa2d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate of the Borrower (signed on behalf of the Borrower by a director of the Borrower) confirming that borrowing or guaranteeing or securing, as
                    appropriate, the Total Commitments would not cause any borrowing, guaranteeing, security or similar limit binding on the Borrower to be exceeded.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z33c9a90276b84a0da5ccf03718815693">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of any power of attorney under which any person is to execute any of the Finance Documents on behalf of the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf84dd7347fae4340bb8d30ed24eaf58d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate of an authorised signatory of the Borrower certifying that each copy document relating to it specified in paragraphs a) to e) above is correct,
                    complete and in full force and effect as at a date no earlier than the date of this Agreement and that any such resolutions or power of attorney have not been revoked.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za452ce40733f4202b9b335bc13d46468">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of the Original Financial Statements and Forecast of the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0372b4362f6345268e2c86472b7e60b0">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Original Guarantors</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z389312ed4bdd4ab2988d5f82fc052362">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of the Constitutional Documents of each Original Guarantor and the share register of the Owner.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4a5cb3fd31a49a38b015b6a09490510">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of a resolution of the board of directors of each Original Guarantor:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1775888e3f4948fc9b67eaa0eb6c3fd6">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute such Finance
                    Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f50ad74c53d4f3e8f139115f9271e08">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2aac9a541eae453f9a30ca3b24e19ca4">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in
                    connection with the Finance Documents to which it is a party; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zef6380ccc1214aa5b891307b4c782665">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iv)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising the Borrower to act as its agent in connection with the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">154</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z30a19443adf74dada4a0e19c0331aa8d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above and who will sign any of the Finance Documents and
                    related documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfdc6471b59564887a21e91f66ebaa686">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In respect of the Owner, a copy of a resolution signed by all the holders of the issued shares in the Owner approving the terms of, and the transactions
                    contemplated by, the Finance Documents to which the Owner and any such other Original Guarantor is a party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z889989cffeda44c9bdb6a4613ae90804">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate of each Original Guarantor (signed by a director of such Original Guarantor on behalf of such Original Guarantor) confirming that borrowing or
                    guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing, security or similar limit binding on such Original Guarantor to be exceeded.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4a63e2befe1145eca54f43e5b9a15260">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">f)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of any power of attorney under which any person is to execute any of the Finance Documents on behalf of any Original Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z181cb7d4159646fcbff2c1b8b37c5e78">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">g)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate of an authorised signatory of each Original Guarantor certifying that each copy document relating to it specified in paragraphs a) through f)
                    above is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement and that any such resolutions or power of attorney have not been revoked.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd976ae56d0a456f8e2f3e21ec91b2a1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Know Your Customer&#8221; Information</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Such documentation and information as any Finance Party may reasonably request through the Agent to
        comply with &#8220;know your customer&#8221; or similar identification procedures under all laws and regulations applicable to that Finance Party.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0bf9bc934188463ca0a79bf85a62335e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Transaction Documents</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z79835e691ce842f4ab99cb1e6b688fa8">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement executed by the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdbabf6fedaec401ba15cce07eb3401ce">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Fee Letter executed by the Borrower.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcbc8417c85c94916b200ec8037298c94">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Deed of Subordination executed by each of the parties thereto.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za9aed59ff3e64d909eaa35c0a2aa842e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Share Security duly executed by each of the parties thereto, together with all letters, notices, transfers, certificates and other documents required to
                    be delivered under such Share Security.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaf9942f5597c417287ed02dbf4ccfc40">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">e)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Intra-Group Loans Assignment duly executed by the parties thereto, together with all letters, notices, transfers, certificates and other documents
                    required to be delivered under the Intra-Group Loans Assignment.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4af9f286d5374aa88c16ab0bb7e9f60c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Charter Documents</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of the Bareboat Charters and any Charter Document relating to the Existing Charter Agreements of
        each Mortgaged Vessel, each certified by a director of the Borrower (signing on behalf of the Borrower) to be a true and complete copy and to be current and valid (including, to the extent not in the English language, a translation thereof).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6f1c06d25a2246899db70952ee6c380e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Shipbuilding Contracts</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of each Shipbuilding Contract, with all schedules and addenda thereto.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6bf46a931af7494bb9ac6e2b2b38dc4a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Account pledge</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">155</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In the event that an Account has been established by the Owner with respect to a Mortgaged Vessel, an
        Account pledge (in accordance with Clause 26.1) with respect to such Account.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zac437cde291744f695e3e3ed362c64a1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Jurisdiction</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Details of each Obligor&#8217;s jurisdiction or tax residency or centre of establishment on or immediately
        prior to the date of this Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb56a4608e26a4bc296babc68e94cd5d5">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Financial Statements</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of the most recent financial statements of each Obligor.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z786ffee5743d43c78027fa7e21703888">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Solvency Certificate</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A solvency certificate (in a form and substance acceptable to the Agent) from the chief executive
        officer of the Borrower (signing on behalf of the Borrower and in relation to all of the Obligors), confirming that as a result of entering into, and performing their obligations under, the Finance Documents, (a) none of the Obligors on an
        individual basis are insolvent, or would, upon entry into of the relevant Finance Documents, become the subject of insolvency or analogous proceedings and (b) the Group is not, and will not become insolvent or the subject of insolvency or analogous
        proceedings.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd8b64c29de144f9c91b4f411d60e9127">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Legal Opinions</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3b869608ca7a407db8da028c9b237a1e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A legal opinion of Kromann Reumert, addressed to the Arranger, the Agent, and the Security Agent, in respect of matters of English law, substantially in the
                    form approved by the Agent (acting on the instructions of the Lenders) prior to signing the Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za3c85a19fd994fd2b93d63f246ae5660">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A legal opinion of Kromann Reumert, addressed to the Arranger, the Agent, and the Security Agent, in respect of matters of Danish law, substantially in the
                    form approved by the Agent (acting on the instructions of the Lenders) prior to signing the Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za6ec8df036c64121a1ba344cb76f11e4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Other Documents and Evidence</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of any other Authorisation or other document, opinion or assurance which the Agent reasonably
        considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance
        Document.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">156</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part 2<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>Conditions Precedent to each Utilisation</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf32fdcb95e184e0899e4e671614326c7">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Finance Documents</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze6340d55418c41f4b96b7297d7e1de03">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgage in respect of each Mortgaged Vessel for which the relevant Utilisation is made as set out in Clause 0a) of the Agreement (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant Vessel(s)</font>") duly executed by the Owner.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za49b00539d244c5bb4d0d6e7d310485d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The General Assignment in respect of each Mortgaged Vessel duly executed by the Owner and the Bareboat Charterers.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaa3b52a96d884d99bc8a32ec5f9bd837">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Duly executed notices of assignment of those notices and acknowledgements thereof as required by any of the above Security Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8675ee06993b4a59be25af8acf07729f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Mortgaged Vessels</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfb98d8b519c84dbeae8986d5a77f13a0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evidence that the Relevant Vessel(s):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z27c742a50f13403f81e255baa230594e">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is legally and beneficially owned by the Owner and registered in the name of the Owner through the relevant Registry as a ship under the laws and flag of the
                    relevant Flag State; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc31338990e614facac5d073241ec4e53">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">is classed with the relevant Classification free of all overdue requirements and recommendations of the relevant Classification Society.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdb73d701e9c24fbb80eafbdddb1b41ff">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Mortgage Registration</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evidence that the Mortgage(s) in respect of the Relevant Vessel(s) has been registered against the
        Relevant Vessel(s) at the relevant Registry under the laws and flag of the relevant Flag State as a first priority or preferred mortgage over such Mortgaged Vessel(s).</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z26bd8cc34607401bb58ca2b0208d0942">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Insurance</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In relation to each of the Insurances relating to the Relevant Vessel(s):</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze5d7d304216442c3a6cc207836102952">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">an opinion from insurance consultants appointed by the Agent in respect of such Insurances;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z66a0b6bb13b6434a97c0630083c2595a">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">evidence that such Insurances have been placed in accordance with Clause 24 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-style: italic;">Insuranc</font>e) (including as regards coverage and amounts); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeca9eb904d434408a4bc103699497ad5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking in favour of the Security Agent in an approved
                    form in relation to the Insurances.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb39d6e02183e4ec7a6dfa537d699248a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>ISM and ISPS Code</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copies of:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z70a4f897564a48519efde6a919079c47">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the document of compliance issued in accordance with the ISM Code to the person who is the operator of the Relevant Vessel(s) for the purposes of that code;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z050e33be61c740d2a3c9efc80b8c2958">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the safety management certificate in respect of the Relevant Vessel(s) issued in accordance with the ISM Code; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4e287c646b17410d8014cb828622f6f0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the international ship security certificate in respect of the Relevant Vessel(s) issued under the ISPS Code,</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in each case, together with a certificate of the chief financial officer of the Bareboat Charterers or
        Owner (signing on behalf of the Bareboat Charterer or Owner, as applicable) confirming that each copy is a true and complete copy of such document and is current and valid.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">157</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z5c5ef6715dde4f7a94767f21da0fe59f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Value of Security</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z61c79a0612174fbdbe1edd07e7bfe733">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evidence that the Tranche 1 Commitment, Tranche 2 Commitment, or Tranche 3 Commitment, as the case may be, is not more than sixty per cent (60%) of the Market
                    Value of the relevant Mortgaged Vessel, based on valuations obtained no earlier than 30 days prior to the relevant Utilisation Date; or</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc674d65b74744ce09551377db4f1f118">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If the Tranche 1 Commitment, Tranche 2 Commitment, or Tranche 3 Commitment, as the case may be, is greater than sixty per cent (60%) of the Market Value of
                    the relevant Mortgaged Vessel, evidence that:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd6ea70f85824da8ae44b78c14332ec8">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">it is not more than seventy per cent (70%) of the Market Value of the relevant Mortgaged Vessel, based on valuations obtained no earlier than 30 days prior to
                    the relevant Utilisation Date; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfd8c54b174c04a0190959db1d220db30">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Borrower has raised a minimum amount of USD 40,000,000 in equity.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbd9893e7e18442ad8b70c88c9dcd058c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Fees and Expenses</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evidence that the fees, commissions, costs and expenses that are due from the Borrower pursuant to
        Clause 11 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Fees</font>) and Clause 16 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Costs and
          Expenses</font>) have been paid or will be paid by the relevant Utilisation Date.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf59fc99cefb24d6eb3d1436a29e0fdd6">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Legal Opinion</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A legal opinion of Kromann Reumert, addressed to the Arranger, the Agent, and the Security Agent, in
        respect of matters of Danish law, substantially in the form approved by the Agent (acting on the instructions of the Lenders) prior to signing the Agreement.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a0b0ffc71e04e64a592af54deeb7f97">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Other Documents and Evidence</u></font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb80f290f12314e2a9ef6bd4ae574148b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of any other Authorisation or other document, opinion or assurance which the Agent reasonably considers to be necessary or desirable (if it has
                    notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.&#8195;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">158</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part 3<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>Conditions Precedent required to be delivered by an Additional Guarantor</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z963cbf346dd34f16b4b1f0f21a72dc44">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">An Accession Deed executed by the Additional Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1060c53dae9242aa880bb87d9e246c4e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of the Constitutional Documents of the Additional Guarantor and a certificate of good standing (to the extent applicable in the jurisdiction of
                    incorporation of the Additional Guarantor) and the share register of the Additional Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfae970e6659e498e9b7a6390dbd61a19">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of a resolution of the board of directors of the Additional Guarantor (or any committee of such board empowered to approve and authorise the following
                    matters):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z03fe269b0b5b45cda04070f8f66dd84d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute such Finance
                    Documents;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zde7f45b0042f4172b5542a635415ea1c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4084776598d1411682db4b7272b0cde0">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in
                    connection with the Finance Documents to which it is a party; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2dcb2a96840449ab89f5351f24865df5">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">authorising the Borrower to act as its agent in connection with the Finance Documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z265a62fa1b3e43cb932ce5b5892667ec">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If applicable, a copy of a resolution of the board of directors of the relevant company, establishing any committee referred to in paragraph 3 above and
                    conferring authority on that committee.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8d3645f712524976893233700e96a4d3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A specimen of the signature of each person authorised by the resolution referred to in paragraph 3 above in relation to the relevant Finance Documents and
                    related documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2bd5a773ad5e463cab8694bb2081aa0c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If required, a copy of a resolution signed by all the holders of the issued shares in the Additional Guarantor, approving the terms of, and the transactions
                    contemplated by, the Finance Documents to which the Additional Guarantor is a party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z57be5c6fb2154d4da131725d3811d790">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If required, a copy of a resolution of the board of directors of each corporate shareholder of the Additional Guarantor approving the terms of the resolution
                    referred to in paragraph 6 above.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z427431266e024832b69b502ea5292210">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate of the Additional Guarantor (signed on behalf of the Additional Guarantor by a director of the Additional Guarantor) confirming that borrowing
                    or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing, security or similar limit binding on the Additional Guarantor to be exceeded.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf58947851dd1454690a6e4d8252b8c08">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of any power of attorney under which any person is to execute any of the Finance Documents on behalf of any Additional Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45778f2e4cb049e5aca8500a12a5f4cf">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate of an authorised signatory of the Additional Guarantor certifying that each copy document relating to it specified in paragraphs 1 through 9
                    above is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement and that any such resolutions or power of attorney have not been revoked.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0e93d59a52ae4a709857f314db08b43d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A certificate from an officer of the Additional Guarantor (signing on behalf of such Additional Guarantor) that no consents, authorisations, licences or
                    approvals are necessary for the Additional Guarantor to guarantee and/or grant security for the borrowing by the Borrower of the Loan pursuant to this Agreement and execute, deliver and perform any other Finance Document to which the
                    Additional Guarantor is a party.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">159</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z133398fe86fb49bf97691ba989b35a30">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A copy of any other Authorisation or other document, opinion or assurance which the Agent reasonably considers to be necessary or desirable (if it has
                    notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by the Accession Deed or for the validity and enforceability of any Finance Document.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z85926ba9bf9e4907aafd7e2fa4370e3e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A legal opinion of Kromann Reumert, addressed to the Arranger, the Agent, and the Security Agent, in respect of matters of English law, substantially in the
                    form approved by the Agent (acting on the instructions of the Lenders) prior to signing the Accession Deed.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf32f11d8309946babd32beef1988aba4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A legal opinion of the legal advisers to the Arranger and the Agent in each jurisdiction in which an Additional Guarantor is incorporated and/or which is or
                    is to be the Flag State of a Mortgaged Vessel relating to that Additional Guarantor, and/or of each jurisdiction relevant to the Security Documents to which that Additional Guarantor is a party, each substantially in the form approved
                    by the Agent (acting on the instructions of the Lenders) prior to signing the Accession Deed.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8422e5fccfb9489c89022d861bfdac13">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evidence that any process agent referred to in Clause 49.2 (Service of Process) has accepted its appointment in relation to the Additional Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91cce2a1e7bd47b2a7ec16f0235f6cd9">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any security documents which are required by the Agent to be executed by the proposed Additional Guarantor.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze6bd7373826640dc937fa60779c70012">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any notices or documents required to be given or executed under the terms of those security documents.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">160</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: left; margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -42.55pt; margin-left: 42.55pt; margin-top: 13pt; margin-bottom: 6.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 4 - FORM OF UTILISATION REQUEST</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Utilisation Request</font></div>
    <div style="text-align: left;"><br>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z181f0cd5c47f459cb81c20f7565418be">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">From:</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7ecdd96cee0c4b6eb2ff6e57c8230f79">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABN AMRO Bank N.V., as Agent</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc2cbb88f46f34cd595d3fe73e67d462f">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dear Sirs</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$70,000,000 Term Facility Agreement dated [&#9679;] 2018 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-weight: bold;">Agreement</font>&#8221;)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1dd3dcc25f9b40f1ad99223de3b904dd">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a
                    different meaning in this Utilisation Request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze8a0002d195d43838b6c5bbd49d14f8e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We wish to borrow the Loan on the following terms:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zbea6345c82a649b0a3e7cad673a3737d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: 144pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proposed Utilisation Date:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
                  width: 144pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] (or, if that is not a Business Day, the next Business Day)</font></td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z26cbbaa581b447399779ca88e5496e80">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: 144pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Amount:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 144pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$ [&#9679;]</font></td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="za573282776f943e38cfa51d9397ffc4e">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: 144pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest Period:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width:
                  144pt" id="TRGRRTFtoHTMLTab">&#160;</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3c6288308bdb4b55acfd65f2c7c6911a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Mortgaged Vessel(s) to which the Utilisation is being made are the following:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">List
          relevant Mortgaged Vessels</font>]</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfe759e8e4b984795a9e5f58adbf7937a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We confirm that each condition specified in Clause 4.3 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Further



                      Conditions Precedent</font>) is satisfied or waived on the date of this Utilisation Request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf0bee9be505d49ceb93d96caa072dc81">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The purpose of this Loan is [<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">specify purpose complying with
                      Clause 3 of the Agreement</font>] and its proceeds should be credited to [&#9679;] [<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">specify account</font>].</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0b3387b7467f4e45a6d71d240366aac2">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Repeating Representations are correct at the date of this Utilisation Request.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: -17pt; margin-left: 59.55pt; margin-bottom: 4pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></div>
    <div style="margin-bottom: 4pt;"><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yours faithfully</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Authorised Signatory for</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">161</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; text-indent: -42.55pt; margin-left: 42.55pt; margin-top: 13pt; margin-bottom: 6.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 5 - FORM OF SELECTION NOTICE</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Selection Notice</font></div>
    <div style="text-align: left;"><br>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z55e733d7b99041789af351bcb43252f4">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">From:</td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0c931e9bdfb4421188e2793d1778d955">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABN AMRO Bank N.V., as Agent</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="text-align: left; margin-bottom: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z80500c535cbd4d6186d3fa190bed5fcf">

              <tr>
                <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dear Sirs</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$70,000,000 Term Facility Agreement dated [&#9679;] 2018 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-weight: bold;">Agreement</font>&#8221;)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41b14afead3c4faea4869e4e38cc1424">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different
                    meaning in this Selection Notice.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z43fd84dd537440808b1f5d9be6c5f10f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Interest Period ending on [&#9679;].</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfcc545d7354c47d09dccee4e9f1a4f59">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We request that the next Interest Period for the Loan is [one/three/six] months.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb388f0d4f9414c86a5a90ea10ae80145">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Selection Notice is irrevocable.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Yours faithfully</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Authorised Signatory for</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">162</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 6 - FORM OF TRANSFER CERTIFICATE</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Transfer Certificate</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9ff0a8ea080848ed8611185d5facb571">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] as Agent and [&#9679;] as Security Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z91607ec4e98a40afa2d74865c0be8242">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Existing Lende</font>r] (the &#8220;<font style="font-size:
                      10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing Lender</font>&#8221;) and [<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The New Lender</font>] (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Lender</font>&#8221;)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4d6ab1b6ad5241b1a9989536350047e3">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$70,000,000 Term Facility Agreement dated [&#9679;] 2018 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-weight: bold;">Agreement</font>&#8221;)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4f5a53dd663a43429829fcf1d945cab3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Agreement and to the Subordination Deed (as defined in the Agreement). This certificate (the "<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-weight: bold;">Certificate</font>") shall take effect as a Transfer Certificate for the purpose of the Agreement and as a Creditor Accession Undertaking for the purposes of the Subordination Deed
                    (and as defined in the Subordination Deed). Terms defined in the Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb7b8a49ec3a14546bb15c1a35e9a5ed6">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to Clause 31.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Procedure for Transfer</font>):</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8fabdcd1c6b64fc7b5ddccc59298ebce">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Existing Lender and the New Lender agree to the Existing Lender assigning to the New Lender all or part of the Existing Lender&#8217;s Commitment rights and
                    assuming the Existing Lender&#8217;s obligations referred to in the Schedule in accordance with Clause 31.5 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Procedure for Transfer</font>) and
                    the Existing Lender assigns and agrees to assign such rights to the New Lender with effect from the Transfer Date</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1ca6431bd516487c86da0f481fd76fdc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The proposed Transfer Date is [&#9679;].</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3fb86cd813b947759097ebe042b54eac">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Facility Office and address and attention details for notices of the New Lender for the purposes of Clause 39.2 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses</font>) are set out in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z17204ec607064392b44bc87d3bf0846f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender expressly acknowledges the limitations on the Existing Lender&#8217;s obligations set out in Clause 31.4c) (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Limitation of Responsibility of Existing Lenders</font>).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbeda3892bda748e380b3a58b73ba4c84">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z82fe43d0226c4283afc629edfe202485">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Qualifying Lender (other than a Treaty Lender);]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z824173c2c37a46d097892c2b8d0fa31c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Treaty Lender;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf104d4642c284609ac98e51e9187e277">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[not a Qualifying Lender]. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfad2467504fc4cd88933e27d966899bc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[The New Lender acknowledges the provisions of Clause 12 of the Agreement and in particular that if it is not a Qualifying Lender it will not be entitled to
                    any increased payment under Clause 12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Gross Up and Indemnities</font>) of the Agreement by reason of a Tax Deduction on account of
                    Tax, as more particularly set out in Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Gross-up</font>) and other provisions of Clause 12.]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcca2da659e584e3483eef9feb0ce958c">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to [Clause 14] (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Parties</font>) of
                    the Subordination Deed. In consideration of the New Lender being accepted as a Senior Creditor for the purposes of the Subordination Deed (and as defined in the Subordination Deed), the New Lender confirms that, as from the Transfer
                    Date, it intends to be party to the Subordination Deed as a Senior Creditor, and undertakes to perform all the obligations expressed in the Subordination Deed to be assumed by a Senior</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; margin-top: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">_________________________</font></div>
    <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Delete as applicable - each New Lender is required to confirm which of
        these three categories it falls within.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">163</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Creditor and agrees that it shall be bound by all the provisions of the Subordination Deed, as if it had
        been an original party to the Subordination Deed.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf27c07d6faaa404294990cecc1c9a3f1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
                    this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd173e26a2a1647ab94eee92485996635">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z24d79b776d0a406e8848f9dedf3f6e7b">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender&#8217;s interest in
        the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#8217;s Transaction Security
        in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">164</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Schedule</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment/rights to be assigned and obligations to be assumed</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">insert relevant details</font>]</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Facility Office address and attention details for notices and account details for payments</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">insert relevant details</font>]</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Existing</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"><u>&#160;</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Lender</font>]</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">_____________________________________</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">New
          Lender</font>]</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">_____________________________________</font></div>
    <div style="text-align: left; margin-bottom: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement is accepted as a Transfer Certificate for the purposes of the Agreement by the Agent, and as a Creditor
        Accession Undertaking for the purposes of the Subordination Deed by the Security Agent, and the Transfer Date is confirmed to be as stated above.</font></div>
    <div style="text-align: left; margin-bottom: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Agent</font>]</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">______________________________________</font></div>
    <div style="text-align: left; margin-bottom: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="text-align: left; margin-bottom: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Security



          Agent</font>]</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">______________________________________</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">165</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 7 - FORM OF ASSIGNMENT AGREEMENT</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Assignment Agreement</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z20f84300acf34d43a7333c61a47fb210">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] as Agent, [&#9679;] as Security Agent and [&#9679;] as Borrower, for and on behalf of each Obligor</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb58fba671e874b94a6b992920708d55c">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[The Existing Lender] (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing Lender</font>&#8221;) and [the
                    New Lender] (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Lender</font>&#8221;)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd8bb1160e9a24776b3ccbe33baaf8a94">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$70,000,000 Term Facility Agreement dated [&#9679;] (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-weight: bold;">Agreement</font>&#8221;)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zdc2c394875824ebeb1bf174e7f801daf">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Agreement and to the Subordination Deed (as defined in the Facility Agreement). This is an Assignment Agreement. This agreement (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agreement</font>&#8221;) shall take effect as an Assignment Agreement for the purpose of the Agreement and as a Creditor Accession Undertaking for the
                    purposes of the Subordination Deed (and as defined in the Subordination Deed). Terms defined in the Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2f8ee6c5f4964bb4b993058a2f65402e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to Clause 31.6 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Procedure for Assignment</font>) of
                    the Agreement:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 4pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze3c04babeef8482ba68f22726a256ce3">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement, the other Finance Documents and in respect
                    of the Security Documents which correspond to that portion of the Existing Lender&#8217;s Commitment(s) and participations in Utilisations under the Agreement as specified in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 4pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z45e6b3a693c54cb686d7c0f7e1f9f85d">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender&#8217;s Commitment(s) and
                    participations in Utilisations under the Agreement specified in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 4pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc17f28b18a884c76bc520b0c35793cbe">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div style="margin: 0px 0px 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is
                    released under paragraph b) above.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf60cffe347044172a058d785cc0f8c28">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The proposed Transfer Date is [&#9679;].</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zef1057326aee4ddebede4e234f22a339">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Transfer Date the New Lender becomes:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0cf39d3bb84448fe9a8adbd64542c67b">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a party to the relevant Finance Documents (other than the Subordination Deed) as a Lender; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f19357bb3384c1f947a168cc3415bfd">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a party to the Subordination Deed as a Senior Creditor (as defined in the Subordination Deed).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z35dff622b7f84399bf7da719dca51e2d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Facility Office and address and attention details for notices of the New Lender for the purposes of Clause 39.2 (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Addresses</font>) of the Agreement are set out in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z577628ed74d849058695429fb93a494a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender expressly acknowledges the limitations on the Existing Lender&#8217;s obligations set out in Clause 31.4c) (<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">Limitation of Responsibility of Existing Lenders</font>) of the Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">166</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6a308bb9caf04112a8b71563e9e0638d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z70d63e6a19d041f6a069df54222882f2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[a Qualifying Lender (other than a Treaty Lender);]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za631999267cd49b4ac74d43734256b80">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[a Treaty Lender;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9d5a16c8a68b4f099a3c54c1cc1125a4">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[not a Qualifying Lender].<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z87801edc6ba8445995a7a59dc1715829">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[The New Lender acknowledges the provisions of Clause 12 of the Agreement and in particular that if it is not a Qualifying Lender it will not be entitled to
                    any increased payment under Clause 12 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Gross Up and Indemnities</font>) of the Agreement by reason of a Tax Deduction on account of
                    Tax, as more particularly set out in Clause 12.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Tax Gross-up</font>) and other provisions of Clause 12.]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2fc9847fb3eb494bbc68ddb1f1d606a3">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to [Clause 14] (Changes to the Parties) of the Subordination Deed. In consideration of the New Lender being accepted as a Senior Creditor for the
                    purposes of the Subordination Deed (and as defined in the Subordination Deed), the New Lender confirms that, as from the Transfer Date, it intends to be party to the Subordination Deed as a Senior Creditor, and undertakes to perform all
                    the obligations expressed in the Subordination Deed to be assumed by a Senior Creditor and agrees that it shall be bound by all the provisions of the Subordination Deed, as if it had been an original party to the Subordination Deed.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za655b7adbece45b6bc6e57e8f87d4749">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 31.7 <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">(Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Borrow</font>er) of the Agreement, to the Borrower (on behalf of each Obligor) of the
                    assignment referred to in this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze86dc79049e54ae7a5e88bf605f61b52">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
                    this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc69f996e83f147879cf33e6c22d7ce09">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf5d60f5e99d446af8920a9b8f377e976">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender&#8217;s interest in
        the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#8217;s Transaction Security
        in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 30pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">__________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Delete as applicable - each New Lender is required to confirm which of these three categories it falls within.</font></div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">167</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Schedule</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Commitment/rights and obligations to be transferred by assignment, release and accession</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">insert relevant details]</font></font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">[Facility office address and attention details for notices and account details for payments]</font></div>
    <div style="text-align: left; margin-bottom: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Existing Lender</font>]</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">___________________________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New Lender</font>]</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">___________________________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">This Agreement</font> is accepted as an
        Assignment Agreement for the purposes of the Agreement by the Agent, and as a Creditor Accession Undertaking for the purposes of the Subordination Deed by the Security Agent, and the Transfer Date is confirmed as [&#9679;].</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Signature of this Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment
        referred to in this Agreement, which notice the Agent receives on behalf of each Finance Party.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agent</font>]</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">__________________________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security Agent</font>]</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">___________________________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">168</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: -42.55pt; margin-left: 42.55pt; margin-top: 13pt; margin-bottom: 6.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 8 - FORM OF COMPLIANCE
        CERTIFICATE</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Compliance Certificate</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc5e76dbfae494722ade5dd407022414d">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ABN AMRO Bank N.V., as Agent</font></div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7f869819f0de48d28d5a0e5a92431e36">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z20dec64d206646b4bd63ffba73e090ee">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dear Sirs</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$70,000,000 Term Facility Agreement dated [&#9679;] 2018 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif; font-weight: bold;">Agreement</font>&#8221;)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z8eff1df8703441279a7619865c483f72">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I/We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate
                    unless given a different meaning in this Compliance Certificate.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zccce6a011a014efe97c437f6950fbbf9">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I/We confirm that with respect to the financial quarter ending [30 June][31 December] of the Group:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf262c3eadaca47809672c7ff8eee6ca3">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Minimum Liquidity:&#160; The Minimum Liquidity is US$[&#8226;];&#160; [Requirement:&#160; Minimum Liquidity to be equal or greater than the greater of:</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z795c735b70fc48d1a62966ccc90dc9ed">

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              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">seventy five million dollars (US$75,000,000); and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7c636c652ad54bba8b3d2723c77e04ca">

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              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">five per cent. (5%) of the Group&#8217;s Total Debt;</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">provided that at all times a part of the Minimum Liquidity equal to the greater of (x) forty million
        Dollars (US$40,000,000) and (y) five per cent. (5%) of the Group's Total Debt shall consist of Cash and Cash Equivalents.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z05cc609e6f0b47fda3f677f1e94c9301">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity Ratio:&#160; The Equity Ratio is [&#8226;]. [Requirement:&#160; Equity Ratio shall not be less than twenty-five per cent. (25%)]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z41c6f6aeb1324ec6ad636d806e95e800">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[I/We confirm that the Security Value is greater than the Minimum Value under the latest valuations of each Mortgaged Vessel obtained in accordance with
                    Clause 25 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Minimum Security Value</font>).]</font></div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4329362b899b4c82890e2ea5f8e487fe">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I/We confirm that</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf2c47dd68c64474097a8fc38e4c0e6b9">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the aggregate exposure of the Group under any charter arrangements for vessels owned by third parties as per [30 June/31 December] [year] is US$[&#9679;].</font></div>
              </td>
            </tr>

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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1bb95b5db5f2476887e83a9fcc5d1fe8">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the aggregate exposure of the Group under Forward Freight Agreements entered into under Clause 27.1c) as per [30 June/31 December] [year] is US$[&#9679;].</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zf518f869a10246d3b221610166aea03d">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[I/We confirm that no Event of Default is continuing.] [If this statement cannot be made, the certificate should identify any Event of Default that is
                    continuing and the steps, if any, being taken to remedy it.]</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Signed by:</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">____________________________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">[Finance Director] [Chief Financial Officer] on behalf of Torm PLC</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">169</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 9 - FORM OF INCREASE CONFIRMATION</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Increase Confirmation</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zb4d8222e7e3543d2b6720a2a86c323f8">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] as Agent and [&#9679;] as Security Agent</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1bfc25976db04c2ab975fcb5f82504e0">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z81938801770941e9a6fd27f5fcc68ee3">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[the Increase Lender] (the Increase Lender)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze4a5750c796f4bc9bf58b038b9051eb9">

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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: -72pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$[&#9679;] Term Facility Agreement dated [&#9679;] 2018 (the &#8220;<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif; font-weight: bold;">Agreement</font>&#8221;)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6b9d736e97964f0b97d8015134c3205a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Agreement and to the Subordination Deed (as defined in the Agreement). This agreement (the "<font style="font-size: 10pt; font-family: 'Times
                      New Roman', Times, serif; font-weight: bold;">Agreement</font>") shall take effect as an Increase Confirmation for the purpose of the Agreement and as a Creditor Accession Undertaking for the purposes of the Subordination Deed (and as
                    defined in the Subordination Deed). Terms defined in the Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z605bd40f1bbd41939d93bab7dd67062d">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to Clause 2.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Increase</font>) of the Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7b4365aced6841829ca49c89dfa8d36a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the Schedule (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant Commitment&#8221;) </font>as if it was the Original Lender under the Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1abbe5b7e85b4496b83db23c10d85975">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to take effect (the &#8220;<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-weight: bold;">Increase Date</font>&#8221;) is [&#9679;].</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z13f51ae690884aada4a3fcd839299b7a">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On the Increase Date, the Increase Lender becomes:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71c8742a6c84470286564c0342be9fee">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">party to the relevant Finance Documents (other than the Subordination Deed) as a Lender; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z402bff923b5541efb03a7dd6633e6cad">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a party to the Subordination Deed as a Senior Creditor (as defined in the Subordination Deed).</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z76b99590d21c47cbb20885bde6004873">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Facility Office and address and attention details for notices to the Increase Lender for the purposes of Clause 39.2 <font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">(Addresses</font>) are set out in the Schedule.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfdbabca8ffe84b6888a2115171cc4887">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Increase Lender expressly acknowledges the limitations on the Lenders&#8217; obligations referred to in Clause 2.2g) (<font style="font-size: 10pt; font-family:
                      'Times New Roman', Times, serif; font-style: italic;">Increase).</font></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1fabe24529174c1eb60ce5e0711c3b4f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Increase Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z53f6544545014d36851798332b2584b6">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[a Qualifying Lender (other than a Treaty Lender);]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zeb7a39be80394889bcdb44d9ef5a45b2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[a Treaty Lender;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc85a341c2de74f82bc95d6dda4fa8044">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[not a Qualifying Lender]. <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">__________________________________</sup></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
        </sup></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> Delete as applicable - each New Lender is required to confirm which of these three categories it falls within.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">170</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z77d31df8d4d645fb89ed78818722a35f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to [Clause 14] (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Changes to the Parties)</font> of
                    the Subordination Deed. In consideration of the New Lender being accepted as a Senior Creditor for the purposes of the Subordination Deed (and as defined in the Subordination Deed), the New Lender confirms that, as from the Transfer
                    Date, it intends to be party to the Subordination Deed as a Senior Creditor, and undertakes to perform all the obligations expressed in the Subordination Deed to be assumed by a Senior Creditor and agrees that it shall be bound by all
                    the provisions of the Subordination Deed, as if it had been an original party to the Subordination Deed.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z16484405c4c44ca983c85578feed9839">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of
                    this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcd98dca9e1744475bb057a1f70a258f4">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z290f51292a8b458f96171895c032d129">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender&#8217;s interest in
        the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#8217;s Transaction Security
        in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">171</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Schedule</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Relevant Commitment/rights and obligations to be assumed by the Increase Lender</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">insert relevant details</font>]</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Increase Lender]</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">________________________________________</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">________________________________________</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement is accepted as an Increase Confirmation for the purposes of the Agreement by the Agent and as a Creditor
        Accession Undertaking for the purposes of the Subordination Deed and the Increase Date is confirmed as [&#9679;].</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Agent</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(on behalf of itself and the other Finance Parties)</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">________________________________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="margin-bottom: 24pt;"><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Security Agent</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(on behalf of itself and the other Finance Parties)</font></div>
    <div style="margin-bottom: 24pt;"><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">________________________________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">TORM PLC</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">________________________________________</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">172</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 10 - SCHEDULED AMORTISATION PAYMENTS</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(see next page)</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">173</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: left; margin-top: 13pt; margin-bottom: 6.5pt;"><br>
    </div>
    <div style="text-align: left; margin-top: 13pt; margin-bottom: 6.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SCHEDULE 11 - FORM OF ACCESSION DEED</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Form of Accession Deed</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9be17e921b27489ebfb1396df786cdad">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">To:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] (as Agent) and [&#9679;] (as Security Agent)</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58ab9d2886eb48109a43e24017908fc0">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">From:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Acceding Guarantor]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1f302d52d1f548fcb65005fe1bb9c509">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dear Sirs</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM PLC</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">US$[&#9679;] Term Facility Agreement dated [&#9679;] 2018 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-weight: bold;">Agreement</font>&#8221;)</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z08cc0f973aab490193fdf951f795f01c">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We refer to the Agreement and to the Subordination Deed. This deed (the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
                      font-weight: bold;">Accession Deed</font>") shall take effect as an Accession Deed for the purposes of the Agreement and as a Debtor accession Deed for the purposes of the Subordination Deed (and as defined in the Subordination Deed).
                    Terms defined in the Agreement have the same meaning in paragraphs 1-[3]/[4] of this Accession Deed unless given a different meaning in this Accession Deed.</font></div>
              </td>
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    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z58651224eb8b43f49ce37e1863152165">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] agrees to become a Guarantor and to be bound by the terms of the Agreement as a Guarantor, including Clause 17.4 (Wai<font style="font-size: 10pt;
                      font-family: 'Times New Roman', Times, serif; font-style: italic;">ver of Defences</font>). [&#9679;] is a company duly incorporated under the laws of [&#9679;].</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za5f685e2ade34062b5d89a72fe6da9e9">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;] administrative details are as follows:</font></div>
              </td>
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    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="za21a35873c0d46ab8afccf4369992fa6">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Address:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zbf3a2c0b51024538935a7fdc5a7a141e">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Attention:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd0791af819ba476eb4f3a9dbc710e7da">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We confirm that no Default is continuing or would occur as a result of [&#9679;] becoming a Guarantor.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcfff927d63dc42519cba3d7fd084062e">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[Subsidiary] (for the purposes of this paragraph 5, the "<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acceding



                      Debtor</font>") intends to give a guarantee, indemnity or other assurance against loss in respect of liabilities under the Agreement.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">IT IS
          AGREED</font> as follows:</font></div>
    <div style="text-align: left; text-indent: -18pt; margin-left: 18pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z16c498328ac443e897d79960c99f04e2">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">a)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Terms defined in the Subordination Deed shall, unless otherwise defined in this Accession Deed, bear the same meaning when used in this paragraph 6.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z81d9adde4d0c45e18672337fc088c61f">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">b)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Acceding Debtor and the Security Agent agree that the Security Agent shall hold:</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc41cd42391934d4a97c62cbf56bd8a29">

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              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">i)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">any Security Interest in respect of Liabilities created or expressed to be created pursuant to the Agreement;</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zc258e9c8faae45d08a9dbacf7fa24b35">

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              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all proceeds of that Security Interest; and</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2ea43771a669421c99831b8dbba188aa">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">iii)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">all obligations expressed to be undertaken by the Acceding Debtor to pay amounts in respect of the Liabilities to the Security Agent as trustee for the
                    Secured Parties (in the Agreement or otherwise) and secured by the Transaction Security together with all representations and warranties expressed to be given by the Acceding Debtor (in the Agreement or otherwise) in favour of the
                    Security Agent as trustee for the Secured Parties,</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">174</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on trust for the Secured Parties on the terms and conditions contained in the Subordination Deed.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z500317bbd16847aa9243af1d57ebf21d">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">c)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Acceding Debtor confirms that it intends to be party to the Subordination Deed as an Obligor, undertakes to perform all the obligations expressed to be
                    assumed by an Obligor under the Subordination Deed and agrees that it shall be bound by all the provisions of the Subordination Deed as if it had been an original party to the Subordination Deed.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z6c3285e6d3994558a61133f2b0804904">

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              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">d)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[In consideration of the Acceding Debtor being accepted as an Intra-Group Lender for the purposes of the Subordination Deed, the Acceding Debtor also confirms
                    that it intends to be party to the Subordination Deed as an Intra-Group Lender, and undertakes to perform all the obligations expressed in the Subordination Deed to be assumed by an Intra-Group Lender and agrees that it shall be bound
                    by all the provisions of the Subordination Deed, as if it had been an original party to the Subordination Deed].</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4b7c0e7f560541e5a0d7230e3d24d2c1">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The limitations set forth herein shall apply mutatis mutandis to any security created by [&#9679;] under the Security Documents and to any guarantee, indemnity, any
                    similar obligation resulting in a payment obligation and payment, including but not limited to set off, pursuant to this Agreement and made by [&#9679;].</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="ze3a3e1a1ac844b94852297d504d52a9f">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Accession Deed and any non-contractual obligations connected with it are governed by English law.</font></div>
              </td>
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      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z1c9cac76055146899ccefaf251a8e8ef">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">For Guarantors incorporated outside of England and Wales</font>:&#160;



                    For the purposes of Clause 49.2 (<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Service of process</font>) of the Agreement [&#9679;] appoints [&#9679;] of [&#9679;] as its English process agent.]</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a40e9e4770f4faab3d9461e462fd519">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Accession Deed shall be considered a Finance Document.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z48c16164553c46f9a788d30238eddc4e">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Accession Deed or any non-contractual
                    obligations connected with it (including a dispute regarding the existence, validity or termination of this Accession Deed) (a Dispute).</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z02dc7c3e06be42acb55e887ff7deb4d7">

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              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the
                    contrary.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z7462d42abd2e49ea9c0252fb897f3a80">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Paragraphs 11 and 12 are for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a
                    Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z681dfe47a86f4383bee856611d43e927">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Accession Deed has been executed as a deed by [&#9679;] and is delivered on the date stated above.</font></div>
              </td>
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        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">____________________________________</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z3496823fce3848c1adbb270da197c085">

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              <td style="width: 72pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">By:</td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z71f3766c74e6474195b17b1ad17628d0">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">to be executed as a deed
          under the relevant local law requirements</font>]</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">175</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Accession Deed is accepted</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by the Agent on behalf of itself</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and the other Finance Parties.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">____________________________________</font></div>
    <div style="text-align: left;">
      <div>
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              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z512a368cec614dd0b7b06050aa840928">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">____________________________________</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfac04b18ebef4cf58efc143376ff18dd">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zd4207ca45c674b53a2268665a4a5b5c1">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Accession Deed is accepted</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">by the Security Agent on behalf of itself</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">and the other Finance Parties.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">____________________________________</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z2a6733edb03c4ed49bb86d934d43aff2">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z78b950cefe5241ad8b4147d90c4bf2c4">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">____________________________________</font></div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zfa7b85e712df4402842c00329a6ca874">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z4dd33e23ffc04392bf2ea36e6df30611">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">[&#9679;]</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">176<br>
    </div>
    <div style="text-align: center;"> <br>
    </div>
    <br>
    <div style="text-align: center;"><br>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>5
<FILENAME>d8208841_ex8-1.htm
<TEXT>
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    <title></title>
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  <div>
    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit 8.1</div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">List of TORM plc Subsidiaries</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z86bfed6530bd4532bb29b0d2dbe86b04">

        <tr>
          <td style="width: 61.54%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Name of Subsidiary</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Jurisdiction of Incorporation or Organization</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">&#160;</td>
          <td style="width: 38.46%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM A/S</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK Vessel HoldCo GP ApS</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">DK Vessel HoldCo K/S</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM (Gibraltar) Njord Midco Ltd</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gibraltar</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Njord Chartering Inc.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Marshall Islands</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Singapore Njord Holdings Alice, Pte. Ltd</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Singapore Njord Holdings Almena, Pte. Ltd</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Singapore Njord Holdings Hardrada, Pte. Ltd</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Singapore Njord Holdings St. Michaelis, Pte. Ltd</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Singapore Njord Holdings St. Gabriel, Pte. Ltd</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Singapore Njord Holdings Agnete, Pte. Ltd</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Singapore Njord Holdings Alexandra, Pte. Ltd</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">OCM Holdings Mrs Inc.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #FFFFFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Marshall Islands</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM Crewing Service Ltd.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Bermuda</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM Shipping India Private Limited</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">India</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM Singapore Pte. Ltd.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM USA LLC</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">United States</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 1 K/S</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 3 K/S</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 5 K/S</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 6 K/S</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 6 Pte. Ltd.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 7 Pte. Ltd.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 8 Pte. Ltd.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 9 Pte. Ltd.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 10 Pte. Ltd.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top; background-color: #CCEEFF;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo 11 Pte. Ltd.</font></div>
          </td>
          <td style="width: 38.46%; vertical-align: top;">
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Singapore</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">TORM SHIPPING (PHILS.), INC.</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Philippines</font></div>
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        <tr>
          <td style="width: 61.54%; vertical-align: top;">
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          </td>
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        <tr>
          <td style="width: 61.54%; vertical-align: top; background-color: #CCEEFF;">
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
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        </tr>
        <tr>
          <td style="width: 61.54%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">VesselCo F ApS</font></div>
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            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Denmark</font></div>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>d8208533_ex12-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
         Document created using EDGARfilings PROfile 5.1.0.0
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  </head>
<body text="#000000" bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
  <div>
    <div style="text-align: right; text-indent: 36pt; margin-left: 324pt; margin-bottom: 12pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">Exhibit 12.1</div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I, Jacob Meldgaard, certify that:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1. I have reviewed this annual report on Form 20-F of TORM plc;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
        fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
        in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4. The Company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and
        procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
        to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
        being prepared;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) Designed such internal control over financial reporting, or caused such internal control over
        financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
        accounting principles;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c) Evaluated the effectiveness of the Company&#8217;s disclosure controls and procedures and presented in
        this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d) Disclosed in this report any change in the Company&#8217;s internal control over financial reporting that
        occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5. The Company&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control
        over financial reporting, to the Company&#8217;s auditors and the audit committee of the Company&#8217;s board of directors (or persons performing the equivalent functions):</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control
        over financial reporting which are reasonably likely to adversely affect the Company&#8217;s ability to record, process, summarize and report financial information; and</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) Any fraud, whether or not material, that involves management or other employees who have a
        significant role in the Company&#8217;s internal control over financial reporting.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160; March 12, 2019</font></div>
    <table cellspacing="0" cellpadding="0" border="0" id="z7b62a11979eb4c218be644c4c516717f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 70%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Jacob Meldgaard</font></div>
            </div>
          </td>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jacob Meldgaard</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Executive Director (Principal Executive Officer)</font></div>
          </td>
          <td style="width: 70%; vertical-align: bottom;">&#160;</td>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>7
<FILENAME>d8208534_ex12-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
         Document created using EDGARfilings PROfile 5.1.0.0
         Copyright 1995 - 2019 Broadridge -->
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<body text="#000000" bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
  <div>
    <div style="text-align: right; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit 12.2</div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I, Christian S&#248;gaard-Christensen, certify that:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1. I have reviewed this annual report on Form 20-F of TORM plc;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material
        fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present
        in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4. The Company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and
        procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) and 15d-15(f) for the Company and have:</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
        to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
        being prepared;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) Designed such internal control over financial reporting, or caused such internal control over
        financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
        accounting principles;</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c) Evaluated the effectiveness of the Company&#8217;s disclosure controls and procedures and presented in
        this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d) Disclosed in this report any change in the Company&#8217;s internal control over financial reporting that
        occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.</font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5. The Company&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control
        over financial reporting, to the Company&#8217;s auditors and the audit committee of the Company&#8217;s board of directors (or persons performing the equivalent functions):</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control
        over financial reporting which are reasonably likely to adversely affect the Company&#8217;s ability to record, process, summarize and report financial information; and</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b) Any fraud, whether or not material, that involves management or other employees who have a
        significant role in the Company&#8217;s internal control over financial reporting.</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160;&#160; March 12, 2019</font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z017be2597c5f4db39b64e79acaf0f187">

        <tr>
          <td style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 70%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Christian S&#248;gaard-Christensen</font></div>
            </div>
          </td>
          <td style="width: 70%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Christian S&#248;gaard-Christensen</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Financial Officer (Principal Financial Officer)</font></div>
          </td>
          <td style="width: 70%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
  </div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>8
<FILENAME>d8208535_ex13-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
         Document created using EDGARfilings PROfile 5.1.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body text="#000000" bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
  <div>
    <div style="text-align: right; margin-bottom: 24pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit 13.1</div>
    <div style="text-align: center; margin-bottom: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PRINCIPAL EXECUTIVE OFFICER CERTIFICATION<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><br>
        </font>PURSUANT TO 18 U.S.C. SECTION 1350</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In connection with this Annual Report of TORM plc (the &#8220;Company&#8221;) on Form 20-F for the year ended
        December 31, 2018 as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Jacob Meldgaard, Executive Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
        to Section 906 of the Sarbanes-Oxley Act of 2002, that:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zff1c858538334d13a079d1caaf0ca132">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zcf3927f8e25d4098adaa186a618959c7">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A signed original of this written statement has been provided to the Company and will be retained by the
        Company and furnished to the SEC or its staff upon request.</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160; March 12, 2019</font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z498baad8bdf14ba6a365f042bc8f183a">

        <tr>
          <td style="width: 30%; vertical-align: bottom;">&#160;</td>
          <td style="width: 70%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Jacob Meldgaard</font></div>
          </td>
          <td style="width: 70%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Jacob Meldgaard</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Executive Director (Principal Executive Officer)</font></div>
          </td>
          <td style="width: 70%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div style="margin-bottom: 12pt;"><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>9
<FILENAME>d8208536_ex13-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Sewatd & Kissel LLP
         Document created using EDGARfilings PROfile 5.1.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body text="#000000" bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
  <div>
    <div style="text-align: right; margin-bottom: 24pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit 13.2</div>
    <div style="text-align: center; margin-bottom: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">PRINCIPAL FINANCIAL OFFICER CERTIFICATION<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><br>
        </font>PURSUANT TO 18 U.S.C. SECTION 1350</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In connection with this Annual Report of TORM plc (the &#8220;Company&#8221;) on Form 20-F for the year ended
        December 31, 2018 as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Christian S&#248;gaard-Christensen, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section
        1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</font></div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z07e260922e4447df8b15051fb62144bc">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; margin-bottom: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z438f8d68f6514648954942312d48ba74">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2)</font></td>
              <td style="width: auto; vertical-align: top; text-align: left;">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: left; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A signed original of this written statement has been provided to the Company and will be retained by the
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    <div style="text-align: left; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160; March 12, 2019</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Christian S&#248;gaard-Christensen</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Christian S&#248;gaard-Christensen</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Financial Officer (Principal Financial Officer)</font></div>
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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>10
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    <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exhibit 15.1</div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">We consent to the incorporation by reference in the Registration Statement No. 333-228878 on Form F-3 of our report dated March 12, 2019,
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copenhagen, Denmark</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">March 12, 2019</font></div>
    <div><br>
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    <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Max Damborg</font></u></div>
    <u> </u>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Public Accountant</font></div>
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<TYPE>EX-101.INS
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<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">-113730000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:CashFlowsFromUsedInInvestingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">-175592000</ifrs-full:CashFlowsFromUsedInInvestingActivities>
<ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">49256000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">175377000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">114530000</ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities>
<trmd:ProceedsFromSaleAndLeasebackTransactions contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">30195000</trmd:ProceedsFromSaleAndLeasebackTransactions>
<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">142740000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">125487000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">110834000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
<ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">3410000</ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities>
<ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">16724000</ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities>
<ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">2899000</ifrs-full:PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">25000000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<ifrs-full:DividendsPaidClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">1240000</ifrs-full:DividendsPaidClassifiedAsFinancingActivities>
<trmd:Acquisitionofnoncontrollinginterestofsubsidiary contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">19241000</trmd:Acquisitionofnoncontrollinginterestofsubsidiary>
<ifrs-full:PaymentsForShareIssueCosts contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">2788000</ifrs-full:PaymentsForShareIssueCosts>
<trmd:PurchaseOrIssueOFtreasuryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">2887000</trmd:PurchaseOrIssueOFtreasuryShares>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">-145610000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">62715000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">95994000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">-93875000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">58830000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:IncreaseDecreaseInCashAndCashEquivalents contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">-8860000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalents>
<ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;NOTE 1 &amp;#8211; ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;OVERVIEW OF BUSINESS&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;TORM plc is a shipping company, incorporated in the United Kingdom, which owns and operates a fleet of product tankers. Unless otherwise indicated, the terms "TORM plc," "we," "us," "our," the "Company" and the "Group" refer to TORM plc and its consolidated subsidiaries, which includes TORM A/S and its consolidated subsidiaries following the closing of the Exchange Offer (defined below). When used herein to describe events prior to the closing of the Exchange Offer, the terms &amp;#8220;TORM A/S," "we," "us," "our," the "Company" and the "Group" refer to TORM A/S and its consolidated subsidiaries before such time.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;On 15 April 2016, a new corporate structure was established, whereby TORM plc effectively acquired all of the outstanding A-shares of TORM A/S (referred to herein as Danish A-shares) in exchange for TORM plc&amp;#8217;s securities. A total of 97.6% of TORM A/S&amp;#8217; shareholders exchanged their shareholdings to TORM plc, and TORM plc acquired the remaining 2.4% shares from TORM A/S&amp;#8217; minority shareholders in a statutory squeeze-out transaction under the Danish Companies Act for a total cash consideration of USD 19.2m.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;In addition, and in connection with the exchange of the Danish A-shares in 2016, all TORM A/S warrant holders exchanged their warrants on a one-for-one basis for TORM plc warrants. We refer to these transactions collectively as the "Exchange Offer." On 19 April 2016, upon the closing of the Exchange Offer, TORM plc became the Group&amp;#8217;s publicly-held parent company incorporated under the laws of England and Wales. We refer to this as the "Redomiciliation&amp;#8221;. The Redomiciliation was accounted for as an internal reorganization of entities under common control and, therefore, the assets and liabilities of TORM A/S were accounted for at their historical cost basis and not revalued in the transaction.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The impact on equity in 2016 reflected the accumulated deficit of TORM plc at that date and the squeeze-out transaction impact of USD 19.2m.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The consolidated financial statements for the TORM Group are presented in the legal name of TORM plc, but they are a continuation of the financial statements of TORM A/S with a retroactive adjustment of the legal capital of the legal parent (TORM plc). The consolidated financial results reflect the activities for TORM A/S only for the period from 1 January 2016 until 15 April 2016, whereas the remaining period of 2016 and going forward reflects the combined activity of TORM plc and TORM A/S.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM plc is listed on the stock exchange Nasdaq in Copenhagen, Denmark and on Nasdaq in New York, United States.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;BASIS OF PREPARATION&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (&amp;#8220;IFRS&amp;#8221;) as adopted by the EU and as issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;).&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention except where fair value accounting is specifically required by IFRS.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The functional currency is USD, and the Company applies USD as presentation currency in the preparation of the consolidated financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;GOING CONCERN&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;As of 31 December 2018, TORM&amp;#8217;s available liquidity including undrawn facilities was USD 406m, hereof a cash position of USD 127m. TORM&amp;#8217;s net interest-bearing debt was USD 627m and the net debt loan-to-value ratio was 53%. Further information on the Group&amp;#8217;s objectives and policies for managing its capital, its financial risk management objectives and its exposure to credit and liquidity risk can be found in note 19 to the financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Group monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and loan commitments, and to monitor compliance with the financial covenants within its loan facilities, details of which are in note 2 to the financial statements. Sensitivity calculations are run to reflect different scenarios including, but not limited to, future freight rates and vessel valuations in order to identify risks to future liquidity and covenant compliance and to enable Management to take corrective actions, if required.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Board of Directors has considered the Group&amp;#8217;s cash flow forecasts and the expected compliance with the Company&amp;#8217;s financial covenants for a period of not less than 12 months from the date of approval of these financial statements. Based on this review, the Board of Directors has a reasonable expectation that, taking into account reasonably possible changes in trading performance and vessel valuations, the Group will be able to continue in operational existence and comply with its financial covenants for the foreseeable future. Accordingly, the Group continues to adopt the going concern basis in preparing its financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;ADOPTION OF NEW OR AMENDED IFRS STANDARDS&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;TORM has implemented the following standards and amendments issued by the IASB and adopted by the EU in the consolidated financial statements for 2018:&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Amendments to IFRS 2 &amp;#8220;Classification and Measurement of Share-based Payment Transactions&amp;#8221;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;IFRS 9: On 1 January 2018, TORM adopted IFRS 9 &amp;#8220;Financial Instruments&amp;#8221;, which is mandatory for accounting periods beginning 1 January 2018 or later. The standard and subsequent amendments has substantially changed the classification and measurement of financial instruments and hedging requirements and introduced a new hedge-accounting model enabling companies to better reflect their risk management activities in the financial statements. We have assessed that the Group&amp;#8217;s hedging activities also in 2018, qualify for hedge accounting, and there have been no changes in the classifications of financial assets and financial liabilities as at the date of the initial application of IFRS 9. There have been no changes in the carrying amounts on the basis of their measurement categories and there have been no changes in the carrying amounts arising from a change in measurement in connection with the transition to IFRS 9. The standard has thus been implemented without adjusting the opening balance as of 1 January 2018.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The implementation of IFRS 9 has also entailed that impairment of receivables must be based on expected losses and not incurred losses as under IAS 39. The transition had no significant effect on either the income statement or the statement of financial position, as TORM historically has had very limited actual incurred losses on receivables, and the standard has thus been implemented without adjusting the opening balance as of 1 January 2018. Please see note 19 for further disclosures as of 31 December 2018.&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;IFRS 15: On 1 January 2018, TORM also adopted IFRS 15, &amp;#8220;Revenue from Contracts with Customers&amp;#8221;, which replaces IAS 11, IAS 18 and associated interpretations. TORM has implemented IFRS 15 with retrospective effect, however, elected to utilize the relief from restating comparative figures (modified retrospective method). The standard has changed the recognition pattern of revenue. The change in revenue recognition has gone from recognizing from &amp;#8220;discharge-to-discharge&amp;#8221; to &amp;#8220;load-to-discharge&amp;#8221;. The effect of the implementation as of 1 January 2018 amounts to USD 0.9m, recorded as an adjustment to the opening balance of retained profit in the consolidated statement of changes in equity.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The implementation of the above standards and amendments had no significant impact on the Group&amp;#8217;s financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;It is assessed that application of other new interpretations effective on 1 January 2018 has not had any material impact on the consolidated financial statements in 2018. Further, it has been anticipated that there will not be any significant impact from the adoption of these new interpretations on future periods.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman',;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman',;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET ADOPTED&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;IASB has issued a number of new or amended accounting standards (IFRS) and interpretations (IFRIC) that have not yet come into effect. In general, the following standards are expected to have the most significant impact on current accounting regulation:&lt;/font&gt;&lt;/div&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;IFRS 16 &amp;#8220;Leases&amp;#8221;. The effective date is 1 January 2019, and the standard will be implemented using the modified retrospective approach, where comparative information is not restated. The impact of the standard in TORM is limited to leasing agreements regarding office buildings and other administrative contracts such as cars, office equipment, etc. The change requires capitalization of the operating lease agreements, and the effect in the financials as of 1 January 2019 is a recognition of a right-of-use asset and leasing liability of USD 11.4m. The future reclassification from the line item &amp;#8220;Administrative expenses&amp;#8221; to &amp;#8220;Depreciation&amp;#8221; of approx. USD 2.6m and &amp;#8220;Financial expenses&amp;#8221; (interest) approx. USD 0.3m, amounts to approx. USD 2.9m in 2019. The reclassification will have a minor negative effect on the Profit and Loss in 2019 but will improve the Alternative Performance Measure (APM) &amp;#8220;EBITDA&amp;#8221;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;ACCOUNTING POLICIES&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Consolidation principles&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The consolidated financial statements comprise the financial statements of the Parent Company, TORM plc and entities controlled by the Company and its subsidiaries. Control is achieved when the Company has all the following:&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;power over the investee;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;exposure, or rights, to variable returns from its involvement with the investee; and&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;the ability to use its power over the investee to affect the amounts of the investor&amp;#8217;s returns&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Company should reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities unilaterally. The Company considers all facts and circumstances in assessing whether or not the Company&amp;#8217;s voting rights in an investee are sufficient to give it power, including:&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The size of the Company&amp;#8217;s holding of voting rights relative to the size and dispersion of holdings of the other vote holders&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Potential voting rights held by the Company, other vote holders or other parties&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Rights arising from other contractual arrangements, and&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting pattern at previous shareholders&amp;#8217; meetings&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Entities in which the Group exercises significant but not controlling influence are regarded as associated companies and are accounted for using the equity method.&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Companies which are managed jointly by agreement with one or more companies and therefore are subject to joint control (joint ventures) are accounted for using the equity method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ends when the Company loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated income statement and other comprehensive income from the date on which the Company obtains control until the date when the Company loses control over the subsidiary.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman',;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The consolidated financial statements are prepared on the basis of the financial statements of the Parent Company, its subsidiaries and the Company&amp;#8217;s share of the income statement and balance sheet of joint operations by combining items of a uniform nature and eliminating intercompany transactions, balances and shareholdings as well as realized and unrealized gains and losses on transactions between the consolidated entities. The financial statements used for consolidation purposes are prepared in accordance with the Company&amp;#8217;s accounting policies.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The consolidated financial statements following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) but as a continuation of the financial statements of the legal subsidiary (accounting acquirer). The accounting acquirer&amp;#8217;s legal capital is adjusted retrospectively to reflect the legal capital of the accounting acquiree. Comparative information is adjusted accordingly.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Business combinations&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Newly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Business combinations are accounted for by applying the purchase method, whereby the acquired entities&amp;#8217; identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also taken into account. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;
&lt;p&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The excess of the cost of the business combination over the fair value of the acquired assets, liabilities and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units, which subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Foreign currencies&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The functional currency of all significant entities, including subsidiaries and associated companies, is United State dollars (USD), because the Company&amp;#8217;s vessels operate in international shipping markets, in which income and expenses are settled in USD, and because the Company&amp;#8217;s most significant assets and liabilities in the form of vessels and related liabilities are denominated in USD. Transactions in currencies other than the functional currency are translated into the functional currency at the transaction date. Cash, receivables and payables and other monetary items denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate at the balance sheet date. Gains or losses due to differences between the exchange rate at the transaction date and the exchange rate at the settlement date or the balance sheet date are recognized in the income statement under &amp;#8220;Financial income&amp;#8221; and &amp;#8220;Financial expenses&amp;#8221;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The reporting currency of the Company is USD. Upon recognition of entities with functional currencies other than USD, the financial statements are translated into USD. Income statement items are translated into USD at the average exchange rate for the year, whereas balance sheet items are translated at the exchange rate as of the balance sheet date. Exchange differences arising from the translation of financial statements into USD are recognized as a separate component through other comprehensive income. On the disposal of an entity, the cumulative amount of the exchange differences recognized in the separate component of equity relating to that entity is transferred to the income statement as part of the gain or loss on disposal.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Derivative financial instruments and hedge accounting&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Derivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges and forward contracts regarding bunker purchases, are entered into hedge future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on&amp;#160;&lt;font style="background-color: yellow;"&gt;cash flow&lt;/font&gt;&amp;#160;hedges when appropriate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Derivative financial instruments are initially recognized in the balance sheet at fair value at the date when the derivative contract is entered into and are subsequently measured at their fair value as other receivables or other liabilities, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Changes in the fair value of derivative financial instruments that are designated as cash flow hedges and deemed to be effective are recognized directly in &amp;#8220;Other comprehensive income&amp;#8221;. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in &amp;#8220;Other comprehensive income&amp;#8221; is transferred to the income statement and included in the same line as the hedged transaction. However, when the hedged transaction results in the recognition of a fixed asset, the gains and losses previously accumulated in &amp;#8220;Other comprehensive income&amp;#8221; are transferred from &amp;#8220;Other comprehensive income&amp;#8221; and included in the initial measurement of the cost of the fixed asset. Changes in the fair value of a portion of a hedge deemed to be ineffective are recognized in the income statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Changes in the fair value of derivative financial instruments that are not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company&amp;#8217;s risk management policy, interest rate swaps with cap features and certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivate financial instruments are therefore recognized in the income statement under &amp;#8220;Financial income&amp;#8221; or &amp;#8220;Financial expenses&amp;#8221; for interest rate swaps with cap features, under &amp;#8220;Revenue&amp;#8221; for forward freight agreements and under &amp;#8220;Port expenses, bunkers and commissions&amp;#8221; for forward bunker contracts.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Segment information&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The segmentation is based on the Group&amp;#8217;s internal management and reporting structure. In the Tanker Segment, the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel and naphtha.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Group has only one geographical segment, because the Company considers the global market as a whole, and as the individual vessels are not limited to specific parts of the world. Furthermore, the internal management reporting does not provide such information. Consequently, it is not possible to provide geographical segment information on revenue from external customers or non-current segment assets.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Employee benefits&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Wages, salaries, social security contributions, holiday and sick leave, bonuses and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Pension plans&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Leases&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Agreements to charter in vessels and to lease other plant and operating equipment for which TORM substantially has all the risks and rewards of ownership are recognized in the balance sheet as finance leases. Lease assets are measured at the lower of fair value and the present value of minimum lease payments determined in the leases.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;For the purpose of calculating the present value, the interest rate implicit in the lease or an incremental borrowing rate is used as discount factor. The lease assets are depreciated and written down under the same accounting policy as the vessels owned by the Company or over the lease period depending on the lease terms.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The corresponding lease obligation is recognized as a liability in the balance sheet, and the interest element of the lease payment is charged to the income statement as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Other charter agreements concerning vessels and other leases are classified as operating leases, and lease payments are charged to the income statement on a straight-line basis over the lease term. The obligation for the remaining lease term is disclosed in the notes to the financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Sale and lease back&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Following a sale transaction, agreements to charter-in vessels (sale-and-leaseback) for which TORM maintains substantially all the risks and rewards incidental to economic ownership, are recognized on the balance sheet as finance leases. Leased vessels are measured at the start of the leasing contract at the lower of the present value of minimum lease payments determined in the lease contract and the assets&amp;#8217; fair value, plus any incidental expense borne by the lessee. For the purpose of calculating the present value, the interest rate implicit in the lease is used as discount factor. Depreciation method and useful economic life correspond to those applied to comparable purchased assets. Liabilities for financial leases are recognized on the balance sheet and the interest included in the lease payment is charged to the income statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;INCOME STATEMENT&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Revenue&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Income is recognized in the income statement when:&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The income generating activities have been carried out on the basis of a binding agreement&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The income can be measured reliably&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;It is probable that the economic benefits associated with the transaction will flow to the Company&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Costs relating to the transaction can be measured reliably&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Revenue comprises freight, charter hire and demurrage revenues from the vessels and gains and losses on forward freight agreements designated as hedges. Revenue is recognized when or as performance obligations are satisfied by transferring the promised goods or service s to the customer, i.e. at a point in time or over time provided that the stage of completion can be measured reliably. Revenue is measured at the consideration the Group expects to be entitled to. Accordingly, freight, charter hire and demurrage revenue are recognized at selling price upon delivery of the service as per the charter parties concluded.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Cross-over voyages&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. For cross-over voyages (voyages in progress at the end of a reporting period), the uncertainty and the dependence on estimates are greater than for finalized voyages. The Company recognizes a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. The estimate of revenue is based on the expected duration and destination of the voyage.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;When recognizing revenue, there is a risk that the actual number of days it takes to complete the voyage will differ from the estimate, and for time charter parties a lower day rate may have been agreed for additional days. The contract for a single voyage may state several alternative destination ports. The destination port may change during the voyage, and the rate may vary depending on the destination port. Changes to the estimated duration of the voyage as well as changing destinations and weather conditions will affect the voyage expenses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Demurrage revenue&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM is compensated for the additional time incurred in the form of demurrage revenue. Demurrage revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. The Company receives the demurrage payment upon reaching final agreement on the amount, which on average is approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Port expenses, bunkers and commissions&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Port expenses, bunker fuel consumption and commissions are recognized as incurred. Gains and losses on forward bunker contracts designated as hedges and write-down and provisions for losses on freight receivables are included in this line.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Freight and bunker derivatives&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Freight and bunker derivatives comprise fair value adjustments and gains and losses on forward freight agreements, forward bunker contracts and other derivative financial instruments directly relating to shipping activities which are not designated as hedges. The freight and bunker derivatives that qualify for hedge accounting are recognized in Revenue and Port expense, bunkers and commissions respectively, as the hedging instrument is realized.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Charter hire&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Charter hire comprises expenses related to the chartering in of vessels under operating leases which have been incurred in order to achieve the net revenue for the year.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Operating expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Operating expenses, which comprise crew expenses, repair and maintenance expenses and tonnage duty, are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Profit from sale of vessels&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Profit from sale of vessels is recognized when the significant risks and rewards of ownership have been transferred to the buyer, representing the difference between the sales price less costs to sell and the carrying value of the vessel.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Administrative expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Administrative expenses, which comprise administrative staff costs, management costs, office expenses and other expenses relating to administration, are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Other operating expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Other operating expenses primarily comprise chartering commissions and management fees paid to commercial and technical managers for managing the fleet and profits and losses deriving from the disposal of fixed assets, etc.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Depreciation and impairment losses&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Depreciation and impairment losses comprise depreciation of tangible fixed assets for the year as well as the write-down of the value of assets by the amount by which the carrying amount of the asset exceeds its recoverable amount. In the event of indication of impairment, the carrying amount is assessed, and the value of the asset is written down to its recoverable amount equal to the higher of value in use based on net present value of future earnings from the assets and its fair value less costs to sell.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Financial income&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Financial income comprises interest income, realized and unrealized exchange rate gains relating to transactions in currencies other than the functional currency, realized gains from other equity investments and securities, unrealized gains from securities, dividends received and other financial income including value adjustments of certain financial instruments not accounted for as hedges of future transactions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate. Dividends from other investments are recognized when the right to receive payment has been decided, which is typically when the dividend has been declared and can be received without conditions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Financial expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Financial expenses comprise interest expenses, financing costs of finance leases, realized and unrealized exchange rate losses relating to transactions in currencies other than the functional currency, realized losses from other equity investments and securities, unrealized losses from securities and other financial expenses including value adjustments of certain financial instruments not accounted for as hedges of future transactions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Tax&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Tax expenses comprise the expected tax including tonnage tax on the taxable income for the year for the Group, adjustments relating to previous years and the change in deferred tax for the year. However, tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;BALANCE SHEET&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Vessels&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expenses incurred during the period of construction based on the loans obtained for the vessels. All major components of vessels except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful lives, which TORM estimates to be 25 years. The Company considers that a 25-year depreciable life is consistent with what is used by other shipowners with comparable tonnage. Depreciation is based on cost less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The useful life and the residual value of the vessels are reviewed at least at each financial year-end based on market conditions, regulatory requirements and the Company&amp;#8217;s business plans.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Company also evaluates the carrying amounts to determine if events have occurred that indicate impairment and would require a modification of the carrying amounts. Prepayment on vessels is measured at costs incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Dry-docking&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Approximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements and TORM&amp;#8217;s business plans. A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. Depreciation hereof is carried over the period until the next dry-docking. For newbuildings, the initial dry-docking asset is estimated based on the expected costs related to the first-coming dry-docking, which again is based on experience and past history of similar vessels. For second-hand vessels, a dry-docking asset is also segregated and capitalized separately, taking into account the normal docking intervals of the vessels.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;At subsequent dry-dockings, the costs comprise the actual costs incurred at the dry-docking yard. Dry-docking costs may include the cost of hiring crews to carry out replacements and repairs, the cost of parts and materials used, The cost of travel, lodging and supervision of Company personnel as well as the cost of hiring third-party personnel to oversee a dry-docking. Dry-docking activities include, but are not limited to, the inspection, service on turbocharger, replacement of shaft seals, service on boiler, replacement of hull anodes, applying of anti-fouling and hull paint, steel repairs as well as refurbishment and replacement of other parts of the vessel.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Prepayments on vessels&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Prepayments consist of prepayments related to newbuilding contracts for vessels not yet delivered and including a share of borrowing costs. When a vessel is delivered, the amount is reallocated to the financial statement line &amp;#8220;Vessels and capitalized dry-docking&amp;#8221;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Other plant and operating equipment&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Other plant and operating equipment consists of leasehold improvements, IT equipment and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset&amp;#8217;s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets:&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Leasehold improvements: estimated useful life&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;IT equipment: 3&amp;#8211;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Software: 3&amp;#8211;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Other equipment 3&amp;#8211;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management.&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Financial assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Financial assets are initially recognized at the settlement date at fair value plus transaction costs, except for financial assets at fair value through profit or loss, which are recognized at fair value. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Investments in joint ventures&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Investments in joint ventures comprise investments in companies which by agreement are managed jointly with one or more companies and therefore are subject to joint control and in which the parties have rights to the net assets of the joint venture. Joint ventures are accounted for using the equity method. Under the equity method, the investment in joint ventures is initially recognized at cost and thereafter adjusted to recognize TORM&amp;#8217;s share of the profit or loss in the joint venture. When TORM&amp;#8217;s share of losses in a joint venture exceeds the investment in the joint venture, TORM discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that TORM has incurred legal or constructive obligations or made payments on behalf of the joint venture.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Receivables&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Outstanding freight receivables and other receivables that are expected to be realized within 12 months from the balance sheet date are classified as &amp;#8220;Freight receivables&amp;#8221; or &amp;#8220;Other receivables&amp;#8221; and presented as current assets.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Receivables are at initial recognition measured at at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequent measured at amortised cost adjusted for change in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Expected credit losses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Expected credit losses at initial recognition are determined on the basis of customers&amp;#8217; ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequent and if the debtor&amp;#8217;s ability to pay is becoming doubtful expected credit losses are calculated at individual basis. When there are no reasonable expectations of recovering the receivable is written off in part or entirely.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Provisions for bad debt&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Allowances for bad debts are determined on the basis of customers&amp;#8217; ability to pay, considering historical information about payment patterns, doubtful debts, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated if the debtor&amp;#8217;s ability to pay changes. It is estimated that the provisions made are sufficient to cover any bad debts.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Impairment of assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Non-current assets are reviewed at least annually to determine any indication of impairment due to a significant decline in either the assets&amp;#8217; market value or in the cash flows generated by the assets. In case of such indication, the recoverable amount of the asset is estimated as the higher of the asset&amp;#8217;s fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to derive from a cash generating unit (CGU), utilizing a pre-tax discount rate that reflects current market estimates of the time value of money and the risks specific to the unit for which the estimates of future cash flows have not been adjusted. If the recoverable amount is less than the carrying amount of the cash generating unit, the carrying amount is reduced to the recoverable amount.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The impairment loss is recognized immediately in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined, had no impairment loss been recognized in prior years.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The management in TORM has assessed the inflow of cash in TORM to allocate these into separate cash generating units (CGU). It has been assessed that the Group only have one CGU &amp;#8211; the product tanker segment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;For the purpose of assessing impairment, assets and time charter and bareboat contracts are grouped at the lowest levels at which impairment is monitored for internal management purposes.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Bunkers&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Bunkers and lube oil are stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditure incurred in acquiring the bunkers and lube oil and delivery cost less discounts.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Assets held-for-sale&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Assets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms that are usual and customary for sales of such assets, and when its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Assets held-for-sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Gains are recognized on delivery to the new owners in the income statement in the item &amp;#8220;Profit from sale of vessels&amp;#8221;. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item &amp;#8220;Impairment losses on tangible and intangible assets&amp;#8221;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Treasury shares&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Treasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is also recognized directly in equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Share-based payments&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Group makes equity settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group&amp;#8217;s estimate of shares that will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Dividend&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Dividend is recognized as a liability at the time of declaration. Dividend proposed for the year is moved from &amp;#8220;Retained profit&amp;#8221; and presented as a separate component of equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Provisions are recognized when the Group has a legal or constructive obligation as a result of past events, and when it is probable that this will lead to an outflow of resources that can be reliably estimated. Provisions are measured at the estimated liability that is expected to arise, taking into account the time value of money.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Deferred tax&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, the deferred tax also constitutes the reserve in relation to the transition balance in connection with the Danish tonnage tax scheme.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on the laws that have been enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Mortgage debt and bank loans&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;At the time of borrowing, mortgage debt and bank loans are measured at fair value less transaction costs. Mortgage debt and bank loans are subsequently measured at amortized cost. This means that the difference between the net proceeds at the time of borrowing and the nominal amount of the loan is recognized in the income statement as a financial expense over the term of the loan applying the effective interest method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="background-color: #ffffff; font-family: times new roman,times; color: black;" size="2"&gt;When terms of existing financial liabilities are renegotiated, or other changes regarding the effective interest rate occur, TORM performs a test to evaluate whether the new terms are substantially different from the original terms. If the new terms are substantially different from the original terms, TORM accounts for the change as an extinguishment of the original financial liability and the recognition of a new financial liability.&amp;#160;TORM considers the new terms to be substantially different from the original terms if the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Other liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Other liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;CASH FLOW STATEMENT&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The cash flow statement shows how income and changes in the balance sheet items affect cash and cash equivalent, i.e. how cash is generated or used in the period. The cash flow statement is presented in accordance with the indirect method commencing with &amp;#8220;Net profit/(loss) for the year&amp;#8221;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Cash flow from operating activities converts income statement items from the accrual basis of accounting to cash basis. Starting with &amp;#8220;Net profit/(loss) for the year&amp;#8221;, non-cash items are reversed and actual payments included. Further, the change in working capital is taken into account, as this shows the development in money tied up in the balance sheet.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Cash flow from investing activities comprises the purchase and sale of tangible fixed assets and financial assets as well as cash from business combinations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Cash flow from financing activities comprises changes in long-term debt, bank loans, finance lease liabilities, purchases or sales of treasury shares and dividend paid to shareholders.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less, net of outstanding bank overdrafts. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period are shown in the consolidated cash flow statement and can be reconciled to the related items in the consolidated balance sheet.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The restricted cash balance primarily relates to cash provided as security for negative marked values of derivatives and other cash positions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;EARNINGS PER SHARE&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Basic earnings per share is calculated by dividing the consolidated net profit/(loss) for the year available to common shareholders by the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. Purchases of treasury shares during the period are weighted based on the remaining period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Diluted earnings per share is calculated by adjusting the consolidated profit or loss available to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect of including them would be to increase earnings per share or reduce a loss per share.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The preparation of financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by the way TORM applies its accounting policies. An accounting estimate is considered critical if the estimate requires Management to make assumptions about matters subject to significant uncertainty, if different estimates could reasonably have been used, or if changes in the estimate that would have a material impact on the Company&amp;#8217;s financial position or results of operations are reasonably likely to occur from period to period. Management believes that the accounting estimates applied are appropriate and the resulting balances are reasonable. However, actual results could differ from the original estimates requiring adjustments to these balances in future periods.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Management believes that the following are the significant accounting estimates and judgements used in the preparation of the consolidated financial statements:&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Carrying amounts of vessels&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred that would require a modification of their carrying amounts. The valuation of vessels is reviewed based on events and changes in circumstances that would indicate that the carrying amount of the assets might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment such as reported sale and purchase prices, market demand and general market conditions. Furthermore, market valuations from leading, independent and internationally recognized shipbrokers are obtained on a quarterly basis as part of the review for potential impairment indicators. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs to sell and the value in use.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The review for potential impairment indicators and projection of future discounted cash flows related to the vessels is complex and requires the Company to make various estimates including future freight rates, utilization, earnings from the vessels, future operating expenses- and capital expenditure including dry-dock costs - and discount rates. For more information on key assumptions and related sensitivities, please refer to note 7 in these financial statements. All these factors have been historically volatile. The carrying amounts of TORM&amp;#8217;s vessels may not represent their fair market value at any point in time, as market prices of second-hand vessels to a certain degree tend to fluctuate with changes in freight rates and the cost of newbuildings. However, if the estimated future cash flow or related assumptions in the future experience change, an impairment write-down or reversal of impairment may be required.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory>
<trmd:DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;b&gt;&lt;font style="color: black;"&gt;NOTE 2 &amp;#8211; LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;b&gt;&lt;font style="font-style: normal; color: black;"&gt;LIQUIDITY AND CAPITAL RESOURCES&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;As of 31 December 2018, TORM&amp;#8217;s cash position totaled USD 127m (2017: USD 134m; 2016: USD 76m) and undrawn credit facilities amounted to USD 279m (2017: USD 271m; 2016: USD 190m). The undrawn credit facilities consisted of a USD 75m Working Capital Facility, a bilateral USD 70m facility with ABN AMRO Bank, a bilateral USD 88m facility with Danish Ship Finance and a USD 46m facility with KfW. TORM had nine newbuildings on order for delivery in 2019-2020 (2017: ten; 2016: four). The total outstanding CAPEX related to these newbuildings was USD 258m (2017: USD 307m; 2016: USD 149m) and is mainly financed by the undrawn facilities with ABN AMRO Bank and Danish Ship Finance.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;TORM has a Term Facility I of USD 331m and an undrawn Working Capital Facility of USD 75m both with maturity in 2021. In addition to the Term Facility I and the Working Capital Facility, TORM has a Term Facility II of USD 104m with maturity in 2022 and bilateral loan agreements with ING of USD 42m maturing in 2024, with China Export-Import Bank of USD 112m with maturity in 2030 and with Danish Ship Finance of USD 141m maturing in 2022. The loan agreement with Danish Ship Finance consists of three tranches, two of which expire in 2021 with total balloon payments of USD 72m. As of 31 December 2018, the scheduled minimum payments on mortgage debt and bank loans in 2019 were USD 92m.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;TORM&amp;#8217;s bank debt facilities include financial covenants related to:&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Minimum liquidity including committed credit lines&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Minimum cash&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Loan-to-value&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Equity ratio&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new;"&gt;&lt;font style="color: black;"&gt;During 2018, 2017 and 2016, TORM did not have any covenant breaches.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;b&gt;&lt;font style="color: black;"&gt;SUBSEQUENT EVENTS&lt;/font&gt;&lt;/b&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;On 4 January 2019, TORM delivered the Handysize tanker TORM Charente to its new owner. In the financial statements, TORM Charente is treated as an asset-held-for-sale.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The delivery results in a net loss from sale of vessels in TORM of USD 1.1m in 2019.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;On 19 January 2019, TORM entered into an agreement to sell the MR tanker TORM Amazon, and the vessel was delivered to its new owner on 12 February 2019. The delivery results in a net loss from sale of vessels in TORM of USD 1.6m in 2019.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock>
<ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;NOTE 3 &amp;#8211; STAFF COSTS&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Total staff costs&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Staff costs included in operating expenses&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;9.3&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;9.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;9.9&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Staff costs included in administrative expenses&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;36.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;34.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;31.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;46.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;43.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;40.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Staff costs comprise the following&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Wages and salaries&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;38.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;36.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;32.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Share-based compensation&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Pension costs&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Other social security costs&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Other staff costs&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;46.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;43.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;40.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Average number of permanent employees&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Seafarers&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;111.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;130.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;137.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Land-based&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;302.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;286.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;269.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;413.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;417.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;406.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Employee information&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The majority of the staff on vessels are not employed by TORM. Staff costs included in operating expenses relate to the 112 seafarers (2017: 131, 2016: 137).&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The average number of employees is calculated as a full-time equivalent (FTE).&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USD '000&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Non-Executive Board and Committee Remuneration, short term&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Christopher H. Boehringer&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;276&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;290&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;237&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;David Weinstein&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;182&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;174&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;131&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Torben Janholt&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;171&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;174&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;132&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;G&amp;#246;ran Trapp&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;171&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;174&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;158&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;800&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;812&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;658&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Executive Management&lt;/font&gt;&lt;/div&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USD '000&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Salary&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Taxable&amp;#160;&lt;br  /&gt;benefits&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Annual&amp;#160;&lt;br  /&gt;perfor-&amp;#160;&lt;br  /&gt;mance&amp;#160;&lt;br  /&gt;bonus&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Executive Management Remuneration&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Jacob Meldgaard&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 352px; color: black;"&gt;&lt;font style="color: black;"&gt;2016, TORM A/S - restated&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;834&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;41&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;559&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;1,434&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2016, TORM plc&lt;/font&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;39&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;39&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2017, TORM A/S&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;923&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;42&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;580&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1,545&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2017, TORM plc&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;81&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;81&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2018, TORM A/S&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;983&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;44&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;425&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1,452&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2018, TORM plc&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;80&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;80&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 752px; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 0.25in;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="color: black;"&gt;Paid by legal entity as noted.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Key management personnel consists of the Boards of Directors and the Executive Director.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Senior Management Team&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The aggregate compensation paid by the Group to the other members of the Senior Management Team (excluding Mr. Meldgaard) was USD 2,186,679 (2017: USD 1,987,726, 2016: USD 1,760,420), which includes an aggregate of USD 125,959 (2017: USD 112,236, 2016: USD 95,029) allocated for pensions for these individuals.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Long-Term Incentive Plan - RSUs granted in 2018:&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;RSU LTIP&amp;#160;&lt;br  /&gt;grant &lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" nowrap="nowrap"&gt;Exercise&amp;#160;&lt;br  /&gt;price per&amp;#160;&lt;br  /&gt;share&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" nowrap="nowrap"&gt;RSU grant value&amp;#160;&lt;br  /&gt;assuming 100%&amp;#160;&lt;br  /&gt;vesting&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;LTIP element of Jacob Meldgaard's remuneration package 2018:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Jacob Meldgaard&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; width: 75px; color: black;"&gt;766,035&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; width: 90px; color: black;"&gt;&amp;#160;DKK 53.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; width: 93px; color: black;"&gt;&amp;#160;USD 0.9m&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 752px; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 0.25in;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="color: black;"&gt;The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of shares is recognized as expense and allocated over the vesting period. Employment in TORM throughout the period is in most cases a prerequisite for upholding the full vesting rights in the RSU programme. For good leavers subject to the Danish Stock Options Act, the RSU&amp;#8217;s will vest in accordance with the vesting schedule, but for all other leavers, all unvested RSU&amp;#8217;s shall be immediately forfeited for no consideration. Options are granted under the plan for no consideration and carry no dividend or voting rights.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;TORM has in accordance with its Remuneration Policy granted the CEO a number of Restricted Share Units (RSUs), which was communicated in company announcement no. 2 dated 18 January 2016. A further communication, announcement no. 10 issued on 25 April 2018, detailed changes to the grant of RSUs as agreed to at the Annual General Meeting on 12 April 2018. There are no performance conditions associated with this grant of RSUs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The original RSUs granted to the CEO in 2016 amounted to 1,276,725 units and vested over a five-year period, with one fifth of the grant amount vesting at each anniversary during the five-year period. The exercise price for the 2016 RSUs was DKK 96.3. As of 1 January 2017, one fifth of the original grant, amounting to 255,345, vested with an exercise period ending 31 December 2017. None of these RSUs were exercised. As of 1 January 2018, one fifth of the original grant, amounting to 255,345, vested with an exercise period ending 31 December 2018. None of these RSUs were exercised.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;As detailed in announcement no. 10 issued on 25 April 2018, the CEO was granted a total of 766,035 RSUs with effect as of 1 January 2018, which will vest in equal installments over the next three years. The RSU grant corresponds to the unvested portion (60%) of the CEO&amp;#8217;s original five-year grant from 2016. It has been agreed that the CEO will not exercise the original RSUs. The exercise price for each RSU granted in 2018 is DKK 53.7, corresponding to the average price of TORM shares during 90 calendar days preceding the approval at TORM plc&amp;#8217;s Annual General Meeting on 12 April 2018 plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The total value of the RSU allocation is calculated based on the Black-Scholes model and is included in the overall cost estimate for the Company&amp;#8217;s Long-Term Incentive Program (LTIP) (cf. company announcements dated 18 January 2016, 8 March 2016 and 25 April 2018).&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The value of the 2018 grant, USD 0.9m, is estimated taking into account that the CEO as part of the 2018-grant will not exercise the unvested portion of the 2016 grant. The valuation is based on the Black-Scholes model with an exercise price of DKK/share 53.7, and a market value of one TORM A-share of DKK 49.5 (the closing price per A-share at the time of the grant and assuming 100% vesting). The total value of the granted restricted shares was recognised in the income statement in 2018 and in a corresponding adjustment to Equity.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Long-term employee benefit obligations&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel. The RSUs granted entitle the holder to acquire one TORM A-share.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The program was established during the year and comprises the following number of shares in TORM plc:&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;Number of shares (1,000)&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Outstanding as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;2,611.2&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;1,999.8&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Granted during the period&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;907.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;866.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2,127.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Exercised during the period&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Expired during the period&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-764.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-233.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Forfeited during the period&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-35.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-21.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-127.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Outstanding as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;2,719.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;2,611.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1,999.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Exercisable as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;255.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;255.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;538.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;In 2017, the Board agreed to grant a total of 866.6 RSUs to other management. The RSUs to other management were subject to a three-year vesting period, with one third of the grant amount vesting at each anniversary date beginning on 1 January, 2018. The exercise price of each vested RSU is following certain adjustments for dividends at DKK 93.6 and an exercise period of six months.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;In 2018, the Board agreed to grant a total of 944,468 RSU&amp;#8217;s to other management. The vesting period of the program is three years for key employees and three years for the Executive Director. The exercise price is set to DKK 53.7. The exercise period is 12 months after the vesting date for key employees and 12 months after the vesting date for the Executive Director. The fair value of the options granted in 2018 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as per 31 December 2018 is 1.1 years (2017: 1.3 years).&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
<trmd:DisclosureForAuditorRemunerationTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;NOTE 4 &amp;#8211; REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY&amp;#8217;S ANNUAL GENERAL MEETING&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Audit fees&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Fees payable to the Company's auditor for the audit of the Company's annual accounts&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Audit of the Company's subsidiaries pursuant to legislation&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total audit fees&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Non-audit fees&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Audit-related services&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Tax services&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Other services&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total non-audit fees&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Under SEC regulations, the remuneration of the auditor of USD 0.8m (2017: USD 1.0m, 2016: USD 1.5m) is required to be presented as follows: Audit USD 0.6m (2017: USD 0.6m, 2016: USD 0.5m), other audit-related services USD 0.2m (2017: USD 0.4m, 2016: USD 0.6m), tax services USD 0.0m (2017: USD 0.0m, 2016: USD 0.3m) and all other fees USD 0.0m (2017: USD 0.0m, 2016: USD 0.1).&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;/p&gt;
&lt;div&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Our Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.&lt;/font&gt;&lt;/p&gt;</trmd:DisclosureForAuditorRemunerationTextBlock>
<ifrs-full:DisclosureOfIntangibleAssetsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;NOTE 5 INTANGIBLE ASSETS&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Goodwill&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Cost:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions during the year&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Impairment losses:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Impairment losses for the year&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Carrying amount as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
<ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;NOTE 6 &amp;#8211; TANGIBLE FIXED ASSETS&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Vessels and capitalized dry-docking&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Cost:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;1,726.6&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;1,697.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;1,567.5&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;162.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;103.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;40.8&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-30.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-14.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-16.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to/from other items&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;81.8&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;105.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to assets held-for-sale&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-54.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-59.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1,886.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1,726.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1,697.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Depreciation:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;264.8&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;180.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;75.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-30.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-14.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-15.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Depreciation for the year&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;113.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;113.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;120.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to assets held-for-sale&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-20.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-14.5&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;327.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;264.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;180.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Impairment:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;167.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;173.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Impairment losses on tangible fixed assets&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;173.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to assets held-for-sale&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-8.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-9.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;162.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;167.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;173.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Carrying amount as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1,396.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1,294.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1,343.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Of which finance leases as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;26.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;28.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;12.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Included in the carrying amount for "Vessels and capitalized dry-docking" are capitalized dry-docking costs in the amount of USD 67.5m (2017: USD 68.1m, 2016: USD 80.4m).&lt;/font&gt;&lt;font style="color: black;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Prepayments on vessels&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Cost:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;88.4&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;44.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;72.6&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;38.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;44.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;76.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to/from other items&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-81.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-105.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;45.5&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;88.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;44.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Carrying amount as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;45.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;88.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;44.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Other plant and operating equipment&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Cost:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;3.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-1.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;5.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Depreciation:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-1.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Depreciations for the year&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Carrying amount as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;3.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Of which finance leases as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;For information of assets provided as collateral security, please refer to note 15. Please refer to note 7 for information on impairment testing.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The depreciation expense related to "Other plant and operating equipment" of USD 1.1m relates to "Administrative expense" (2017: USD 0.9m, 2016: USD 1.8m). Depreciations and impairment losses on tangible fixed assets on "Vessels and capitalized dry-docking" relate to operating expenses.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory>
<ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;div&gt;
&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Note 7 &amp;#8211; Impairment testing&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;As of 31 December 2018, Management performed an impairment test of the recoverable amount of significant assets within the cash-generating unit &amp;#8212; the Tanker Segment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;In 2018, the recoverable amount of the Tanker Segment was based on its value in use.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;As the value in use was in all material respects equivalent to the carrying amount, Management concluded that the impairment test did not provide the basis for any impairment or reversal of the impairment recorded in 2016.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The assessment of the value in use of the Tanker Segment was based on the net present value of the expected future cash flows. The freight rate estimates in the period 2019-2021 are based on the Company's business plans. Beyond 2021, the freight rates are based on TORM&amp;#8217;s 10-year historical average rates, adjusted for expected inflation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;From the year ended 31 December 2017 and going forward, TORM has decided to use its own historical average rates, rather than the ones from Clarksons, as it has been concluded, following detailed analysis, that they reflect TORM&amp;#8217;s actual trading pattern and routes which differ to the benchmarks used by Clarksons, in addition to reflecting operating efficiencies that TORM is able to achieve due to the size and interdependency of its fleet. Historically, TORM has continuously performed at or higher than the Clarksons benchmark.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The discount rate used in the value in use calculation is based on a Weighted Average Cost of Capital (WACC) of 8.3% as of 31 December 2018 (2017: 8.7%, 2016: 8.8%) . WACC is calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure are the key parameters.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;As of 31 December 2018, the 10-year historical average spot freight rates used in the value in use calculation are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;LR2: USD/day 18,003 (2017: USD/day 17,216, 2016: USD/day 20,176 )&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;LR1: USD/day 16,907 (2017: USD/day 16,445, 2016: USD/day 17,124)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;MR: USD/day 15,349 (2017: USD/day 15,794, 2016: USD/day 15,118)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#8226;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Handysize: USD/day 13,968 (2017: USD/day 14,416, 2016: USD/day 15,203)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;div&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Operating expenses and administrative expenses are estimated based on TORM's business plans for the period 2019-2021. Beyond 2021, operating expenses are adjusted for 2% (2017: 3%) inflation and administrative expenses are adjusted for 2% inflation (2017: 2%).&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The product tankers are expected to generate normal income for 25 years from delivery from the shipyard. Given the current age profile of the tanker fleet, the average remaining life would be approximately 15 years.&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The calculation of the value in use is sensitive to changes in the key assumptions which are related to the future development in freight rates, the WACC applied as discounting factor in the calculations and the development in operating expenses. All other things being equal, the sensitivities to the value in use have been assessed as follows:&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;An increase/decrease in the tanker freight rates of USD/day 1,000 would result in an increase/decrease in the value in use of USD 256m&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;An increase in WACC of 1.0% would result in a decrease in the value in use of USD 108 and a decrease in WACC of 1% would result in an increase in the value in use of USD 122m&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;An increase/decrease in operating expenses of 10.0% would result in a decrease/increase in the value in use of USD 181m&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;However, if the downside sensitivities outlined above had been applied to the impairment test as of 31 December 2018, the impairment charge arising in the current year would have been capped at USD 39m based on the fair value less costs to sell of the Tanker Segment. If the upside sensitivities outlined above had been applied, the impairment reversal would have been capped at the impairment charge applied to the Group&amp;#8217;s vessels in 2016 adjusted for the impact of the incremental depreciation that would have been charged during the year and vessel disposals that occurred during 2017 and 2018.&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;As outlined above, the impairment test has been prepared on the basis that the Company will continue to operate its vessels as a fleet in the current set-up. The fair value based on broker values of TORM's vessels including the order book and chartered-in vessels was USD 1,664m, which is USD 39m below the carrying amount.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory>
<ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif; border-top: black 1pt solid;"&gt;&lt;font style="color: black;"&gt;&lt;a name="torm_008"&gt;&lt;/a&gt;Note 8 &amp;#8211; Financial items&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Financial income&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;&lt;font style="color: black;"&gt;Interest income from cash and cash equivalents &amp;#185;&lt;font style="font-family: times new roman, times, serif;"&gt;&amp;#8318;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;1.6&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Exchange rate adjustments, including gain from forward exchange rate contracts&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;3.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;4.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;2.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Financial expenses&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;Interest expenses on mortgage and bank debt &amp;#185;&lt;font style="font-family: times new roman, times, serif;"&gt;&amp;#8318;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;35.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;33.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;29.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Exchange rate adjustments, including loss from forward exchange rate contracts&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Commitment fee&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Other financial expenses&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;39.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;40.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;37.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total financial items&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;-36.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;-36.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;-34.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;sup&gt;1)&lt;/sup&gt; Interest for financial assets and liabilities not at fair value through profit and loss.&lt;/p&gt;</ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
<ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Note 9 &amp;#8211; Freight receivables&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Analysis as of 31 December of freight receivables:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Gross freight receivables:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Neither past due nor impaired&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;44.0&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;25.5&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;28.7&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Past due not impaired:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Due &amp;lt; 30 days&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;18.8&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;26.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;13.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Due between 30 and 180 days&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;20.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;18.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;18.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Past due and impaired:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Due &amp;gt; 180 days&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;4.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;4.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total gross&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;87.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;72.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;65.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Provision for impairment of freight receivables*&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total net&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;86.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;71.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;62.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;" colspan="13"&gt;* All provisions are related to "Past due and impaired" freight receivables.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;As of 31 December 2018, freight receivables included receivables at a value of USD 0.0m (2017: USD 0.0m, 2016: USD 0.6m) that are individually determined to be impaired to a value of USD 0.0m (2017: USD 0.0m, 2016: USD 0.5m).&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;From 1 January 2018, Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. This has not resulted in a material change in loss allowance compared with previous policy.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Movements in provisions for impairment of freight receivables during the year are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Provisions for impairment of Freight receivables&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;1.3&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Provisions for the year&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Provisions reversed during the year&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-1.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-1.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-1.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Provisions utilized during the year&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-0.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;1.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-indent: -6.25pt; margin: 0pt 0px 0pt 6.25pt; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Provisions for impairment of freight receivables have been recognized in the income statement under "Port expenses, bunkers and commissions".&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
<ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 10 &amp;#8211; OTHER RECEIVABLES&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Derivative financial instruments&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;3.7&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;7.6&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Tax receivables&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;7.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;11.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;No significant other receivables are past due or credit impaired.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 20 for further information on fair value hierarchies.&lt;/p&gt;</ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory>
<ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 11 &amp;#8211; TAX&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Tax for the year&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Current tax for the year&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;1.6&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.0&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Adjustments related to previous years&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Adjustment of deferred tax liability&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The majority of the Group's taxable income is located in Denmark, and therefore the majority of the tax base is subject to Danish tax legislation. As such, the Group has elected to participate in the Danish tonnage tax scheme; the participation is binding until 31 December 2025.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;The Group expects to participate in the tonnage tax scheme after the binding period and, as a minimum, to maintain an investing and activity level equivalent to the time of entering the tonnage tax scheme.&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Under the Danish tonnage tax scheme, income and expenses from shipping activities are not subject to direct taxation, and accordingly an effective rate reconciliation has not been provided, as it would not provide any meaningful information. Instead, the taxable income is calculated from:&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;- The net tonnage of the vessels used to generate the income from shipping activities; and&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;- A rate applicable to the specific net tonnage of the vessel based on a sliding scale&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Due to the provisions of the tonnage tax scheme, the effective tax rate of the Group is 4.7% (2017: 24.4 %, 2016: -0.6 %).&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Deferred tax liability&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;44.9&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;45.0&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;45.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Deferred tax for the year&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Adjustments related to previous years&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;44.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;44.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;45.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Essentially all deferred tax relates to vessels included in the transition account under the Danish tonnage tax scheme at the time of entering the Danish tonnage tax scheme.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The Group operates in a wide variety of jurisdictions, in some of which the tax law is subject to varying interpretations and potentially inconsistent enforcement. As a result, there can be practical uncertainties in applying tax legislation to the Group's activities. Whilst the Group considers that it operates in accordance with applicable tax law, there are potential tax exposures in respect of its operations, the impact of which cannot be reliably estimated but could be material.&lt;/p&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
<ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Note 12 &amp;#8211; Common shares and Treasury shares&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;Common shares&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Number of&lt;br  /&gt;shares&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Number of&lt;br  /&gt;shares&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Number of&lt;br  /&gt;shares&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;A-shares&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;74,218,846&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;62,298,846&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;62,298,846&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;B-shares&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;C-shares&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;74,218,848&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;62,298,848&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;62,298,848&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The A-shares are listed on Nasdaq in Copenhagen and Nasdaq in New York and are publicly available for trading. Each A-share carries one vote at the Annual General Meeting and gives the shareholders right to dividends, liquidation proceeds or other distributions. The A-shares carry no other rights or obligations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;On 26 January, 2018 TORM completed an equity raise of USD 100m in new Class A common shares. The Private Placement contributed net equity of USD 97m.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The B-share has one vote at the General Meeting, has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds or other distributions from TORM. The holder of the B-share has the right to elect one member to the Board of Directors (being the Deputy Chairman), up to three alternates as well as one Board Observer. The B-share cannot be transferred or pledged, except for a transfer to a replacement trustee.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The C-share represents 350,000,000 votes at the General Meeting in respect of certain Specified Matters, including election of members to the Board of Directors (including the Chairman but excluding the Deputy Chairman) and certain amendments to the Articles of Association proposed by the Board of Directors. The C-share has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds or other distributions from TORM. The C-share cannot be transferred or pledged, except to an affiliate of Njord Luxco.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The B-share and the C-share are redeemable by TORM in the event that (i) TORM has received written notification from Njord Luxco (or its affiliates) that Njord Luxco and its affiliates (as defined in the Articles of Association) hold less than 1/3 in aggregate of TORM&amp;#8217;s issued and outstanding shares, (ii) five business days have elapsed from the Board of Directors&amp;#8217; receipt of such written notice either without any Board member disputing such notice or with at least 2/3 of the Board members confirming such notice and (iii) both of the B-share and the C-share are redeemed at the same time.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Issued warrants&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Key management participates in an LTIP program, which gives the right to buy TORM shares at a predefined share price. Please refer to Note 3.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;Treasury shares&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Number of shares ('000)&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;15.3&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Cancellations&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-15.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;Treasury shares - continued&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Nominal value USD '000&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Cancellations&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-0.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Percentage of share capital&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Cancellations&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-0.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Dilution, due to capital increases&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The total consideration for the treasury shares was USD 0.0m (2017: 0.0m and 2016: USD 2.9m). As of 31 December 2018, the Company's holding of treasury shares represented 312,871 shares (2017: 312,871 shares and 2016: 312,871 shares) of USD 0.01 each at a total nominal value of USD 0.0m (2017: USD 0.0m and 2016: USD 0.0m) and a market value of USD 2.1m (2017: USD 2.7m 2016: USD 2.8m).&lt;/p&gt;</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
<ifrs-full:DisclosureOfOtherLiabilitiesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 13 &amp;#8211; OTHER LIABILITIES&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Partners and commercial managements&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Accrued operating expenses&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;9.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Accrued interest&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Wages and social expenses&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;16.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;16.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Derivative financial instruments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Payables to joint ventures&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;36.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;33.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-size: 10pt;"&gt;T&lt;/font&gt;he carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 20 for further information on fair value hierarchies.&lt;/p&gt;</ifrs-full:DisclosureOfOtherLiabilitiesExplanatory>
<trmd:DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansExplanatoryTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="text-transform: uppercase;"&gt;NOTE 14 - EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;As of 31 December 2018, no drawdowns had been made on the Working Capital Facility, the ABN Facility or the DSF Facility 4.&lt;/p&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;Please refer to note 2 for further information on the Company&amp;#8217;s liquidity and capital resources and note 19 and 20 for further information on interest rate swaps and financial risks.&lt;/p&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;The table below shows the effective interest and the value of the outstanding mortgage debt and bank loans.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;Fixed/&lt;br/&gt;floating&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;Maturity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Effective&lt;br/&gt;interest&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Carrying&lt;br/&gt;value&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;Maturity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Effective&lt;br/&gt;interest&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Carrying&lt;br/&gt;value&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;Maturity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Effective&lt;br/&gt;interest&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Carrying&lt;br/&gt;value&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-transform: uppercase;"&gt;LOAN&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 274px;"&gt;DSF Facility 1 (USD)&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;"&gt;Floating&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;"&gt;2021&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width:
 95px;"&gt;5.6&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;%&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;64.1&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;"&gt;2021&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;5.4&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;%&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;74.2&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 85px;"&gt;2019&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;%&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;109.4&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;TFA Facility 1 (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;6.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;331.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;400.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;470.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;DSF Facility 2 (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;52.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;56.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;62.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;DSF Facility 3 (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;24.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;26.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;30.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;TFA Facility 2 (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;103.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;115.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;N/A&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;N/A&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left:
 6.25pt;"&gt;ING (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2024&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;42.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2024&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;45.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;N/A&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;N/A&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;CEXIM&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2030&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;5.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;111.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;N/A&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;N/A&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;N/A&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;N/A&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average effective interest rate&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;5.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;5.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Carrying value&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;729.5&lt;/td&gt;
&lt;td
 style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;719.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;671.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Hereof non-current&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;637.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;633.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;595.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Hereof current&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;92.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;86.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;75.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/13pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;
 text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 0.25in;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;Effective interest rate includes deferred and amortized bank fees.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 0.25in;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansExplanatoryTextBlock>
<ifrs-full:DisclosureOfCollateralExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 15 &amp;#8211; COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The total carrying amount for vessels that have been provided as security amounts to USD 1,314m as of 31 December 2018 (2017: USD 1,259m)&lt;/p&gt;</ifrs-full:DisclosureOfCollateralExplanatory>
<ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;NOTE 16 &amp;#8211; GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;The guarantee commitments of the Group are less than USD 0.1m (2017: USD 0.1m) and relate to guarantee commitments to Danish Shipping.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;The Group is involved in certain legal proceedings and disputes. It is Management's opinion that the outcome of these proceedings and disputes will not have any material impact on the Group's financial position, results of operations and cash flows.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;The Group operates in a wide variety of jurisdictions, in some of which the company and individual tax law is subject to varying interpretations and potentially inconsistent enforcement. As a result, there can be practical uncertainties in applying tax legislation to the Group&amp;#8217;s activities. Whilst the Group considers that it operates in accordance with applicable company and individual tax law, there are concrete potential tax exposures in respect of its operations, which are being investigated further. Based on current legal advice, these exposures are not considered to be material.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory>
<ifrs-full:DisclosureOfCommitmentsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 17 &amp;#8211; CONTRACTUAL OBLIGATIONS&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;TORM has various contractual obligations and commercial commitments to make future payments including lease obligations, purchase commitments, interest payments and repayment of mortgage debt and bank loans.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The following table summarizes the Group's contractual obligations as of 31 December 2018.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2020&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2021&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2022&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2023&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Thereafter&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 493px;"&gt;Mortgage debt and bank loans&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt; width: 54px;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;92.2&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;87.6&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;343.4&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;96.9&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;10.0&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;99.4&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;729.5&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest payments related to scheduled interest fixing&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;21.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;19.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;16.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;7.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;6.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;9.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;80.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Estimated variable interest payments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;11.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;10.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;38.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Finance lease liabilities&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;15.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;25.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest element regarding finance lease&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Newbuilding instalments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;232.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;25.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;258.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Committed scrubber installations&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other operating leases&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left:
 6.25pt;"&gt;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;6.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Trade payables and other obligations&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;59.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;59.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;447.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;149.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;374.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;121.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;16.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;117.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1,226.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m).&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal;
 word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;3)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The following table summarizes the reconciliation of liabilities arising from financing activities:&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;Cash&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;Non-cash&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Opening&amp;#160;&lt;br/&gt;balance as of 1&amp;#160;&lt;br/&gt;January 2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Borrowings&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Repayments&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Changes in fair&amp;#160;&lt;br/&gt;value&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Other changes&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;End balance as&amp;#160;&lt;br/&gt;of 31 December&amp;#160;&lt;br/&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 618px;"&gt;Mortgage debt&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;720.9&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;114.5&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;-110.8&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width:
 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 109px;"&gt;-0.3&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 109px;"&gt;724.3&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Financial lease&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;28.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-2.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;25.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;749.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;114.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-113.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;749.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;TORM has contractual rights to receive future payments as lessor of vessels on time charter and bareboat charter.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The following table summarizes the Group's contractual rights as of 31 December 2018.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2020&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2021&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2022&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2023&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Thereafter&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Contractual rights - as lessor:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 502px;"&gt;Charter hire income for vessels&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 63px;"&gt;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 95px;"&gt;21.5&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 95px;"&gt;11.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 95px;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 94px;"&gt;33.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;21.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;11.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;33.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;
 text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfCommitmentsExplanatory>
<ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;div&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 18 &amp;#8211; DERIVATIVE FINANCIAL INSTRUMENTS&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #363233; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;Fair value of derivatives:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Derivative financial instruments regarding freight and bunkers:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Forward freight agreements&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-0.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Bunker swaps&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Derivative financial instruments regarding interest and currency exchange rate:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward exchange contracts&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest rate swaps&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;5.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Fair value of derivatives as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;7.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial&amp;#160;&lt;br/&gt;assets&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial&amp;#160;&lt;br/&gt;liabilities&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color:
 white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2018&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Offsetting financial assets and financial liabilities:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Gross amount&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;7.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-6.8&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Offsetting amount&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;3.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Net amount presented in the statement of financial position&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;3.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial&amp;#160;&lt;br/&gt;assets&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial&amp;#160;&lt;br/&gt;liabilities&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2017&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Offsetting of financial assets and financial liabilities:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Gross amount&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;8.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-0.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Offsetting amount&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Net amount presented in the statement of financial position&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;7.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;Please refer to Note 20 &amp;#8220;Financial Instruments&amp;#8221; for
 further information on fair value hierarchies.&lt;/p&gt;
&lt;div style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Forward freight agreements with a fair value of USD -2.1m (net loss) of a previously fixed hedge have been recognized in the income statement in 2018 (2017: USD 0.5m, 2016: USD -0.1m). FFAs are used to hedge the freight rates of vessels with a duration of 0&amp;#8211;36 months.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Bunker swap agreements with a fair value of USD 1.1m (net gain) of a previously fixed hedge have been recognized in the income statement in 2018 (2017: USD 1.2m, 2016: USD 0.0m). Bunker swaps with a duration similar to the period hedged are used to reduce the exposure to fluctuations in bunker prices.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Forward exchange contracts with a fair value of USD -1.8m (net loss) are designated as hedge accounting relationships to hedge a part of TORM's payments in 2019 regarding administrative and operating expenses denominated in DKK with a notional value of DKK 250.0m (2017: DKK 257.0m, 2016: DKK 336.4m).&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Interest rate swaps with a fair value of USD 2.8m (net gain) are designated as hedge accounting relationships to fix a part of TORM's interest payments during the period 2019-2026 with a notional value of USD 512.8m (2017: USD 406.4m, 2016: USD 373.8m).&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The derivatives are not under central clearing but are settled on a bilateral basis with the counterparties. All contracts are settled in a net amount per counterparty, and therefore the net value per counterparty is presented in the financial statement.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Cash collateral of USD 3.5m (2017: USD 3.8m) has been provided security for the agreements entered relating to derivate financial instruments, which does not meet the offsetting criteria in IAS 32, but it can be offset against the net amount of the derivative asset and derivative liability in case of default and insolvency or bankruptcy in accordance with associated collateral arrangements.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The Group did not enter into any enforceable netting arrangements.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Further details of derivative financial instruments are provided in note 19.&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif;
 white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The table below shows realized amounts as well as fair value adjustments regarding derivative financial instruments recognized in the income statements and equity in 2018, 2017 and 2016.&lt;br class="apple-interchange-newline" /&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="18" nowrap="nowrap"&gt;Income statement&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;Equity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Revenue&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Port expenses,&amp;#160;&lt;br/&gt;bunkers and&amp;#160;&lt;br/&gt;commissions&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial items&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Operating&amp;#160;&lt;br/&gt;expenses&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Administrative&amp;#160;&lt;br/&gt;expenses&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Hedging&amp;#160;&lt;br/&gt;reserves&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2018&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 712px;"&gt;Forward freight agreements&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;-2.1&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;0.9&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Bunker swaps&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward exchange
 contracts&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest rate swaps&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;1.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-3.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-2.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-7.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2017&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward freight agreements&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Bunker swaps&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward exchange contracts&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest rate swaps&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;6.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align:
 right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward freight agreements&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Bunker swaps&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward exchange contracts&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest rate swaps&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-2.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;1.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-2.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-1.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow hedges. The cumulative deferred gain or loss on the hedging instrument is recognized in profit or loss only when the hedged transaction impacts the profit or loss, or is included directly in the initial cost or other carrying amount of the hedged non-financial items.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Please refer to Note 19 for further information on commercial and financial risks.&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory>
<trmd:DisclosureOfNatureAndExtentOfSignificantRisksExplanatoryTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Note 19 &amp;#8211; Risks associated with TORM&amp;#8217;s activities&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM&amp;#8217;s overall risk tolerance and inherited exposure to risks is divided into four main categories:&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;long-term strategic risks&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;industry and market-related risks&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;operational and compliance risks financial risks&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The risks described below under each of the four categories are considered to be among the most significant risks for TORM within each category.&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Long-term strategic risks&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Industry-changing risks, such as the substitution of oil for other energy sources and radical changes in transportation patterns, are considered to have a relatively high potential impact but are long-term risks. Management continues to monitor long-term strategic risks to ensure the earliest possible mitigation of potential risks and develop necessary capabilities to exploit opportunities created by the same risks.&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Industry and market-related risks&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Industry and market-related risk factors relate to changes in the markets and in the political, economic and physical environment that Management cannot control such as freight rates and vessel and bunker prices.&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;FREIGHT RATE FLUCTUATIONS&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The Company&amp;#8217;s income is principally generated from voyages carried out by its fleet of vessels. As such, TORM is exposed to the considerable volatility that characterizes freight rates for such voyages.&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;It is the Company&amp;#8217;s strategy to seek a certain exposure to this risk, as volatility also represents an opportunity because earnings historically have been higher in the day-to-day market compared to time charters. The fluctuations in freight rates for different routes may vary substantially. However, TORM is aiming at reducing the sensitivity to the volatility of such specific freight rates by actively seeking the optimal geographical positioning of the fleet and by optimizing the services offered to customers. Please refer to note 7 for details on impairment testing.&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Tanker freight income is to a certain extent covered against general fluctuations through the use of physical contracts such as cargo contracts and time charter agreements with durations of 6-36 months. In addition, TORM uses derivative financial instruments such as forward freight agreements (FFAs) with coverage of typically 0-24 months forward, based on market expectations and in accordance with the Company&amp;#8217;s risk management policies.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Tanker freight income is to a certain extent covered against general fluctuations through the use of physical contracts such as cargo contracts and time charter agreements with durations of 6-36 months. In addition, TORM uses derivative financial instruments such as forward freight agreements (FFAs) with coverage of typically 0-24 months forward, based on market expectations and in accordance with the Company&amp;#8217;s risk management policies. During 2018, 13.1% (2017: 11.6%; 2016: 10.4%) of freight earnings days equal to 27.141, deriving from the Company&amp;#8217;s tankers was hedged in this way. Physical time charter contracts accounted for 62.8% (2017: 65.8%; 2016: 82.9%) of overall hedging. In 2018, the Company sold FFAs with a notional contract value of USD 39.6m (2017: USD 44.2m; 2016: USD 11.7m) and bought FFAs with a notional contract value of USD 18.8m (2017: USD 12.2m; 2016: USD 2.9m). The total notional contract volume sold in 2018 was 2,683,000 metric tons (2017: 1,754,000 metric tons; 2016: 781,000 metric tons), and the total notional volume bought was 1,447,000 metric tons (2017: 530,000 metric tons; 2016: 190,000 metric tons). At the end of 2018, the coverage of available earning days for 2019 was 9.9% through time charters, current spot voyages, cargo contracts and FFAs (2017: 13.3%; 2016: 11.6%). No FFA had maturity beyond 2019.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;FFA trade and other freight-related derivatives are subject to specific policies and guidelines approved by the Risk Committee, including trading limits, stop-loss policies, segregation of duties and other internal control procedures.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;All things being equal and to the extent the Company&amp;#8217;s vessels have not already been chartered out at fixed rates, a freight rate change of USD/day 1,000 would lead to the following changes in profit before tax based on the expected number of earning days for the coming financial year:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;SENSITIVITY TO CHANGES IN FREIGHT RATES&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Decrease in freight rates of USD/day 1,000:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Changes in profit before tax,&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-25.3&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-24.1&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-25.0&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Changes in equity,&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-25.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-24.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-25.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;SALES AND PURCHASE PRICE FLUCTUATIONS&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;As an owner of vessels, TORM is exposed to risk associated with changes in the value of the vessels, which can vary considerably during their useful lives. As of 31 December 2018, the carrying value of the fleet was USD 1,396.5m (2017: USD 1,294.5m). Based on broker valuations, TORM&amp;#8217;s fleet excluding undelivered newbuildings had a market value of USD 1,322.1m as of 31 December 2018 (2017: USD 1,259.6m).&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;BUNKER PRICE FLUCTUATIONS&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The cost of fuel oil consumed by the vessels, known in the industry as bunkers, accounted for 60.8% (2017: 55.3%; 2016: 49.6%) of the total voyage costs in 2018 and is by far the biggest single cost related to a voyage.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM is exposed to fluctuations in bunker prices that are not reflected in the freight rates achieved by the Company. To reduce this exposure, TORM hedges part of its bunker requirements with oil derivatives.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Bunker trade is subject to specific risk policies and guidelines approved by the Risk Committee including trading limits, stop-loss, stop-gain and stop-at-zero policies, segregation of duties and other internal control procedures.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM applies hedge accounting to all bunker derivative contracts.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;In 2018, 4.8% (2017: 3.3%; 2016: 0.9%) of TORM&amp;#8217;s bunker consumption was hedged through bunker hedging contracts. At the end of 2018, TORM had covered 2.0% equal to 10.199 metric tons (2017: 2.1%; 2016: 1.6%) of its bunker requirements for 2019 using hedging instruments at an average price of USD 440. No bunker derivatives had maturity beyond 2019. Total bunker exposure is estimated to be approximately 516.449 metric tons.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;All things being equal, a price change of 10% per ton of bunker oil (without subsequent changes in freight rates) would lead to the following changes in expenditure based on the expected bunker consumption in the spot market:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;SENSITIVITY TO CHANGES IN THE BUNKER PRICES&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Increase in the bunker prices of 10% per ton:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Changes in profit before tax,&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-20.7&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-18.3&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-15.6&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Changes in equity,&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-20.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-18.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-15.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;OPERATIONAL AND COMPLIANCE RISKS&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Operational risks are risks associated with the ongoing operations of the business and include risks such as safe operation of vessels, availability of experienced seafarers and staff, terrorism, piracy as well as insurance and counterparty risk.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;INSURANCE COVERAGE&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;In the course of the fleet&amp;#8217;s operation, various casualties, accidents and other incidents may occur that may result in financial losses for TORM. For example, national and international rules, regulations and conventions mean that the Company may incur substantial liabilities if a vessel is involved in an oil spill or emission of other environmentally hazardous agents.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;In order to reduce the exposure to these risks, the fleet is insured against such risks to the extent possible. The total insurance program comprises a broad cover of risks in relation to the operation of vessels and transportation of cargo, including personal injury, environmental damage and pollution, cargo damage, third-party casualty and liability, hull and machinery damage, total loss and war. All of TORM&amp;#8217;s owned vessels are insured for an amount corresponding to their market value plus a margin to cover any fluctuations. Liability risks are covered in line with international standards. It is TORM&amp;#8217;s policy to cooperate with financially sound international insurance companies with a credit rating of BBB or better, presently some 14-16 companies, along with two P&amp;amp;I clubs, to diversify risk. The P&amp;amp;I clubs are member of the internationally recognized collaboration, International Group of P&amp;amp;I clubs, and the Company&amp;#8217;s vessels are each insured for the maximum amount available in the P&amp;amp;I system. At the end of 2018, the aggregate insured value of hull and machinery and interest for TORM&amp;#8217;s owned vessels amounted to USD 1.5 billion (2017: USD 1.4 billion; 2016: USD 1.6 billion).&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;COUNTERPARTY RISK&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Counterparty risk is an ever-present challenge demanding close monitoring to manage and decide on actions to minimize possible losses. The maximum counterparty risk associated is equal to the values recognized in the balance sheet. A consequential effect of the counterparty risk is loss of income in future periods, e.g. counterparties not being able to fulfill their responsibilities under a time charter, a contract of affreightment or an option. The main risk is the difference between the fixed rates under a time charter or a contract of affreightment and the market rates prevailing upon default.&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Company has a close focus on its risk policies and procedures to ensure that risks managed in the day-to-day business are kept at agreed levels and that changes in the risk situations are brought to Management&amp;#8217;s attention.&lt;/font&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Company&amp;#8217;s counterparty risks are primarily associated with:&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;receivables, cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;contracts of affreightment with a positive fair value&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;
&lt;p&gt;&lt;font style="color: black;"&gt;derivative financial instruments and commodity instruments with positive fair value&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="color: black;"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Counterparty risk is an ever-present challenge demanding close monitoring to manage and decide on actions to minimize possible losses. The maximum counterparty risk associated is equal to the values recognized in the balance sheet. A consequential effect of the counterparty risk is loss of income in future periods, e.g. counterparties not being able to fulfill their responsibilities under a time charter, a contract of affreightment or an option. The main risk is the difference between the fixed rates under a time charter or a contract of affreightment and the market rates prevailing upon default, this characterizes the method for identified the market value of a derivative instruments.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;div style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Receivables, cash and cash equivalents&lt;/font&gt;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The majority of TORM&amp;#8217;s customers are companies that operate in the oil industry. It is assessed that these companies are, to a great extent, subject to the same risk factors as those identified for TORM.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;A major part of the Company&amp;#8217;s freight revenues stems from a small group of customers. One customer accounted for 17.0% (2017: 8.2%; 2016: 12.6%) of the freight revenues in 2018. The concentration of earnings on a few customers requires extra attention to credit risk. TORM has a credit policy under which continued credit evaluations of new and existing customers take place. For long-standing customers, payment of freight normally takes place after a vessel&amp;#8217;s cargo has been discharged. For new and smaller customers, the Company&amp;#8217;s credit risk is limited as freight is usually paid prior to the cargo&amp;#8217;s discharge, or, alternatively, that a suitable bank guarantee is placed in lieu thereof.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;As a consequence of the payment patterns mentioned above, the Company&amp;#8217;s receivables primarily consist of receivables from voyages in progress at year-end and outstanding demurrage. For the past five years, the Company has not experienced any significant losses in respect of charter payments or any other freight agreements. With regard to the collection of original demurrage claimed, the Company&amp;#8217;s average stands at 98.1% (2017: 97.0%; 2016: 96.8%), which is considered to be satisfactory given the differences in interpretation of events. In 2018, demurrage represented 14.6% (2017: 16.8%; 2016: 15.0%) of the total freight revenues. Please see note 1 for more details on recognition of demurrage claim into revenue.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Excess liquidity is placed on deposit accounts with major banks with strong and acceptable credit ratings or invested in secure papers such as American or Danish government bonds. Cash is invested with the aim of getting the highest possible yield while maintaining a low counterparty risk and adequate liquidity reserves for possible investment opportunities or to withstand a sudden drop in freight rates.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Derivative financial instruments and commodity instruments&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;In 2018, 100.0% (2017: 100.0%; 2016: 100.0%) of TORM&amp;#8217;s forward freight agreements (FFAs) and fuel swaps were cleared through clearing houses, effectively reducing counterparty credit risk by daily clearing of balances. Over-the-counter fuel swaps have restrictively been entered into with major oil companies, banks or highly reputed partners with a satisfactory credit rating. TORM also trades FX and interest derivatives. All such derivatives were done with investment grade counterparties.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;FINANCIAL RISKS&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Financial risks relate to the Company&amp;#8217;s financial position, financing and cash flows generated by the business, including foreign exchange risk and interest rate risk. The Company&amp;#8217;s liquidity and capital resources are described in Note 2.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;In 2018, 100.0% (2017: 100.0%; 2016: 100.0%) of TORM&amp;#8217;s forward freight agreements (FFAs) and fuel swaps were cleared through central clearing houses, effectively reducing counterparty credit risk by daily clearing of balances. Over-the-counter fuel swaps have restrictively been entered into with major oil companies, banks or highly reputed partners with a satisfactory credit rating. TORM also trades FX and interest derivatives. All such derivatives were done with investment grade counterparties.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;FOREIGN EXCHANGE RISK&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM uses USD as its functional currency because the majority of the Company&amp;#8217;s transactions are denominated in USD. The foreign exchange risk is thereby limited to cash flows not denominated in USD. The primary risk relates to transactions denominated in DKK, EUR and SGD and relates to administrative and operating expenses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The part of the Company&amp;#8217;s expenses that are denominated in currencies other than USD accounts for approximately 98.3% (2017: 97.9%; 2016: 98.9%) for administrative expenses and approximately 23.4% (2017: 24.5%; 2016: 26.7%) for operating expenses. TORM&amp;#8217;s administrative and operating expenses in DKK and EUR for 2019 is approximately USD 390.0m, whereof 64.1% (2017: 62.0%; 2016: 73.8%) are hedged through FX forward contracts. All entered FX forward contract has maturity within 2019 and TORMs average hedge USDDKK currency rate is 6.5. TORM assumes identical currency risks arising from exposures in DKK and EUR.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;SENSITIVITY TO CHANGES IN THE USD/DKK AND USD/EUR EXCHANGE RATE&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;All things being equal, a change in the USD/DKK and USD/EUR exchange rate of 10% would result in a change in profit before tax and equity as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Effect of a 10% increase of DKK and EUR:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Changes in profit before tax,&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-2.1&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-2.5&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-1.7&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Changes in equity,&amp;#160;&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-2.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-2.5&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-1.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;INTEREST RATE RISK&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM&amp;#8217;s interest rate risk generally relates to interest-bearing mortgage debt and bank loans. All of the Company&amp;#8217;s loans for financing vessels are denominated in USD, and all are floating rate loans. At the end of 2018, TORM has fixed 66.2% of the interest exposure for 2019 equal to a total interest expense exposure of USD 33.1m (2017: 63.2%; 2016: 67.9%). As of December 31, 2018 TORM has interest rate hedges covering and with maturity in the period 2019-2026 with a notional value of USD 512.8m, hedged at an interest rate of 2.04% plus margin. The fixing is a result of floating rate loans where USD 3 months LIBOR was fixed in 2018 into 2019 and interest hedging through interest rate swaps.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;SENSITIVITY TO CHANGES IN INTEREST RATES&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;All things being equal, a change in the interest rate level of 1%-point would result in a change in the interest rate expenses as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Effect of a 1% point increase in interest rates:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Changes in profit before tax,&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-2.4&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-3.2&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-2.5&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Changes in equity,&amp;#160;&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;8.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;6.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM&amp;#8217;s mortgage debt and bank loans&amp;#160;increased from year-end 2017 to year-end 2018 by USD 10.3m (2017: increase of USD 47.5m; 2016: decrease of USD 95.3m) to USD 729.4m (2017: USD 719.1m; 2016: USD 671.6m).&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;Liquidity RISK&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;TORM&amp;#8217;s strategy is to ensure continuous access to funding sources by maintaining a robust capital structure and a close relationship with several financial partners. As of 31 December 2018, TORM&amp;#8217;s loan portfolio was spread across ten different banks.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;As of 31 December 2018, TORM maintains a liquidity reserve of USD 127m in cash combined with USD 75m in undrawn revolving credit facilities. Cash is only placed in banks with a high credit rating.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;For further information on contractual obligations, including a maturity analysis, please refer to Note 17.&lt;/font&gt;&lt;/p&gt;</trmd:DisclosureOfNatureAndExtentOfSignificantRisksExplanatoryTextBlock>
<ifrs-full:DisclosureOfFairValueMeasurementExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 20 &amp;#8211; FINANCIAL INSTRUMENTS&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Categories of financial assets and liabilities&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;(USDm)&lt;/font&gt;:&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Quoted&amp;#160;&lt;br/&gt;prices&amp;#160;&lt;br/&gt;(level 1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Observable&amp;#160;&lt;br/&gt;input&amp;#160;&lt;br/&gt;(level 2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Unobservable&amp;#160;&lt;br/&gt;input&amp;#160;&lt;br/&gt;(level 3)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Fair value&amp;#160;&lt;br/&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Amortized cost&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying value&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;2018:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loans and receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 533px;"&gt;&lt;font style="font-size: 8pt;"&gt;Freight receivables&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 63px;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 8pt;"&gt;86.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 109px;"&gt;&lt;font style="font-size: 8pt;"&gt;86.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Other receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font
 style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.8&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;7.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;127.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;127.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;217.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;220.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Financial liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Mortgage debt and bank loans&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;724.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;724.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Finance lease liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;25.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;25.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Trade payables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;35.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;35.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;33.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;36.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td
 style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;3.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;817.8&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;821.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-transform: uppercase;"&gt;&lt;font style="font-size: 8pt;"&gt;2017:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Loans and receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Freight receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;71.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;71.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Other receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;7.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;7.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font
 style="font-size: 8pt;"&gt;4.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;11.8&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;134.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;134.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;7.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;7.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;209.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;217.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size:
 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Financial liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Mortgage debt and bank loans&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;720.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;720.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Finance lease liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;28.2&lt;/font&gt;&lt;/td&gt;
&lt;td
 style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;28.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Trade payables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;26.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;26.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;34.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;33.8&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px
 solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;809.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;809.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/8pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&amp;#160;Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/8pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&amp;#160;See note 14.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;There have been no transfers between level 1 and 2.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;FAIR VALUE HIERARCHY FOR FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE IN THE BALANCE SHEET&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Below please find the fair value hierarchy for financial instruments measured at fair value in the balance sheet. The financial instruments in question are grouped into levels 1 to 3 based on the degree to which the fair value is observable.&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;level 2 fair value measurements are those derived from input other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;level 3 fair value measurements are those derived from valuation techniques that include input for the asset or liability that are not based on observable market data (unobservable input)&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px;
 -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;METHODS AND ASSUMPTIONS IN DETERMINING FAIR VALUE OF FINANCIAL INSTRUMENTS&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Derivative part of other receivables and other payables&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The fair value of derivatives in other receivables and other payables is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. and compared to financial counterparties to ensure acceptable valuations. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements. The fair value of derivatives&lt;/p&gt;</ifrs-full:DisclosureOfFairValueMeasurementExplanatory>
<ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 21 &amp;#8211; RELATED PARTY TRANSACTIONS&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The Company's ultimate controlling party is Oaktree Capital Group, LLC, a limited liability company incorporated in the USA. The immediate controlling shareholder is Njord Luxco.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;In connection with the USD 100m equity raise completed in January 2018, an entity affiliated with TORM&amp;#8217;s largest shareholder, OCM Njord Holdings S.&amp;#224; r.l. (Oaktree Capital Management), received a fee of USD 1.25m in return for fully backstopping the transaction.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Shareholders' contribution and dividends paid are disclosed in the consolidated statement of changes in equity.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;The remuneration of key management personnel, which consists of the Board of Directors and the Executive Director, is disclosed in Note 3.&lt;/p&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
<ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;NOTE 22 &amp;#8211; ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;During 2018, TORM sold four vessels, of which three were delivered to the new owners during 2018, and one vessel was delivered in Q1 2019 (presented as &amp;#8220;assets held-for-sale&amp;#8221; as of 31 December 2018). The sales resulted in a profit from sale of vessels of USD 0.8m and an impairment loss on in tangible and intangible assets of USD 3.2m.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;During 2017, TORM sold eight vessels, of which four were delivered to the new owners during 2017, one vessel was in Q1 2018 (presented as &amp;#8220;assets held-for-sale&amp;#8221; as of 31 December 2017), and the remaining three vessels were sold and leased back to TORM as finance leases. The sales resulted in a profit from sale of vessels of USD 2.8m and a total impairment loss on sold or held-for-sale vessels of USD 3.6m.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;There was no sale of vessels in 2016.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory>
<ifrs-full:DisclosureOfCashFlowStatementExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 23 &amp;#8211; CASH FLOWS&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Reversal of other non-cash movements:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Amortization of acquired assets and liabilities&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Exchange rate adjustments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Share-based payments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Equity transactions expensed in relation to the Corporate Reorganization&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-6.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other adjustments&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;3.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-7.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;table
 style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Change in bunkers, receivables and payables:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Change in bunkers&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-6.2&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-1.6&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-6.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Change in receivables&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-10.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-12.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;18.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Change in prepayments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Change in trade payables and other liabilities&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;11.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other changes&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Adjusted for fair value changes of derivative financial instruments&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-7.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;6.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-1.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-12.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-13.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;8.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfCashFlowStatementExplanatory>
<ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: black; border-top: black 1pt solid; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="text-transform: uppercase;"&gt;NOTE 24 &amp;#8211; ENTITIES IN THE GROUP&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #363233; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; width: 452px;"&gt;Entity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 181px;"&gt;Country&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 90px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; vertical-align: top;"&gt;TORM plc&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;United Kingdom&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin-top: 0pt; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt;"&gt;Investments in subsidiaries&amp;#160;&lt;sup&gt;8)&lt;/sup&gt;:&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: bottom;" nowrap="nowrap"&gt;Entity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;Country&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Ownership&amp;#160;&lt;sup&gt;7)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; width: 436px; vertical-align: top;"&gt;TORM A/S&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 180px;"&gt;Denmark&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 90px;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;DK Vessel HoldCo GP ApS&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;DK Vessel HoldCo K/S&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM (Gibraltar) Njord Midco Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gibraltar&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Chartering Inc.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Agnes, Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Alice, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Almena, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Amalie, Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Aslaug, Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Hardrada, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings St.Michaelis Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings St. Gabriel Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Harald Pte. Ltd&amp;#160;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Gorm Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Knut Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Valdemar Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Agnete, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Alexandra, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Anabel, Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Arawa Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Leif Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 0pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Rolf Pte. Ltd&amp;#160;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 0pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 0pt solid;"&gt;Singapore&lt;/td&gt;
&lt;td style="border-bottom: black 0pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; width: 459px; vertical-align: top;"&gt;OCM Holdings Mrs Inc.&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 157px;"&gt;Marshall Islands&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 90px;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Anne Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Freya Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Gerd Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Gertrud Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Gunhild Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Helene Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Helvig Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Ingeborg Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Mary Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Ragnhild Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Thyra Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Valborg Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Vita Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OMI Holding Ltd.&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Mauritius&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;Torghatten &amp;amp; TORM Shipowning ApS&amp;#160;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TORM Crewing Service Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Bermuda&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TORM Shipping India Private Limited&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;India&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TORM Singapore Pte. Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TORM USA LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;USA&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TT Shipowning K/S&amp;#160;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;VesselCo 1 K/S&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 0pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;VesselCo 3 K/S&lt;/td&gt;
&lt;td style="border-bottom: black 0pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="border-bottom: black 0pt solid;"&gt;Denmark&lt;/td&gt;
&lt;td style="border-bottom: black 0pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 0pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 0pt solid; text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="border-bottom: black 0pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 463px;"&gt;VesselCo 5 K/S&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 148px;"&gt;Denmark&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 90px;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 6 K/S&amp;#160;&lt;sup&gt;3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 6 Pte. Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 7 Pte. Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 8 Pte. Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 9 Pte. Ltd.&amp;#160;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 10 Pte. Ltd.&amp;#160;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 11 Pte. Ltd.&amp;#160;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 12 Pte. Ltd.&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;TORM SHIPPING (PHILS.), INC.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Philippines&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo A ApS&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo C ApS&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo E ApS&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo F ApS&amp;#160;&lt;sup&gt;3)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td
 style="width: 0.25in;"&gt;1)&lt;/td&gt;
&lt;td&gt;Entities added in the financial year ended 31 December 2016.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;2)&lt;/td&gt;
&lt;td&gt;Entities added in the financial year ended 31 December 2017.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;3)&lt;/td&gt;
&lt;td&gt;Entities added in the financial year ended 31 December 2018.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;4)&lt;/td&gt;
&lt;td&gt;Entities dissolved in the financial year ended 31 December 2016.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;5)&lt;/td&gt;
&lt;td&gt;Entities dissolved in the financial year ended 31 December 2017.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;6)&lt;/td&gt;
&lt;td&gt;Entities dissolved in the financial year ended 31 December 2018.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;7)&lt;/td&gt;
&lt;td&gt;For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;8)&lt;/td&gt;
&lt;td&gt;All subsidiaries are consolidated in full.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0px;"&gt;The table below shows the registered addresses for the companies mentioned above:&lt;/p&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Denmark&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;India&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Philippines&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Singapore&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Tuborg Havnevej 18,&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;2nd Floor&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;7th Floor&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;6 Battery Road #27-02&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;DK-2900 Hellerup&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Leela Business Park&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Salcedo Towers, 169&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Singapore 049909&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Denmark&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Andheri-Kurla Road&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;HV dela Costa Street&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Singapore&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Andheri (E)&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Salcedo Village,&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"
 nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Mumbai 400059&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Makati City&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;India&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Philippines 1227&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;United Kingdom&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;USA&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Mauritius&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Birchin Court&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Suite 710&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;c/o The Trust&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;c/o Temple Corporate&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;20 Birchin Lane&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;2500 City West&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Company of&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Services&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;London, EC3V 9DU&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Boulevard&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Marshall Islands, Inc.&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Temple Court 2,&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;United Kingdom&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;77042, Houston, Texas&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;P.O. Box 2095&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Labourdonnais Street&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;USA&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Reston VA 20195-0095&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Port Louis&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;USA&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Mauritius&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bermuda&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Gibraltar&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"&gt;&lt;font style="font-family: 'times new roman', times, serif; font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;c/o Estera Services&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;57/63 Line Wall Road&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Room A, 7/F&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;(Bermuda Limited)&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;GX11 1AA&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;China Overseas Bldg.&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Canon's Court&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Gibraltar&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;139 Hennessy Road&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;22 Victoria Street&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"
 nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Wanchai&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;PO Box 1624&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Hamilton HM GX&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bermuda&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Interest in legal entities included as joint ventures:&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;2018&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Entity&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Country&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;% Control&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Profit and&amp;#160;&lt;br/&gt;loss from&amp;#160;&lt;br/&gt;continuing&amp;#160;&lt;br/&gt;operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Other compre-&amp;#160;&lt;br/&gt;hensive&amp;#160;&lt;br/&gt;income&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Total compre-&amp;#160;&lt;br/&gt;hensive&amp;#160;&lt;br/&gt;income&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 307px;"&gt;&lt;font style="font-size: 8pt;"&gt;Long Range 2 A/S&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 59px;"&gt;&lt;font style="font-size: 8pt;"&gt;Denmark&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 68px;"&gt;&lt;font style="font-size: 8pt;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;"&gt;&lt;font style="font-size: 8pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 67px;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;
 width: 67px;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 67px;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;font style="font-size: 8pt;"&gt;LR2 Management K/S&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; vertical-align: top;"&gt;&lt;font style="font-size: 8pt;"&gt;Denmark&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Marine Exhaust Technology Ltd.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;font style="font-size: 8pt;"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;28&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 8pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;For registered addresses, please refer to the table above.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory>
<trmd:DisclosureOfEarningsPerShareAndDividendPerShareTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;NOTE 25 &amp;#8211; EARNINGS PER SHARE AND DIVIDEND PER SHARE&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-transform: uppercase;"&gt;EARNINGS PER SHARE&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Net profit/(loss) for the year (USDm)&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-34.8&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;2.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-142.5&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;Million shares&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average number of shares&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;73.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;62.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;63.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average number of treasury shares&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average number of shares
 outstanding&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;73.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;62.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;62.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Dilutive effect of outstanding share options&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average number of shares outstanding incl. dilutive effect of share options&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;73.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;62.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;62.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Basic earnings/(loss) per share (USD)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-0.48&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.04&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-2.27&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Diluted earnings/(loss) per share (USD)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-0.48&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.04&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-2.27&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;When calculating diluted earnings per share for 2018, RSUs have been omitted as they are out-of-the-money and thus anti-dilutive, but the RSUs may potentially dilute earnings per share in the future. Please refer to Note 3 for information on the RSU share options.&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt
 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-transform: uppercase;"&gt;DIVIDEND PER SHARE&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Dividend for the year (USDm)&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;25.0&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Number of shares, end of period (million)&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;74.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;62.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;62.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Dividend per share&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.02&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.40&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;There is no proposed dividend as of 31 December 2018.&lt;/p&gt;</trmd:DisclosureOfEarningsPerShareAndDividendPerShareTextBlock>
<trmd:DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Consolidation principles&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;The consolidated financial statements comprise the financial statements of the Parent Company, TORM plc and entities controlled by the Company and its subsidiaries. Control is achieved when the Company has all the following:&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;power over the investee;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;&lt;font style="color: black;"&gt;&lt;/font&gt;&lt;/font&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;exposure, or rights, to variable returns from its involvement with the investee; and&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;the ability to use its power over the investee to affect the amounts of the investor&amp;#8217;s returns&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Company should reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities unilaterally. The Company considers all facts and circumstances in assessing whether or not the Company&amp;#8217;s voting rights in an investee are sufficient to give it power, including:&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The size of the Company&amp;#8217;s holding of voting rights relative to the size and dispersion of holdings of the other vote holders&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Potential voting rights held by the Company, other vote holders or other parties&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Rights arising from other contractual arrangements, and&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting pattern at previous shareholders&amp;#8217; meetings&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Entities in which the Group exercises significant but not controlling influence are regarded as associated companies and are accounted for using the equity method.&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Companies which are managed jointly by agreement with one or more companies and therefore are subject to joint control (joint ventures) are accounted for using the equity method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ends when the Company loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated income statement and other comprehensive income from the date on which the Company obtains control until the date when the Company loses control over the subsidiary.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The consolidated financial statements are prepared on the basis of the financial statements of the Parent Company, its subsidiaries and the Company&amp;#8217;s share of the income statement and balance sheet of joint operations by combining items of a uniform nature and eliminating intercompany transactions, balances and shareholdings as well as realized and unrealized gains and losses on transactions between the consolidated entities. The financial statements used for consolidation purposes are prepared in accordance with the Company&amp;#8217;s accounting policies.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The consolidated financial statements following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) but as a continuation of the financial statements of the legal subsidiary (accounting acquirer). The accounting acquirer&amp;#8217;s legal capital is adjusted retrospectively to reflect the legal capital of the accounting acquiree. Comparative information is adjusted accordingly.&lt;/font&gt;&lt;/p&gt;</trmd:DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock>
<ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Business combinations&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Newly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Business combinations are accounted for by applying the purchase method, whereby the acquired entities&amp;#8217; identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also taken into account. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="font-family: times new roman,times;" size="2"&gt;The excess of the cost of the business combination over the fair value of the acquired assets, liabilities and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units, which subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.&lt;/font&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Foreign currencies&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The functional currency of all significant entities, including subsidiaries and associated companies, is United State dollars (USD), because the Company&amp;#8217;s vessels operate in international shipping markets, in which income and expenses are settled in USD, and because the Company&amp;#8217;s most significant assets and liabilities in the form of vessels and related liabilities are denominated in USD. Transactions in currencies other than the functional currency are translated into the functional currency at the transaction date. Cash, receivables and payables and other monetary items denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate at the balance sheet date. Gains or losses due to differences between the exchange rate at the transaction date and the exchange rate at the settlement date or the balance sheet date are recognized in the income statement under &amp;#8220;Financial income&amp;#8221; and &amp;#8220;Financial expenses&amp;#8221;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The reporting currency of the Company is USD. Upon recognition of entities with functional currencies other than USD, the financial statements are translated into USD. Income statement items are translated into USD at the average exchange rate for the year, whereas balance sheet items are translated at the exchange rate as of the balance sheet date. Exchange differences arising from the translation of financial statements into USD are recognized as a separate component through other comprehensive income. On the disposal of an entity, the cumulative amount of the exchange differences recognized in the separate component of equity relating to that entity is transferred to the income statement as part of the gain or loss on disposal.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Derivative financial instruments and hedge accounting&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Derivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges and forward contracts regarding bunker purchases, are entered into hedge future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on&amp;#160;&lt;font style="background-color: yellow;"&gt;cash flow&lt;/font&gt;&amp;#160;hedges when appropriate.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Derivative financial instruments are initially recognized in the balance sheet at fair value at the date when the derivative contract is entered into and are subsequently measured at their fair value as other receivables or other liabilities, respectively.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Changes in the fair value of derivative financial instruments that are designated as cash flow hedges and deemed to be effective are recognized directly in &amp;#8220;Other comprehensive income&amp;#8221;. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in &amp;#8220;Other comprehensive income&amp;#8221; is transferred to the income statement and included in the same line as the hedged transaction. However, when the hedged transaction results in the recognition of a fixed asset, the gains and losses previously accumulated in &amp;#8220;Other comprehensive income&amp;#8221; are transferred from &amp;#8220;Other comprehensive income&amp;#8221; and included in the initial measurement of the cost of the fixed asset. Changes in the fair value of a portion of a hedge deemed to be ineffective are recognized in the income statement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Changes in the fair value of derivative financial instruments that are not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company&amp;#8217;s risk management policy, interest rate swaps with cap features and certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivate financial instruments are therefore recognized in the income statement under &amp;#8220;Financial income&amp;#8221; or &amp;#8220;Financial expenses&amp;#8221; for interest rate swaps with cap features, under &amp;#8220;Revenue&amp;#8221; for forward freight agreements and under &amp;#8220;Port expenses, bunkers and commissions&amp;#8221; for forward bunker contracts.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Segment information&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The segmentation is based on the Group&amp;#8217;s internal management and reporting structure. In the Tanker Segment, the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel and naphtha.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Group has only one geographical segment, because the Company considers the global market as a whole, and as the individual vessels are not limited to specific parts of the world. Furthermore, the internal management reporting does not provide such information. Consequently, it is not possible to provide geographical segment information on revenue from external customers or non-current segment assets.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Employee benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Wages, salaries, social security contributions, holiday and sick leave, bonuses and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
<trmd:DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Pension plans&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.&lt;/font&gt;&lt;/p&gt;</trmd:DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock>
<ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Leases&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Agreements to charter in vessels and to lease other plant and operating equipment for which TORM substantially has all the risks and rewards of ownership are recognized in the balance sheet as finance leases. Lease assets are measured at the lower of fair value and the present value of minimum lease payments determined in the leases.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;For the purpose of calculating the present value, the interest rate implicit in the lease or an incremental borrowing rate is used as discount factor. The lease assets are depreciated and written down under the same accounting policy as the vessels owned by the Company or over the lease period depending on the lease terms.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The corresponding lease obligation is recognized as a liability in the balance sheet, and the interest element of the lease payment is charged to the income statement as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Other charter agreements concerning vessels and other leases are classified as operating leases, and lease payments are charged to the income statement on a straight-line basis over the lease term. The obligation for the remaining lease term is disclosed in the notes to the financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Sale and lease back&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Following a sale transaction, agreements to charter-in vessels (sale-and-leaseback) for which TORM maintains substantially all the risks and rewards incidental to economic ownership, are recognized on the balance sheet as finance leases. Leased vessels are measured at the start of the leasing contract at the lower of the present value of minimum lease payments determined in the lease contract and the assets&amp;#8217; fair value, plus any incidental expense borne by the lessee. For the purpose of calculating the present value, the interest rate implicit in the lease is used as discount factor. Depreciation method and useful economic life correspond to those applied to comparable purchased assets. Liabilities for financial leases are recognized on the balance sheet and the interest included in the lease payment is charged to the income statement.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Revenue&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Income is recognized in the income statement when:&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;The income generating activities have been carried out on the basis of a binding agreement&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;The income can be measured reliably&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;It is probable that the economic benefits associated with the transaction will flow to the Company&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Costs relating to the transaction can be measured reliably&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Revenue comprises freight, charter hire and demurrage revenues from the vessels and gains and losses on forward freight agreements designated as hedges. Revenue is recognized when or as performance obligations are satisfied by transferring the promised goods or service s to the customer, i.e. at a point in time or over time provided that the stage of completion can be measured reliably. Revenue is measured at the consideration the Group expects to be entitled to. Accordingly, freight, charter hire and demurrage revenue are recognized at selling price upon delivery of the service as per the charter parties concluded.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Cross-over voyages&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. For cross-over voyages (voyages in progress at the end of a reporting period), the uncertainty and the dependence on estimates are greater than for finalized voyages. The Company recognizes a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. The estimate of revenue is based on the expected duration and destination of the voyage.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;When recognizing revenue, there is a risk that the actual number of days it
 takes to complete the voyage will differ from the estimate, and for time charter parties a lower day rate may have been agreed for additional days. The contract for a single voyage may state several alternative destination ports. The destination port may change during the voyage, and the rate may vary depending on the destination port. Changes to the estimated duration of the voyage as well as changing destinations and weather conditions will affect the voyage expenses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Demurrage revenue&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM is compensated for the additional time incurred in the form of demurrage revenue. Demurrage revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. The Company receives the demurrage payment upon reaching final agreement on the amount, which on average is approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Port expenses, bunkers and commissions&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Port expenses, bunker fuel consumption and commissions are recognized as incurred. Gains and losses on forward bunker contracts designated as hedges and write-down and provisions for losses on freight receivables are included in this line.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Freight and bunker derivatives&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Freight and bunker derivatives comprise fair value adjustments and gains and losses on forward freight agreements, forward bunker contracts and other derivative financial instruments directly relating to shipping activities which are not designated as hedges. The freight and bunker derivatives that qualify for hedge accounting are recognized in Revenue and Port expense, bunkers and commissions respectively, as the hedging instrument is realized.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
<ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Operating expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Operating expenses, which comprise crew expenses, repair and maintenance expenses and tonnage duty, are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Profit from sale of vessels&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Profit from sale of vessels is recognized when the significant risks and rewards of ownership have been transferred to the buyer, representing the difference between the sales price less costs to sell and the carrying value of the vessel.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Administrative expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Administrative expenses, which comprise administrative staff costs, management costs, office expenses and other expenses relating to administration, are expensed as incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Other operating expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Other operating expenses primarily comprise chartering commissions and management fees paid to commercial and technical managers for managing the fleet and profits and losses deriving from the disposal of fixed assets, etc.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory>
<trmd:DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Depreciation and impairment losses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Depreciation and impairment losses comprise depreciation of tangible fixed assets for the year as well as the write-down of the value of assets by the amount by which the carrying amount of the asset exceeds its recoverable amount. In the event of indication of impairment, the carrying amount is assessed, and the value of the asset is written down to its recoverable amount equal to the higher of value in use based on net present value of future earnings from the assets and its fair value less costs to sell.&lt;/font&gt;&lt;/p&gt;</trmd:DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Financial income&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Financial income comprises interest income, realized and unrealized exchange rate gains relating to transactions in currencies other than the functional currency, realized gains from other equity investments and securities, unrealized gains from securities, dividends received and other financial income including value adjustments of certain financial instruments not accounted for as hedges of future transactions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate. Dividends from other investments are recognized when the right to receive payment has been decided, which is typically when the dividend has been declared and can be received without conditions.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Financial expenses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Financial expenses comprise interest expenses, financing costs of finance leases, realized and unrealized exchange rate losses relating to transactions in currencies other than the functional currency, realized losses from other equity investments and securities, unrealized losses from securities and other financial expenses including value adjustments of certain financial instruments not accounted for as hedges of future transactions.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Tax&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Tax expenses comprise the expected tax including tonnage tax on the taxable income for the year for the Group, adjustments relating to previous years and the change in deferred tax for the year. However, tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Vessels&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expenses incurred during the period of construction based on the loans obtained for the vessels. All major components of vessels except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful lives, which TORM estimates to be 25 years. The Company considers that a 25-year depreciable life is consistent with what is used by other shipowners with comparable tonnage. Depreciation is based on cost less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The useful life and the residual value of the vessels are reviewed at least at each financial year-end based on market conditions, regulatory requirements and the Company&amp;#8217;s business plans.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Company also evaluates the carrying amounts to determine if events have occurred that indicate impairment and would require a modification of the carrying amounts. Prepayment on vessels is measured at costs incurred.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Dry-docking&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Approximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements and TORM&amp;#8217;s business plans. A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. Depreciation hereof is carried over the period until the next dry-docking. For newbuildings, the initial dry-docking asset is estimated based on the expected costs related to the first-coming dry-docking, which again is based on experience and past history of similar vessels. For second-hand vessels, a dry-docking asset is also segregated and capitalized separately, taking into account the normal docking intervals of the vessels.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;At subsequent dry-dockings, the costs comprise the actual costs incurred at the dry-docking yard. Dry-docking costs may include the cost of hiring crews to carry out replacements and repairs, the cost of parts and materials used, The cost of travel, lodging and supervision of Company personnel as well as the cost of hiring third-party personnel to oversee a dry-docking. Dry-docking activities include, but are not limited to, the inspection, service on turbocharger, replacement of shaft seals, service on boiler, replacement of hull anodes, applying of anti-fouling and hull paint, steel repairs as well as refurbishment and replacement of other parts of the vessel.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;
 text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black; ; font-family: times new roman,times;" size="2"&gt;Prepayments on vessels&lt;/font&gt;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Prepayments consist of prepayments related to newbuilding contracts for vessels not yet delivered and including a share of borrowing costs. When a vessel is delivered, the amount is reallocated to the financial statement line &amp;#8220;Vessels and capitalized dry-docking&amp;#8221;.&lt;/font&gt;&lt;/div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Other plant and operating equipment&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Other plant and operating equipment consists of leasehold improvements, IT equipment and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset&amp;#8217;s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets:&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Leasehold improvements: estimated useful life&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;IT equipment: 3&amp;#8211;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Software: 3&amp;#8211;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.25in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol; color: black;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="color: black;"&gt;Other equipment 3&amp;#8211;5 years&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Investments in joint ventures&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Investments in joint ventures comprise investments in companies which by agreement are managed jointly with one or more companies and therefore are subject to joint control and in which the parties have rights to the net assets of the joint venture. Joint ventures are accounted for using the equity method. Under the equity method, the investment in joint ventures is initially recognized at cost and thereafter adjusted to recognize TORM&amp;#8217;s share of the profit or loss in the joint venture. When TORM&amp;#8217;s share of losses in a joint venture exceeds the investment in the joint venture, TORM discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that TORM has incurred legal or constructive obligations or made payments on behalf of the joint venture.&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures>
<ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Financial assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Financial assets are initially recognized at the settlement date at fair value plus transaction costs, except for financial assets at fair value through profit or loss, which are recognized at fair value. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Receivables&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Outstanding freight receivables and other receivables that are expected to be realized within 12 months from the balance sheet date are classified as &amp;#8220;Freight receivables&amp;#8221; or &amp;#8220;Other receivables&amp;#8221; and presented as current assets.&lt;/font&gt;&lt;/p&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Receivables are at initial recognition measured at at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequent measured at amortised cost adjusted for change in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.&lt;/div&gt;
&lt;div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
<trmd:DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Provisions for bad debt&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Allowances for bad debts are determined on the basis of customers&amp;#8217; ability to pay, considering historical information about payment patterns, doubtful debts, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated if the debtor&amp;#8217;s ability to pay changes. It is estimated that the provisions made are sufficient to cover any bad debts.&lt;/font&gt;&lt;/p&gt;</trmd:DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock>
<ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Impairment of assets&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Non-current assets are reviewed at least annually to determine any indication of impairment due to a significant decline in either the assets&amp;#8217; market value or in the cash flows generated by the assets. In case of such indication, the recoverable amount of the asset is estimated as the higher of the asset&amp;#8217;s fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to derive from a cash generating unit (CGU), utilizing a pre-tax discount rate that reflects current market estimates of the time value of money and the risks specific to the unit for which the estimates of future cash flows have not been adjusted. If the recoverable amount is less than the carrying amount of the cash generating unit, the carrying amount is reduced to the recoverable amount.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The impairment loss is recognized immediately in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined, had no impairment loss been recognized in prior years.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The management in TORM has assessed the inflow of cash in TORM to allocate these into separate cash generating units (CGU). It has been assessed that the Group only have one CGU &amp;#8211; the product tanker segment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;For the purpose of assessing impairment, assets and time charter and bareboat contracts are grouped at the lowest levels at which impairment is monitored for internal management purposes.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Bunkers&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Bunkers and lube oil are stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditure incurred in acquiring the bunkers and lube oil and delivery cost less discounts.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
<ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Assets held-for-sale&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Assets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms that are usual and customary for sales of such assets, and when its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Assets held-for-sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Gains are recognized on delivery to the new owners in the income statement in the item &amp;#8220;Profit from sale of vessels&amp;#8221;. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item &amp;#8220;Impairment losses on tangible and intangible assets&amp;#8221;.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Treasury shares&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Treasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is also recognized directly in equity.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Share-based payments&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Group makes equity settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group&amp;#8217;s estimate of shares that will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Dividend&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Dividend is recognized as a liability at the time of declaration. Dividend proposed for the year is moved from &amp;#8220;Retained profit&amp;#8221; and presented as a separate component of equity.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Provisions&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Provisions are recognized when the Group has a legal or constructive obligation as a result of past events, and when it is probable that this will lead to an outflow of resources that can be reliably estimated. Provisions are measured at the estimated liability that is expected to arise, taking into account the time value of money.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Deferred tax&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, the deferred tax also constitutes the reserve in relation to the transition balance in connection with the Danish tonnage tax scheme.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on the laws that have been enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Mortgage debt and bank loans&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;At the time of borrowing, mortgage debt and bank loans are measured at fair value less transaction costs. Mortgage debt and bank loans are subsequently measured at amortized cost. This means that the difference between the net proceeds at the time of borrowing and the nominal amount of the loan is recognized in the income statement as a financial expense over the term of the loan applying the effective interest method.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="background-color: #ffffff; color: black;"&gt;When terms of existing financial liabilities are renegotiated, or other changes regarding the effective interest rate occur, TORM performs a test to evaluate whether the new terms are substantially different from the original terms. If the new terms are substantially different from the original terms, TORM accounts for the change as an extinguishment of the original financial liability and the recognition of a new financial liability.&amp;#160;TORM considers the new terms to be substantially different from the original terms if the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
<trmd:DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Other liabilities&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Other liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.&lt;/font&gt;&lt;/p&gt;</trmd:DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock>
<ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;CASH FLOW STATEMENT&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The cash flow statement shows how income and changes in the balance sheet items affect cash and cash equivalent, i.e. how cash is generated or used in the period. The cash flow statement is presented in accordance with the indirect method commencing with &amp;#8220;Net profit/(loss) for the year&amp;#8221;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Cash flow from operating activities converts income statement items from the accrual basis of accounting to cash basis. Starting with &amp;#8220;Net profit/(loss) for the year&amp;#8221;, non-cash items are reversed and actual payments included. Further, the change in working capital is taken into account, as this shows the development in money tied up in the balance sheet.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Cash flow from investing activities comprises the purchase and sale of tangible fixed assets and financial assets as well as cash from business combinations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Cash flow from financing activities comprises changes in long-term debt, bank loans, finance lease liabilities, purchases or sales of treasury shares and dividend paid to shareholders.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less, net of outstanding bank overdrafts. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period are shown in the consolidated cash flow statement and can be reconciled to the related items in the consolidated balance sheet.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The restricted cash balance primarily relates to cash provided as security for negative marked values of derivatives and other cash positions.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory>
<ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;EARNINGS PER SHARE&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Basic earnings per share is calculated by dividing the consolidated net profit/(loss) for the year available to common shareholders by the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. Purchases of treasury shares during the period are weighted based on the remaining period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Diluted earnings per share is calculated by adjusting the consolidated profit or loss available to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect of including them would be to increase earnings per share or reduce a loss per share.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
<ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The preparation of financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by the way TORM applies its accounting policies. An accounting estimate is considered critical if the estimate requires Management to make assumptions about matters subject to significant uncertainty, if different estimates could reasonably have been used, or if changes in the estimate that would have a material impact on the Company&amp;#8217;s financial position or results of operations are reasonably likely to occur from period to period. Management believes that the accounting estimates applied are appropriate and the resulting balances are reasonable. However, actual results could differ from the original estimates requiring adjustments to these balances in future periods.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Management believes that the following are the significant accounting estimates and judgements used in the preparation of the consolidated financial statements:&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Carrying amounts of vessels&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred that would require a modification of their carrying amounts. The valuation of vessels is reviewed based on events and changes in circumstances that would indicate that the carrying amount of the assets might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment such as reported sale and purchase prices, market demand and general market conditions. Furthermore, market valuations from leading, independent and internationally recognized shipbrokers are obtained on a quarterly basis as part of the review for potential impairment indicators. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs to sell and the value in use.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;The review for potential impairment indicators and projection of future discounted cash flows related to the vessels is complex and requires the Company to make various estimates including future freight rates, utilization, earnings from the vessels, future operating expenses- and capital expenditure including dry-dock costs - and discount rates. For more information on key assumptions and related sensitivities, please refer to note 7 in these financial statements. All these factors have been historically volatile. The carrying amounts of TORM&amp;#8217;s vessels may not represent their fair market value at any point in time, as market prices of second-hand vessels to a certain degree tend to fluctuate with changes in freight rates and the cost of newbuildings. However, if the estimated future cash flow or related assumptions in the future experience change, an impairment write-down or reversal of impairment may be required.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
<trmd:ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;div&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Total staff costs&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Staff costs included in operating expenses&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;9.3&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;9.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;9.9&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Staff costs included in administrative expenses&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;36.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;34.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;31.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;46.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;43.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;40.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Staff costs comprise the following&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;
 color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Wages and salaries&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;38.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;36.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;32.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Share-based compensation&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Pension costs&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Other social security costs&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Other staff costs&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;46.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;43.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;40.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Average number of permanent employees&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;
 color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Seafarers&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;111.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;130.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;137.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Land-based&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;302.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;286.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;269.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;413.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;417.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;406.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</trmd:ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock>
<trmd:ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;div&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USD '000&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Non-Executive Board and Committee Remuneration, short term&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Christopher H. Boehringer&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;276&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;290&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;237&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;David Weinstein&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;182&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;174&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;131&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Torben Janholt&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;171&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;174&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;132&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;G&amp;#246;ran Trapp&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;171&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;174&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;158&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;800&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;812&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;658&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</trmd:ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock>
<trmd:ScheduleOfKeyManagementPersonnelCompensationTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;div  &gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USD '000&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Salary&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Taxable&amp;#160;&lt;br  /&gt;benefits&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Annual&amp;#160;&lt;br  /&gt;perfor-&amp;#160;&lt;br  /&gt;mance&amp;#160;&lt;br  /&gt;bonus&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Executive Management Remuneration&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Jacob Meldgaard&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 352px; color: black;"&gt;&lt;font style="color: black;"&gt;2016, TORM A/S - restated&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;834&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;41&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;559&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;1,434&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2016, TORM plc&lt;/font&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;39&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;39&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2017, TORM A/S&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;923&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;42&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;580&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1,545&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2017, TORM plc&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;81&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;81&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2018, TORM A/S&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;983&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;44&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;425&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1,452&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;2018, TORM plc&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;80&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;80&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 752px; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 0.25in;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="color: black;"&gt;Paid by legal entity as noted.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</trmd:ScheduleOfKeyManagementPersonnelCompensationTableTextBlock>
<ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;RSU LTIP&amp;#160;&lt;br  /&gt;grant &lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" nowrap="nowrap"&gt;Exercise&amp;#160;&lt;br  /&gt;price per&amp;#160;&lt;br  /&gt;share&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" nowrap="nowrap"&gt;RSU grant value&amp;#160;&lt;br  /&gt;assuming 100%&amp;#160;&lt;br  /&gt;vesting&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;LTIP element of Jacob Meldgaard's remuneration package 2018:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Jacob Meldgaard&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; width: 75px; color: black;"&gt;766,035&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; width: 90px; color: black;"&gt;&amp;#160;DKK 53.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; width: 93px; color: black;"&gt;&amp;#160;USD 0.9m&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 752px; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 0.25in;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;&lt;font style="color: black;"&gt;The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory>
<trmd:ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;Number of shares (1,000)&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Outstanding as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;2,611.2&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;1,999.8&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Granted during the period&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;907.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;866.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2,127.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Exercised during the period&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Expired during the period&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-764.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-233.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Forfeited during the period&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-35.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-21.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-127.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Outstanding as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;2,719.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;
 text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;2,611.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1,999.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Exercisable as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;255.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;255.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;538.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock>
<trmd:ScheduleOfAuditorRemunerationTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Audit fees&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Fees payable to the Company's auditor for the audit of the Company's annual accounts&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Audit of the Company's subsidiaries pursuant to legislation&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total audit fees&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Non-audit fees&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align:
 bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Audit-related services&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Tax services&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Other services&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total non-audit fees&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfAuditorRemunerationTableTextBlock>
<ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Goodwill&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Cost:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions during the year&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Impairment losses:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Impairment losses for the year&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-11.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Carrying amount as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory>
<trmd:ScheduleOfFinanceIncomeCostsTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Financial income&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;&lt;font style="color: black;"&gt;Interest income from cash and cash equivalents &amp;#185;&lt;font style="font-family: times new roman, times, serif;"&gt;&amp;#8318;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;1.6&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Exchange rate adjustments, including gain from forward exchange rate contracts&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;3.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;4.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;2.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Financial expenses&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&lt;font style="color: black;"&gt;Interest expenses on mortgage and bank debt &amp;#185;&lt;font style="font-family: times new roman, times, serif;"&gt;&amp;#8318;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;35.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;33.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;29.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Exchange rate adjustments, including loss from forward exchange rate contracts&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Commitment fee&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Other financial expenses&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;39.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;40.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;37.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total financial items&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;-36.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;-36.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;-34.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;sup&gt;1)&lt;/sup&gt; Interest for financial assets and liabilities not at fair value through profit and loss.&lt;/p&gt;</trmd:ScheduleOfFinanceIncomeCostsTableTextBlock>
<ifrs-full:DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Analysis as of 31 December of freight receivables:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Gross freight receivables:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Neither past due nor impaired&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;44.0&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;25.5&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;28.7&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Past due not impaired:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Due &amp;lt; 30 days&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;18.8&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;26.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;13.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Due between 30 and 180 days&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;20.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;18.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;18.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Past due and impaired:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Due &amp;gt; 180 days&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;4.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;4.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total gross&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;87.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;72.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;65.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Provision for impairment of freight receivables*&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Total net&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;86.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;71.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;62.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;" colspan="13"&gt;* All provisions are related to "Past due and impaired" freight receivables.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory>
<trmd:ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Provisions for impairment of Freight receivables&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;1.3&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;2.6&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.7&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Provisions for the year&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Provisions reversed during the year&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Provisions utilized during the year&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock>
<trmd:ScheduleOfOtherCurrentReceivablesTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Derivative financial instruments&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;3.7&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;7.6&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Tax receivables&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;7.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;11.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfOtherCurrentReceivablesTableTextBlock>
<trmd:ScheduleOfIncomeTaxTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Tax for the year&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Current tax for the year&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;1.6&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.0&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Adjustments related to previous years&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Adjustment of deferred tax liability&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfIncomeTaxTableTextBlock>
<ifrs-full:DisclosureOfDeferredTaxesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Deferred tax liability&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;44.9&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;45.0&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;45.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Deferred tax for the year&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Adjustments related to previous years&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;44.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;44.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;45.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfDeferredTaxesExplanatory>
<ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;Common shares&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2" nowrap="nowrap"&gt;Number of&amp;#160;&lt;br/&gt;shares&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2" nowrap="nowrap"&gt;Number of&amp;#160;&lt;br/&gt;shares&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2" nowrap="nowrap"&gt;Number of&amp;#160;&lt;br/&gt;shares&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;A-shares&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;74,218,846&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;62,298,846&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;62,298,846&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;B-shares&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;C-shares&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;74,218,848&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;62,298,848&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;62,298,848&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory>
<trmd:ScheduleOfTreasuryShareTransactionsTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;Treasury shares&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Number of shares ('000)&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;15.3&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Cancellations&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-15.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;312.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;div&gt;Treasury shares - continued&lt;/div&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Nominal value USD '000&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Cancellations&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-0.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;3.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Percentage of share capital&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Cancellations&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-0.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Dilution, due to capital increases&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;0.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;0.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</trmd:ScheduleOfTreasuryShareTransactionsTableTextBlock>
<trmd:ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Partners and commercial managements&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Accrued operating expenses&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;9.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Accrued interest&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Wages and social expenses&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;16.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;16.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Derivative financial instruments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Payables to joint ventures&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;36.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;33.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock>
<trmd:ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;Fixed/&lt;br/&gt;floating&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;Maturity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Effective&lt;br/&gt;interest&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Carrying&lt;br/&gt;value&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;Maturity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Effective&lt;br/&gt;interest&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Carrying&lt;br/&gt;value&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;Maturity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Effective&lt;br/&gt;interest&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Carrying&lt;br/&gt;value&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-transform: uppercase;"&gt;LOAN&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 274px;"&gt;DSF Facility 1 (USD)&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;"&gt;Floating&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;"&gt;2021&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;5.6&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;%&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;64.1&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;"&gt;2021&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;5.4&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;%&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;74.2&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 85px;"&gt;2019&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;%&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;109.4&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;TFA Facility 1 (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;6.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;331.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;400.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;470.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;DSF Facility 2 (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;52.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;56.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2021&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;62.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;DSF Facility 3 (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;24.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;26.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;30.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;TFA Facility 2 (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;103.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2022&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;115.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;N/A&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;N/A&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;ING (USD)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2024&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;42.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2024&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;45.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;N/A&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;N/A&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;CEXIM&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Floating&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;2030&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;5.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;111.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;N/A&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;N/A&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;N/A&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;N/A&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average effective interest rate&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;5.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;5.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;4.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Carrying value&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;729.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;719.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;671.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Hereof non-current&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;637.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;633.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;595.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Hereof current&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;92.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;86.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;75.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/13pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 0.25in;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;Effective interest rate includes deferred and amortized bank fees.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="text-align: justify; vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 0.25in;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="text-align: justify;"&gt;The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock>
<trmd:ScheduleOfContractualObligationsByMaturitiesTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2020&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2021&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2022&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2023&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Thereafter&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 493px;"&gt;Mortgage debt and bank loans&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt; width: 54px;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;92.2&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;87.6&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;343.4&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;96.9&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;10.0&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;99.4&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;729.5&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest payments related to scheduled interest fixing&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;21.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;19.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;16.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;7.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;6.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;9.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;80.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Estimated variable interest payments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;11.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;10.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;38.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Finance lease liabilities&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;15.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;25.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest element regarding finance lease&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Newbuilding instalments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;232.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;25.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;258.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Committed scrubber installations&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other operating leases&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;6.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Trade payables and other obligations&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;59.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black
 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;59.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;447.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;149.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;374.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;121.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;16.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;117.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1,226.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m).&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;3)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfContractualObligationsByMaturitiesTableTextBlock>
<ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;br class="apple-interchange-newline" /&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;Cash&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;Non-cash&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Opening&amp;#160;&lt;br/&gt;balance as of 1&amp;#160;&lt;br/&gt;January 2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Borrowings&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Repayments&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Changes in fair&amp;#160;&lt;br/&gt;value&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Other changes&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;End balance as&amp;#160;&lt;br/&gt;of 31 December&amp;#160;&lt;br/&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 618px;"&gt;Mortgage debt&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;720.9&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;114.5&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;-110.8&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 109px;"&gt;-0.3&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 109px;"&gt;724.3&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Financial lease&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;28.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-2.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;25.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;749.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;114.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-113.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px
 solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;749.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory>
<ifrs-full:DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2020&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2021&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2022&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2023&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Thereafter&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Contractual rights - as lessor:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 502px;"&gt;Charter hire income for vessels&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 63px;"&gt;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 95px;"&gt;21.5&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 95px;"&gt;11.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 95px;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 94px;"&gt;33.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;21.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;11.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;33.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;"&gt;Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory>
<trmd:DisclosureOfDerivativeFinancialInstrumentsTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;Fair value of derivatives:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Derivative financial instruments regarding freight and bunkers:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Forward freight agreements&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-0.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Bunker swaps&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Derivative financial instruments regarding interest and currency exchange rate:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward exchange contracts&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest rate swaps&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;5.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Fair value of derivatives as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;7.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial&amp;#160;&lt;br/&gt;assets&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial&amp;#160;&lt;br/&gt;liabilities&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align:
 left;"&gt;2018&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Offsetting financial assets and financial liabilities:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Gross amount&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;7.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-6.8&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Offsetting amount&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;3.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Net amount presented in the statement of financial position&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;3.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial&amp;#160;&lt;br/&gt;assets&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial&amp;#160;&lt;br/&gt;liabilities&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2017&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Offsetting of financial assets and financial liabilities:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;"&gt;Gross amount&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;8.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-0.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Offsetting amount&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Net amount presented in the statement of financial position&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;7.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;
 text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:DisclosureOfDerivativeFinancialInstrumentsTableTextBlock>
<trmd:DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;br class="apple-interchange-newline" /&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="18" nowrap="nowrap"&gt;Income statement&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;Equity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Revenue&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Port expenses,&amp;#160;&lt;br/&gt;bunkers and&amp;#160;&lt;br/&gt;commissions&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Financial items&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Operating&amp;#160;&lt;br/&gt;expenses&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Administrative&amp;#160;&lt;br/&gt;expenses&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Hedging&amp;#160;&lt;br/&gt;reserves&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2018&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 712px;"&gt;Forward freight agreements&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;-2.1&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 95px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 94px;"&gt;0.9&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Bunker swaps&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward exchange contracts&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest rate swaps&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;1.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-3.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-2.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-7.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2017&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward freight agreements&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Bunker swaps&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align:
 right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward exchange contracts&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest rate swaps&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;1.2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.2&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;6.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;2016&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td
 style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward freight agreements&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-0.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Bunker swaps&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Forward exchange contracts&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-3.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Interest rate swaps&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-2.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;1.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-2.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.4&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-1.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock>
<trmd:SensitivityAnalysisForChangesInFreighTratesTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="color: black;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Decrease in freight rates of USD/day 1,000:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Changes in profit before tax,&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-25.3&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-24.1&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;-25.0&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Changes in equity,&amp;#160;as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-25.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-24.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-25.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:SensitivityAnalysisForChangesInFreighTratesTableTextBlock>
<trmd:ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Increase in the bunker prices of 10% per ton:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Changes in profit before tax, as of 31 December&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-20.7&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-18.3&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-15.6&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Changes in equity, as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-20.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-18.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-15.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock>
<trmd:ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Effect of a 10% increase of DKK and EUR:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Changes in profit before tax, as of 31 December&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-2.1&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-2.5&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-1.7&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Changes in equity, as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-2.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-2.5&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-1.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock>
<trmd:ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2019&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Effect of a 1% point increase in interest rates:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Changes in profit before tax, as of 31 December&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-2.4&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-3.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-2.5&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Changes in equity, as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;8.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;3.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;6.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock>
<trmd:DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Categories of financial assets and liabilities&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;(USDm)&lt;/font&gt;:&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Quoted&amp;#160;&lt;br  /&gt;prices&amp;#160;&lt;br  /&gt;(level 1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Observable&amp;#160;&lt;br  /&gt;input&amp;#160;&lt;br  /&gt;(level 2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Unobservable&amp;#160;&lt;br  /&gt;input&amp;#160;&lt;br  /&gt;(level 3)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Fair value&amp;#160;&lt;br  /&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Amortized cost&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Carrying value&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;2018:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Loans and receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 533px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Freight receivables&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 63px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 110px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;86.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 109px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;86.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Other receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;3.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;3.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;3.8&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;7.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;127.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;127.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Financial liabilities&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Mortgage debt and bank loans&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;724.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Finance lease liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;25.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;25.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Trade payables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;35.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;35.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;3.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;3.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;33.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;36.5&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;3.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;3.4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;817.8&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;821.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-transform: uppercase;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;2017:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Loans and receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Freight receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;71.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;71.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Other receivables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;7.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;7.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;4.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;11.8&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;134.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;134.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;7.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;7.6&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;209.7&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;217.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Financial liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Mortgage debt and bank loans&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;720.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;720.9&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Finance lease liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;28.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;28.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Trade payables&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;26.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;26.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;34.0&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;33.8&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;-0.2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;809.3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;809.1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font-size: 10pt;" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/8pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font size="2"&gt;&lt;sup&gt;1)&lt;/sup&gt;&amp;#160;Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/8pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font size="2"&gt;&lt;sup&gt;2)&lt;/sup&gt;&amp;#160;See note 14.&lt;/font&gt;&lt;/p&gt;</trmd:DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock>
<trmd:DisclosureOfCashFlowStatementTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Reversal of other non-cash movements:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Amortization of acquired assets and liabilities&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Exchange rate adjustments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.8&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Share-based payments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Equity transactions expensed in relation to the Corporate Reorganization&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-6.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other adjustments&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;2.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;3.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-7.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2"
 nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Change in bunkers, receivables and payables:&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Change in bunkers&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-6.2&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-1.6&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-6.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Change in receivables&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-10.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-12.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;18.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Change in prepayments&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1.5&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Change in trade payables and other liabilities&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;11.7&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-1.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.6&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Other changes&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.2&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-2.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Adjusted for fair value changes of derivative financial instruments&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-7.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;6.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-1.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; widows: 2; text-transform: none; font-style: normal; text-indent: -6.25pt; padding-left: 6.25pt; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;Total&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;-12.7&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new
 roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;-13.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;8.3&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:DisclosureOfCashFlowStatementTableTextBlock>
<ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; width: 452px;"&gt;Entity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 181px;"&gt;Country&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 90px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; vertical-align: top;"&gt;TORM plc&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;United Kingdom&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; margin: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: bottom;" nowrap="nowrap"&gt;Entity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;Country&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Ownership&amp;#160;&lt;sup&gt;7)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; width: 436px; vertical-align: top;"&gt;TORM A/S&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 180px;"&gt;Denmark&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 90px;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;DK Vessel HoldCo GP ApS&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;DK Vessel HoldCo K/S&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM (Gibraltar) Njord Midco Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gibraltar&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Chartering Inc.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Agnes, Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Alice, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Almena, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Amalie, Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Aslaug, Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Hardrada, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td
 style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings St.Michaelis Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings St. Gabriel Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Harald Pte. Ltd&amp;#160;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Gorm Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Knut Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Valdemar Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Agnete, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Alexandra, Pte. Ltd&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Anabel, Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Arawa Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Leif Pte. Ltd&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Singapore Njord Holdings Rolf Pte. Ltd&amp;#160;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;Singapore&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;div&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: bottom;" nowrap="nowrap"&gt;Entity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;Country&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Ownership&amp;#160;&lt;sup&gt;7)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; width: 459px; vertical-align: top;"&gt;OCM Holdings Mrs Inc.&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 157px;"&gt;Marshall Islands&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 90px;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Anne Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;
 text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Freya Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Gerd Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Gertrud Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Gunhild Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Helene Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Helvig Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Ingeborg Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Mary Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Ragnhild Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Thyra Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Valborg Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OCM Njord Vita Inc.&amp;#160;&lt;sup&gt;6)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Marshall Islands&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;OMI Holding Ltd.&amp;#160;&lt;sup&gt;5)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Mauritius&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;Torghatten &amp;amp; TORM Shipowning ApS&amp;#160;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TORM Crewing Service Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Bermuda&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TORM Shipping India Private Limited&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;India&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TORM Singapore Pte. Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TORM USA LLC&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;USA&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align:
 right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;TT Shipowning K/S&amp;#160;&lt;sup&gt;4)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;VesselCo 1 K/S&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;"&gt;VesselCo 3 K/S&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;Denmark&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;div&gt;
&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;Entity&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;Country&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;Ownership&amp;#160;&lt;sup&gt;7)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;" colspan="2" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 463px;"&gt;VesselCo 5 K/S&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 148px;"&gt;Denmark&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 90px;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left; width: 12px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 6 K/S&amp;#160;&lt;sup&gt;3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 6 Pte. Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 7 Pte. Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 8 Pte. Ltd.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 9 Pte. Ltd.&amp;#160;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 10 Pte. Ltd.&amp;#160;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 11 Pte. Ltd.&amp;#160;&lt;sup&gt;1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo 12 Pte. Ltd.&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Singapore&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;TORM SHIPPING (PHILS.), INC.&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Philippines&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo A ApS&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr
 style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo C ApS&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo E ApS&amp;#160;&lt;sup&gt;2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;VesselCo F ApS&amp;#160;&lt;sup&gt;3)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Denmark&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;100&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;1)&lt;/td&gt;
&lt;td&gt;Entities added in the financial year ended 31 December 2016.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;2)&lt;/td&gt;
&lt;td&gt;Entities added in the financial year ended 31 December 2017.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;3)&lt;/td&gt;
&lt;td&gt;Entities added in the financial year ended 31 December 2018.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;4)&lt;/td&gt;
&lt;td&gt;Entities dissolved in the financial year ended 31 December 2016.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;5)&lt;/td&gt;
&lt;td&gt;Entities dissolved in the financial year ended 31 December 2017.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;6)&lt;/td&gt;
&lt;td&gt;Entities dissolved in the financial year ended 31 December 2018.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;7)&lt;/td&gt;
&lt;td&gt;For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;8)&lt;/td&gt;
&lt;td&gt;All subsidiaries are consolidated in full.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory>
<trmd:ScheduleOfRegisteredAddressesTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Denmark&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;India&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Philippines&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Singapore&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Tuborg Havnevej 18,&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;2nd Floor&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;7th Floor&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;6 Battery Road #27-02&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;DK-2900 Hellerup&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Leela Business Park&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Salcedo Towers, 169&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Singapore 049909&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Denmark&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Andheri-Kurla Road&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;HV dela Costa Street&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Singapore&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Andheri (E)&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Salcedo Village,&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Mumbai 400059&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Makati City&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;India&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Philippines 1227&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;United Kingdom&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;USA&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Marshall Islands&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Mauritius&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Birchin Court&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Suite 710&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;c/o The Trust&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;c/o Temple Corporate&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;20 Birchin Lane&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;2500 City West&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Company of&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Services&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;London, EC3V 9DU&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Boulevard&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Marshall Islands, Inc.&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Temple Court 2,&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;United Kingdom&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;77042, Houston, Texas&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;P.O. Box 2095&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Labourdonnais Street&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;USA&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Reston VA 20195-0095&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Port Louis&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;USA&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Mauritius&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Bermuda&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Gibraltar&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; line-height: 14pt;"&gt;&lt;font style="font-family: 'times new roman', times, serif; font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;c/o Estera Services&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;57/63 Line Wall Road&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Room A, 7/F&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;(Bermuda Limited)&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;GX11 1AA&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;China Overseas Bldg.&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Canon's Court&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Gibraltar&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;139 Hennessy Road&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;22 Victoria Street&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Wanchai&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;PO Box 1624&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Hamilton HM GX&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="line-height: 13pt;"&gt;&lt;font style="font-size: 10pt; ; font-family: times new roman,times;"&gt;Bermuda&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfRegisteredAddressesTableTextBlock>
<ifrs-full:DisclosureOfJointVenturesExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;2018&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;Entity&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;Country&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;% Control&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;Profit and&amp;#160;&lt;br  /&gt;loss from&amp;#160;&lt;br  /&gt;continuing&amp;#160;&lt;br  /&gt;operations&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;Other compre-&amp;#160;&lt;br  /&gt;hensive&amp;#160;&lt;br  /&gt;income&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 10pt;"&gt;Total compre-&amp;#160;&lt;br  /&gt;hensive&amp;#160;&lt;br  /&gt;income&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 307px;"&gt;&lt;font style="font-size: 10pt;"&gt;Long Range 2 A/S&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 59px;"&gt;&lt;font style="font-size: 10pt;"&gt;Denmark&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 68px;"&gt;&lt;font style="font-size: 10pt;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 67px;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 67px;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 67px;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;font style="font-size: 10pt;"&gt;LR2 Management K/S&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; vertical-align: top;"&gt;&lt;font style="font-size: 10pt;"&gt;Denmark&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;50&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;font style="font-size: 10pt;"&gt;Marine Exhaust Technology Ltd.&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;&lt;font style="font-size: 10pt;"&gt;Hong Kong&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;28&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font-size: 10pt;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfJointVenturesExplanatory>
<ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-transform: uppercase;"&gt;EARNINGS PER SHARE&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Net profit/(loss) for the year (USDm)&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-34.8&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;2.4&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;-142.5&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;Million shares&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average number of shares&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;73.4&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;62.3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;63.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average number of treasury shares&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-0.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average number of shares outstanding&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;73.1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;62.0&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;62.9&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Dilutive effect of outstanding share options&lt;/td&gt;
&lt;td style="border-bottom: black 1pt
 solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Weighted average number of shares outstanding incl. dilutive effect of share options&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;73.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;62.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;62.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Basic earnings/(loss) per share (USD)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-0.48&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.04&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-2.27&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Diluted earnings/(loss) per share (USD)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-0.48&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.04&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-2.27&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
<ifrs-full:DisclosureOfDividendsExplanatory contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-transform: uppercase;"&gt;DIVIDEND PER SHARE&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;"&gt;Dividend for the year (USDm)&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;1.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px;"&gt;25.0&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Number of shares, end of period (million)&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;74.2&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;62.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;62.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;"&gt;Dividend per share&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.02&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;0.40&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ifrs-full:DisclosureOfDividendsExplanatory>
<ifrs-full:NetDebt contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">627000000</ifrs-full:NetDebt>
<ifrs-full:UndrawnBorrowingFacilities contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_BorrowingsByNameAxis_CreditFacilityMember" unitRef="USD" decimals="-6">190000000</ifrs-full:UndrawnBorrowingFacilities>
<ifrs-full:UndrawnBorrowingFacilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_BorrowingsByNameAxis_CreditFacilityMember" unitRef="USD" decimals="-6">271000000</ifrs-full:UndrawnBorrowingFacilities>
<ifrs-full:UndrawnBorrowingFacilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">406000000</ifrs-full:UndrawnBorrowingFacilities>
<ifrs-full:UndrawnBorrowingFacilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_WorkingCapitalFacilityMember" unitRef="USD" decimals="-6">75000000</ifrs-full:UndrawnBorrowingFacilities>
<ifrs-full:UndrawnBorrowingFacilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_BilateralBorrowingFacilityMember_CategoriesOfRelatedPartiesAxis_DanishShipFinanceMember" unitRef="USD" decimals="-6">46000000</ifrs-full:UndrawnBorrowingFacilities>
<ifrs-full:UndrawnBorrowingFacilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_BilateralBorrowingFacilityMember_CategoriesOfRelatedPartiesAxis_AbnAmroBankMember" unitRef="USD" decimals="-6">70000000</ifrs-full:UndrawnBorrowingFacilities>
<ifrs-full:UndrawnBorrowingFacilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_CreditFacilityMember" unitRef="USD" decimals="-6">279000000</ifrs-full:UndrawnBorrowingFacilities>
<trmd:LoanToValueRatio contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">0.53</trmd:LoanToValueRatio>
<trmd:NumberOfGeographicalSegments contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Segment" decimals="INF">1</trmd:NumberOfGeographicalSegments>
<trmd:PercentageOfDemurrageClaimRecognizedAsRevenue contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">0.95</trmd:PercentageOfDemurrageClaimRecognizedAsRevenue>
<trmd:AveragePeriodOfReceivingDemurragePayment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">P100D</trmd:AveragePeriodOfReceivingDemurragePayment>
<ifrs-full:DepreciationMethodPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">straight-line basis</ifrs-full:DepreciationMethodPropertyPlantAndEquipment>
<ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember">3-5 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
<ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_ShipsMember">25 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
<ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_ComputerEquipmentMember">3-5 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
<ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_ComputerSoftwareMember">3-5 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
<trmd:MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">0.10</trmd:MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability>
<trmd:DryDockingPeriodPropertyPlantAndEquipmentPeriod contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">every 24 and 60 months</trmd:DryDockingPeriodPropertyPlantAndEquipmentPeriod>
<ifrs-full:Cash contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-6">76000000</ifrs-full:Cash>
<ifrs-full:Cash contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">134000000</ifrs-full:Cash>
<ifrs-full:Cash contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">127000000</ifrs-full:Cash>
<trmd:NewBuildingsOnOrderForDelivery contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="Newbuilding" decimals="INF">4</trmd:NewBuildingsOnOrderForDelivery>
<trmd:NewBuildingsOnOrderForDelivery contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="Newbuilding" decimals="INF">10</trmd:NewBuildingsOnOrderForDelivery>
<trmd:NewBuildingsOnOrderForDelivery contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Newbuilding" decimals="INF">9</trmd:NewBuildingsOnOrderForDelivery>
<ifrs-full:CapitalCommitments contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-6">149000000</ifrs-full:CapitalCommitments>
<ifrs-full:CapitalCommitments contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">307000000</ifrs-full:CapitalCommitments>
<ifrs-full:CapitalCommitments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">258000000</ifrs-full:CapitalCommitments>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5" id="Footnote-4_4">671600000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember" unitRef="USD" decimals="-5" id="Footnote-4_5">109400000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember" unitRef="USD" decimals="-6" id="Footnote-4_6">470000000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember" unitRef="USD" decimals="-5" id="Footnote-4_7">62200000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember" unitRef="USD" decimals="-6" id="Footnote-4_8">30000000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember" unitRef="USD" decimals="-6" id="Footnote-4_9">0</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember" unitRef="USD" decimals="-6" id="Footnote-4_10">0</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_CeximFacilityMember" unitRef="USD" decimals="-6" id="Footnote-4_11">0</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5" id="Footnote-4_12">719100000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember" unitRef="USD" decimals="-5" id="Footnote-4_13">74200000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember" unitRef="USD" decimals="-5" id="Footnote-4_14">400800000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember" unitRef="USD" decimals="-5" id="Footnote-4_15">56500000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember" unitRef="USD" decimals="-5" id="Footnote-4_16">26800000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember" unitRef="USD" decimals="-6" id="Footnote-4_17">115000000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember" unitRef="USD" decimals="-5" id="Footnote-4_18">45800000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_CeximFacilityMember" unitRef="USD" decimals="-6" id="Footnote-4_19">0</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-4_20">729500000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember" unitRef="USD" decimals="-5" id="Footnote-4_21">64100000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember" unitRef="USD" decimals="-5" id="Footnote-4_22">331300000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember" unitRef="USD" decimals="-5" id="Footnote-4_23">52400000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember" unitRef="USD" decimals="-5" id="Footnote-4_24">24300000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember" unitRef="USD" decimals="-5" id="Footnote-4_25">103700000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember" unitRef="USD" decimals="-6" id="Footnote-4_26">42000000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_TermFacilityIMember" unitRef="USD" decimals="-6">331000000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_TermFacilityIIMember" unitRef="USD" decimals="-6">104000000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_BilateralLoanAgreementsMember_CategoriesOfRelatedPartiesAxis_DanishShipFinanceMember" unitRef="USD" decimals="-6">141000000</ifrs-full:Borrowings>
<ifrs-full:Borrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_BilateralLoanAgreementsMember_CategoriesOfRelatedPartiesAxis_IngMember" unitRef="USD" decimals="-6">42000000</ifrs-full:Borrowings>
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<ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-1">2127400</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
<ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="0">1276725</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
<ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-2">866600</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
<ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted contextRef="Context_Custom_01_Jan_2018T00_00_00_TO_31_Jan_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="0">766035</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
<ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Share" decimals="0">944468</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
<ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-2">907300</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
<ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember_NameOfDirectorAxis_JacobMeldgaardMember" unitRef="Share" decimals="0" id="Footnote-7_1">766035</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
<trmd:ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember_NameOfDirectorAxis_JacobMeldgaardMember" unitRef="DKK_per_Share" decimals="1">53.7</trmd:ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement>
<trmd:ValueOfOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember_NameOfDirectorAxis_JacobMeldgaardMember" unitRef="USD" decimals="-5">900000</trmd:ValueOfOtherEquityInstrumentsGranted>
<trmd:ValueOfOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="USD" decimals="-5">900000</trmd:ValueOfOtherEquityInstrumentsGranted>
<trmd:PercentageOfOtherEquityInstrumentsVesting contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="pure" decimals="2">1.00</trmd:PercentageOfOtherEquityInstrumentsVesting>
<ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-1">1999800</ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-1">2611200</ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-1">2719100</ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-3">0</ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-3">0</ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-3">0</ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-3">0</ifrs-full:NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-3">0</ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-2">233900</ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-3">764000</ifrs-full:NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-2">127600</ifrs-full:NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-2">21300</ifrs-full:NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="-2">35400</ifrs-full:NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="1">538.9</ifrs-full:NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="1">255.3</ifrs-full:NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement>
<ifrs-full:NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="1">255.3</ifrs-full:NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement>
<trmd:NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="seafarer" decimals="0">137</trmd:NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses>
<trmd:NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="seafarer" decimals="0">131</trmd:NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses>
<trmd:NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="seafarer" decimals="0">112</trmd:NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses>
<ifrs-full:KeyManagementPersonnelCompensation contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CategoriesOfRelatedPartiesAxis_KeyManagementPersonnelOfEntityOrParentMember" unitRef="USD" decimals="0">1760420</ifrs-full:KeyManagementPersonnelCompensation>
<ifrs-full:KeyManagementPersonnelCompensation contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfRelatedPartiesAxis_KeyManagementPersonnelOfEntityOrParentMember" unitRef="USD" decimals="0">1987726</ifrs-full:KeyManagementPersonnelCompensation>
<ifrs-full:KeyManagementPersonnelCompensation contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_KeyManagementPersonnelOfEntityOrParentMember" unitRef="USD" decimals="0">2186679</ifrs-full:KeyManagementPersonnelCompensation>
<ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CategoriesOfRelatedPartiesAxis_KeyManagementPersonnelOfEntityOrParentMember" unitRef="USD" decimals="0">95029</ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits>
<ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfRelatedPartiesAxis_KeyManagementPersonnelOfEntityOrParentMember" unitRef="USD" decimals="0">112236</ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits>
<ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_KeyManagementPersonnelOfEntityOrParentMember" unitRef="USD" decimals="0">125959</ifrs-full:KeyManagementPersonnelCompensationPostemploymentBenefits>
<trmd:VestingPeriodOfOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember">P5Y</trmd:VestingPeriodOfOtherEquityInstrumentsGranted>
<trmd:VestingPeriodOfOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfRelatedPartiesAxis_KeyManagementPersonnelOfEntityOrParentMember">P3Y</trmd:VestingPeriodOfOtherEquityInstrumentsGranted>
<trmd:VestingPeriodOfOtherEquityInstrumentsGranted contextRef="Context_Custom_01_Jan_2018T00_00_00_TO_31_Jan_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember">P5Y</trmd:VestingPeriodOfOtherEquityInstrumentsGranted>
<trmd:VestingPeriodOfOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">P3Y</trmd:VestingPeriodOfOtherEquityInstrumentsGranted>
<trmd:VestingPeriodOfOtherEquityInstrumentsGranted contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember">P3Y</trmd:VestingPeriodOfOtherEquityInstrumentsGranted>
<trmd:InstallmentOfGrantAmountVestingAtEachAnniversary contextRef="Context_Custom_01_Jan_2018T00_00_00_TO_31_Jan_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember">P3Y</trmd:InstallmentOfGrantAmountVestingAtEachAnniversary>
<trmd:NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="Share" decimals="0">255345</trmd:NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments>
<trmd:MarketPricePerShare contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="DKK_per_Share" decimals="1">96.3</trmd:MarketPricePerShare>
<trmd:MarketPricePerShare contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfRelatedPartiesAxis_KeyManagementPersonnelOfEntityOrParentMember" unitRef="DKK_per_Share" decimals="1">93.6</trmd:MarketPricePerShare>
<trmd:MarketPricePerShare contextRef="Context_Custom_01_Jan_2018T00_00_00_TO_31_Jan_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="DKK_per_Share" decimals="1">53.7</trmd:MarketPricePerShare>
<trmd:MarketPricePerShare contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="USD_per_Share" decimals="1">53.7</trmd:MarketPricePerShare>
<trmd:MarketPricePerShare contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="DKK_per_Share" decimals="1">49.5</trmd:MarketPricePerShare>
<trmd:ExercisePriceOfOtherEquityInstrumentsAfterVestingDate contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="DKK_per_Share" decimals="1">53.7</trmd:ExercisePriceOfOtherEquityInstrumentsAfterVestingDate>
<trmd:ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate contextRef="Context_Custom_01_Jan_2018T00_00_00_TO_31_Jan_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember">P12M</trmd:ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate>
<trmd:AuditFeesForAuditOfAnnualAccounts contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">400000</trmd:AuditFeesForAuditOfAnnualAccounts>
<trmd:AuditFeesForAuditOfAnnualAccounts contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">400000</trmd:AuditFeesForAuditOfAnnualAccounts>
<trmd:AuditFeesForAuditOfAnnualAccounts contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">400000</trmd:AuditFeesForAuditOfAnnualAccounts>
<trmd:AuditFeesForAuditOfSubsidiariesPursuantToLegislation contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">100000</trmd:AuditFeesForAuditOfSubsidiariesPursuantToLegislation>
<trmd:AuditFeesForAuditOfSubsidiariesPursuantToLegislation contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">200000</trmd:AuditFeesForAuditOfSubsidiariesPursuantToLegislation>
<trmd:AuditFeesForAuditOfSubsidiariesPursuantToLegislation contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">200000</trmd:AuditFeesForAuditOfSubsidiariesPursuantToLegislation>
<trmd:AuditFees contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">500000</trmd:AuditFees>
<trmd:AuditFees contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">600000</trmd:AuditFees>
<trmd:AuditFees contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">600000</trmd:AuditFees>
<ifrs-full:AuditorsRemunerationForAuditServices contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">600000</ifrs-full:AuditorsRemunerationForAuditServices>
<ifrs-full:AuditorsRemunerationForAuditServices contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">400000</ifrs-full:AuditorsRemunerationForAuditServices>
<ifrs-full:AuditorsRemunerationForAuditServices contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">200000</ifrs-full:AuditorsRemunerationForAuditServices>
<ifrs-full:AuditorsRemunerationForTaxServices contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">300000</ifrs-full:AuditorsRemunerationForTaxServices>
<ifrs-full:AuditorsRemunerationForTaxServices contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:AuditorsRemunerationForTaxServices>
<ifrs-full:AuditorsRemunerationForTaxServices contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:AuditorsRemunerationForTaxServices>
<ifrs-full:AuditorsRemunerationForOtherServices contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">100000</ifrs-full:AuditorsRemunerationForOtherServices>
<ifrs-full:AuditorsRemunerationForOtherServices contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:AuditorsRemunerationForOtherServices>
<ifrs-full:AuditorsRemunerationForOtherServices contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:AuditorsRemunerationForOtherServices>
<trmd:NonAuditFees contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-6">1000000</trmd:NonAuditFees>
<trmd:NonAuditFees contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">400000</trmd:NonAuditFees>
<trmd:NonAuditFees contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">200000</trmd:NonAuditFees>
<ifrs-full:AuditorsRemuneration contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">1500000</ifrs-full:AuditorsRemuneration>
<ifrs-full:AuditorsRemuneration contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">1000000</ifrs-full:AuditorsRemuneration>
<ifrs-full:AuditorsRemuneration contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">800000</ifrs-full:AuditorsRemuneration>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">0</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">11400000</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">-11400000</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">0</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">11400000</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">-11400000</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">0</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">11400000</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">-11400000</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">11400000</ifrs-full:Goodwill>
<ifrs-full:Goodwill contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-6">0</ifrs-full:Goodwill>
<ifrs-full:AdditionalRecognitionGoodwill contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-6">0</ifrs-full:AdditionalRecognitionGoodwill>
<ifrs-full:AdditionalRecognitionGoodwill contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-6">0</ifrs-full:AdditionalRecognitionGoodwill>
<ifrs-full:AdditionalRecognitionGoodwill contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-6">0</ifrs-full:AdditionalRecognitionGoodwill>
<ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">-11400000</ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill>
<ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-6">0</ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill>
<ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-6">0</ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill>
<ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">40800000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
<ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">1100000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
<ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">103100000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
<ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-6">1000000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
<ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">162700000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
<ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">2200000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">15900000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">16300000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">1600000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">1600000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">14300000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">14300000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">100000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">100000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">30200000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">30200000</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-6">0</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DisposalsPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-6">0</ifrs-full:DisposalsPropertyPlantAndEquipment>
<ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">120400000</ifrs-full:DepreciationPropertyPlantAndEquipment>
<ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">1800000</ifrs-full:DepreciationPropertyPlantAndEquipment>
<ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">113600000</ifrs-full:DepreciationPropertyPlantAndEquipment>
<ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">900000</ifrs-full:DepreciationPropertyPlantAndEquipment>
<ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">113400000</ifrs-full:DepreciationPropertyPlantAndEquipment>
<ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_OtherPropertyPlantAndEquipmentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">1100000</ifrs-full:DepreciationPropertyPlantAndEquipment>
<ifrs-full:IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">105400000</ifrs-full:IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment>
<ifrs-full:IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-6">0</ifrs-full:IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment>
<ifrs-full:IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">81800000</ifrs-full:IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-6">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-6">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-6">0</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">14500000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">59600000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">9900000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedDepreciationAmortisationAndImpairmentMember" unitRef="USD" decimals="-5">20400000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">54600000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">8500000</ifrs-full:DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">173600000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">3600000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">3200000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment>
<trmd:PrepaymentsOnVesselsAdditions contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-5">76900000</trmd:PrepaymentsOnVesselsAdditions>
<trmd:PrepaymentsOnVesselsAdditions contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-5">44300000</trmd:PrepaymentsOnVesselsAdditions>
<trmd:PrepaymentsOnVesselsAdditions contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-5">38900000</trmd:PrepaymentsOnVesselsAdditions>
<trmd:PrepaymentsOnVesselsTransferredToFromOtherItems contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-5">105400000</trmd:PrepaymentsOnVesselsTransferredToFromOtherItems>
<trmd:PrepaymentsOnVesselsTransferredToFromOtherItems contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-6">0</trmd:PrepaymentsOnVesselsTransferredToFromOtherItems>
<trmd:PrepaymentsOnVesselsTransferredToFromOtherItems contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-5">81800000</trmd:PrepaymentsOnVesselsTransferredToFromOtherItems>
<ifrs-full:InterestCostsCapitalised contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-5">80400000</ifrs-full:InterestCostsCapitalised>
<ifrs-full:InterestCostsCapitalised contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-5">68100000</ifrs-full:InterestCostsCapitalised>
<ifrs-full:InterestCostsCapitalised contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfPropertyPlantAndEquipmentAxis_VesselsAndCapitalizedDryDockingMember" unitRef="USD" decimals="-5">67500000</ifrs-full:InterestCostsCapitalised>
<trmd:PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">P10Y</trmd:PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates>
<trmd:ImpairmentLossInCaseClarksonFreightRatesWereUsed contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">39000000</trmd:ImpairmentLossInCaseClarksonFreightRatesWereUsed>
<ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.088</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
<ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.087</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
<ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.083</ifrs-full:DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_VesselClassAxis_VesselClassLrTwoMember" unitRef="USD" decimals="-3">20176000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_VesselClassAxis_VesselClassLrOneMember" unitRef="USD" decimals="-3">17124000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_VesselClassAxis_VesselClassMrMember" unitRef="USD" decimals="-3">15118000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_VesselClassAxis_VesselClassHandysizeMember" unitRef="USD" decimals="-3">15203000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_VesselClassAxis_VesselClassLrTwoMember" unitRef="USD" decimals="-3">17216000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_VesselClassAxis_VesselClassLrOneMember" unitRef="USD" decimals="-3">16445000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_VesselClassAxis_VesselClassMrMember" unitRef="USD" decimals="-3">15794000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_VesselClassAxis_VesselClassHandysizeMember" unitRef="USD" decimals="-3">14416000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_VesselClassAxis_VesselClassLrTwoMember" unitRef="USD" decimals="-3">18003000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_VesselClassAxis_VesselClassLrOneMember" unitRef="USD" decimals="-3">16907000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_VesselClassAxis_VesselClassMrMember" unitRef="USD" decimals="-3">15349000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_VesselClassAxis_VesselClassHandysizeMember" unitRef="USD" decimals="-3">13968000</trmd:AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation>
<trmd:DescriptionOfHistoricalAverageSpotFreightRates contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">10-year</trmd:DescriptionOfHistoricalAverageSpotFreightRates>
<trmd:PercentageOfAdjustmentOfOperatingExpensesForInflation contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="2">0.03</trmd:PercentageOfAdjustmentOfOperatingExpensesForInflation>
<trmd:PercentageOfAdjustmentOfOperatingExpensesForInflation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">0.02</trmd:PercentageOfAdjustmentOfOperatingExpensesForInflation>
<trmd:PercentageOfAdjustmentOfAdministrativeExpensesForInflation contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="2">0.02</trmd:PercentageOfAdjustmentOfAdministrativeExpensesForInflation>
<trmd:PercentageOfAdjustmentOfAdministrativeExpensesForInflation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">0.02</trmd:PercentageOfAdjustmentOfAdministrativeExpensesForInflation>
<trmd:ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">P25Y</trmd:ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod>
<trmd:AverageRemainingLifeOfTanker contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">P15Y</trmd:AverageRemainingLifeOfTanker>
<trmd:SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">1000000</trmd:SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates>
<trmd:SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">256000000</trmd:SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates>
<trmd:SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.010</trmd:SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital>
<trmd:SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">USD 108-122m</trmd:SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital>
<trmd:SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.100</trmd:SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses>
<trmd:SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">181000000</trmd:SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses>

<ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">1664000000</ifrs-full:RecoverableAmountOfAssetOrCashgeneratingUnit>
<ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">39000000</ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount>
<ifrs-full:InterestIncomeOnCashAndCashEquivalents contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5" id="Footnote-8_1">200000</ifrs-full:InterestIncomeOnCashAndCashEquivalents>
<ifrs-full:InterestIncomeOnCashAndCashEquivalents contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5" id="Footnote-8_2">1600000</ifrs-full:InterestIncomeOnCashAndCashEquivalents>
<ifrs-full:InterestIncomeOnCashAndCashEquivalents contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-8_3">2700000</ifrs-full:InterestIncomeOnCashAndCashEquivalents>
<ifrs-full:NetForeignExchangeGain contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">2600000</ifrs-full:NetForeignExchangeGain>
<ifrs-full:NetForeignExchangeGain contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">2700000</ifrs-full:NetForeignExchangeGain>
<ifrs-full:NetForeignExchangeGain contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">600000</ifrs-full:NetForeignExchangeGain>
<ifrs-full:InterestExpenseOnBorrowings contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5" id="Footnote-8_4">29600000</ifrs-full:InterestExpenseOnBorrowings>
<ifrs-full:InterestExpenseOnBorrowings contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5" id="Footnote-8_5">33300000</ifrs-full:InterestExpenseOnBorrowings>
<ifrs-full:InterestExpenseOnBorrowings contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-8_6">35700000</ifrs-full:InterestExpenseOnBorrowings>
<ifrs-full:NetForeignExchangeLoss contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">2500000</ifrs-full:NetForeignExchangeLoss>
<ifrs-full:NetForeignExchangeLoss contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">3200000</ifrs-full:NetForeignExchangeLoss>
<ifrs-full:NetForeignExchangeLoss contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">100000</ifrs-full:NetForeignExchangeLoss>
<ifrs-full:InterestExpenseOnOtherFinancialLiabilities contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">3600000</ifrs-full:InterestExpenseOnOtherFinancialLiabilities>
<ifrs-full:InterestExpenseOnOtherFinancialLiabilities contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">1700000</ifrs-full:InterestExpenseOnOtherFinancialLiabilities>
<ifrs-full:InterestExpenseOnOtherFinancialLiabilities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">900000</ifrs-full:InterestExpenseOnOtherFinancialLiabilities>
<ifrs-full:FinanceIncomeCost contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-34500000</ifrs-full:FinanceIncomeCost>
<ifrs-full:FinanceIncomeCost contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-36300000</ifrs-full:FinanceIncomeCost>
<ifrs-full:FinanceIncomeCost contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">-36000000</ifrs-full:FinanceIncomeCost>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">62500000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">65100000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">2600000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ImpairmentOfFinancialAssetsAxis_FinancialAssetsNeitherPastDueNorImpairedMember" unitRef="USD" decimals="-5">28700000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueButNotImpairedMember_PastDueStatusAxis_CurrentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">13000000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueButNotImpairedMember_PastDueStatusAxis_LaterThanOneMonthAndNotLaterThanSixMonthsMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">18700000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueAndImpairedMember_PastDueStatusAxis_LaterThanSixMonthsMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">4700000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsIndividuallyAssessedForCreditLossesMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">500000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">71300000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">72600000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">1300000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ImpairmentOfFinancialAssetsAxis_FinancialAssetsNeitherPastDueNorImpairedMember" unitRef="USD" decimals="-5">25500000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueButNotImpairedMember_PastDueStatusAxis_CurrentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">26000000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueButNotImpairedMember_PastDueStatusAxis_LaterThanOneMonthAndNotLaterThanSixMonthsMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-6">184000000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueAndImpairedMember_PastDueStatusAxis_LaterThanSixMonthsMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">2700000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsIndividuallyAssessedForCreditLossesMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">0</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">86000000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">87700000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">1700000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember_ImpairmentOfFinancialAssetsAxis_FinancialAssetsNeitherPastDueNorImpairedMember" unitRef="USD" decimals="-6">44000000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueButNotImpairedMember_PastDueStatusAxis_CurrentMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">18800000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueButNotImpairedMember_PastDueStatusAxis_LaterThanOneMonthAndNotLaterThanSixMonthsMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">20500000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsPastDueAndImpairedMember_PastDueStatusAxis_LaterThanSixMonthsMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_GrossCarryingAmountMember" unitRef="USD" decimals="-5">4400000</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsIndividuallyAssessedForCreditLossesMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">0</ifrs-full:TradeReceivables>
<ifrs-full:TradeReceivables contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">1700000</ifrs-full:TradeReceivables>
<trmd:AcquisitionsThroughBusinessCombinationsTradeReceivables contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">1900000</trmd:AcquisitionsThroughBusinessCombinationsTradeReceivables>
<trmd:AcquisitionsThroughBusinessCombinationsTradeReceivables contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">600000</trmd:AcquisitionsThroughBusinessCombinationsTradeReceivables>
<trmd:AcquisitionsThroughBusinessCombinationsTradeReceivables contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">1700000</trmd:AcquisitionsThroughBusinessCombinationsTradeReceivables>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-6">-1000000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">-1900000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables>
<ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-6">-1000000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossTradeReceivables>
<ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-6">0</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
<ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-6">0</ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables>
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<ifrs-full:DeferredTaxLiabilityAsset contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="USD" decimals="-5">45100000</ifrs-full:DeferredTaxLiabilityAsset>
<ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-100000</ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset>
<ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-100000</ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset>
<ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">100000</ifrs-full:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset>
<ifrs-full:IncreaseDecreaseInDeferredTaxLiabilityAsset contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:IncreaseDecreaseInDeferredTaxLiabilityAsset>
<ifrs-full:IncreaseDecreaseInDeferredTaxLiabilityAsset contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:IncreaseDecreaseInDeferredTaxLiabilityAsset>
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<ifrs-full:ApplicableTaxRate contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">-0.006</ifrs-full:ApplicableTaxRate>
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<ifrs-full:ApplicableTaxRate contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.047</ifrs-full:ApplicableTaxRate>
<trmd:NumberOfTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-2">312900</trmd:NumberOfTreasurySharesHeld>
<trmd:NumberOfTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-2">312900</trmd:NumberOfTreasurySharesHeld>
<trmd:NumberOfTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-2">312900</trmd:NumberOfTreasurySharesHeld>
<trmd:NumberOfTreasurySharesHeld contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="shares" decimals="-2">15300</trmd:NumberOfTreasurySharesHeld>
<trmd:IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-2">312900</trmd:IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares>
<trmd:IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-3">0</trmd:IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares>
<trmd:IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-3">0</trmd:IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares>
<trmd:DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-2">15300</trmd:DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares>
<trmd:DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-3">0</trmd:DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares>
<trmd:DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-3">0</trmd:DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares>
<trmd:DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-3">0</trmd:DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares>
<trmd:DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-3">0</trmd:DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares>
<trmd:DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-3">0</trmd:DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares>
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<trmd:NominalValueOfTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-2">3100</trmd:NominalValueOfTreasurySharesHeld>

<trmd:IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-2">3100</trmd:IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares>
<trmd:IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">0</trmd:IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares>
<trmd:IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">0</trmd:IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares>
<ifrs-full:CancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-2">200</ifrs-full:CancellationOfTreasuryShares>
<ifrs-full:CancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">0</ifrs-full:CancellationOfTreasuryShares>
<ifrs-full:CancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">0</ifrs-full:CancellationOfTreasuryShares>
<ifrs-full:SaleOrIssueOfTreasuryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">0</ifrs-full:SaleOrIssueOfTreasuryShares>
<ifrs-full:SaleOrIssueOfTreasuryShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">0</ifrs-full:SaleOrIssueOfTreasuryShares>
<ifrs-full:SaleOrIssueOfTreasuryShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">0</ifrs-full:SaleOrIssueOfTreasuryShares>
<trmd:PercentageOfShareCapitalAsTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.005</trmd:PercentageOfShareCapitalAsTreasurySharesHeld>
<trmd:PercentageOfShareCapitalAsTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.005</trmd:PercentageOfShareCapitalAsTreasurySharesHeld>
<trmd:PercentageOfShareCapitalAsTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.004</trmd:PercentageOfShareCapitalAsTreasurySharesHeld>
<trmd:PercentageOfShareCapitalAsTreasurySharesHeld contextRef="Context_As_Of_01_Jan_2016T00_00_00_TO_31_Dec_2015T00_00_00" unitRef="pure" decimals="3">0.002</trmd:PercentageOfShareCapitalAsTreasurySharesHeld>
<trmd:IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.005</trmd:IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares>
<trmd:IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="2">0.00</trmd:IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares>
<trmd:IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">0.00</trmd:IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares>
<trmd:DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.002</trmd:DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares>
<trmd:DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="2">0.00</trmd:DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares>
<trmd:DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">0.00</trmd:DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares>
<trmd:DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="2">0.00</trmd:DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares>
<trmd:DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="2">0.00</trmd:DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares>
<trmd:DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">0.00</trmd:DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares>
<trmd:NumberOfVotesInShareCapital contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Vote" decimals="INF">350000000</trmd:NumberOfVotesInShareCapital>
<trmd:MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Share" decimals="2">0.33</trmd:MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification>
<trmd:NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">P5D</trmd:NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt>
<trmd:MinimumNumberOfBoardMembersConfirmingWrittenNotice contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Board_Member" decimals="2">0.66</trmd:MinimumNumberOfBoardMembersConfirmingWrittenNotice>
<trmd:MarketValueOfTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">2800000</trmd:MarketValueOfTreasurySharesHeld>
<trmd:MarketValueOfTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">2700000</trmd:MarketValueOfTreasurySharesHeld>
<trmd:MarketValueOfTreasurySharesHeld contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">2100000</trmd:MarketValueOfTreasurySharesHeld>
<trmd:PartnersAndCommercialManagements contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">1400000</trmd:PartnersAndCommercialManagements>
<trmd:PartnersAndCommercialManagements contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">1200000</trmd:PartnersAndCommercialManagements>
<ifrs-full:AccrualsClassifiedAsCurrent contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">8500000</ifrs-full:AccrualsClassifiedAsCurrent>
<ifrs-full:AccrualsClassifiedAsCurrent contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">9100000</ifrs-full:AccrualsClassifiedAsCurrent>
<ifrs-full:CurrentInterestPayable contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">5200000</ifrs-full:CurrentInterestPayable>
<ifrs-full:CurrentInterestPayable contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">4600000</ifrs-full:CurrentInterestPayable>
<ifrs-full:ProvisionsForEmployeeBenefits contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">16300000</ifrs-full:ProvisionsForEmployeeBenefits>
<ifrs-full:ProvisionsForEmployeeBenefits contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">16100000</ifrs-full:ProvisionsForEmployeeBenefits>
<ifrs-full:CurrentDerivativeFinancialLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:CurrentDerivativeFinancialLiabilities>
<ifrs-full:CurrentDerivativeFinancialLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">3400000</ifrs-full:CurrentDerivativeFinancialLiabilities>
<trmd:CurrentPayablesToJointVentures contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">100000</trmd:CurrentPayablesToJointVentures>
<trmd:CurrentPayablesToJointVentures contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">100000</trmd:CurrentPayablesToJointVentures>
<trmd:OtherMiscellneousCurrentLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">2300000</trmd:OtherMiscellneousCurrentLiabilities>
<trmd:OtherMiscellneousCurrentLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">2000000</trmd:OtherMiscellneousCurrentLiabilities>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_CeximFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_CeximFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsInterestRateBasis contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_CeximFacilityMember">Floating</ifrs-full:BorrowingsInterestRateBasis>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember">2019</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember">2021</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember">2021</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember">2022</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember">2021</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember">2021</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember">2021</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember">2022</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember">2022</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember">2024</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember">2021</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember">2021</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember">2021</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember">2022</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember">2022</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember">2024</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsMaturity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_CeximFacilityMember">2030</ifrs-full:BorrowingsMaturity>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3" id="Footnote-9_1">0.046</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember" unitRef="pure" decimals="3" id="Footnote-9_2">0.046</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember" unitRef="pure" decimals="3" id="Footnote-9_3">0.046</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember" unitRef="pure" decimals="3" id="Footnote-9_4">0.046</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember" unitRef="pure" decimals="3" id="Footnote-9_5">0.048</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3" id="Footnote-9_6">0.051</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember" unitRef="pure" decimals="3" id="Footnote-9_7">0.054</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember" unitRef="pure" decimals="2" id="Footnote-9_8">0.05</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember" unitRef="pure" decimals="2" id="Footnote-9_9">0.05</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember" unitRef="pure" decimals="3" id="Footnote-9_10">0.051</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember" unitRef="pure" decimals="3" id="Footnote-9_11">0.054</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember" unitRef="pure" decimals="3" id="Footnote-9_12">0.046</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3" id="Footnote-9_13">0.056</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityMember" unitRef="pure" decimals="3" id="Footnote-9_14">0.056</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityMember" unitRef="pure" decimals="2" id="Footnote-9_15">0.06</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityTwoMember" unitRef="pure" decimals="3" id="Footnote-9_16">0.056</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_DsfFacilityThreeMember" unitRef="pure" decimals="3" id="Footnote-9_17">0.056</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_TermFacilityTwoMember" unitRef="pure" decimals="3" id="Footnote-9_18">0.054</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_IngFacilityMember" unitRef="pure" decimals="3" id="Footnote-9_19">0.046</ifrs-full:BorrowingsInterestRate>
<ifrs-full:BorrowingsInterestRate contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfInterestRatesAxis_FloatingInterestRateMember_BorrowingsByNameAxis_CeximFacilityMember" unitRef="pure" decimals="3" id="Footnote-9_20">0.053</ifrs-full:BorrowingsInterestRate>
<ifrs-full:ShorttermBorrowings contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5" id="Footnote-4_28">75900000</ifrs-full:ShorttermBorrowings>
<ifrs-full:ShorttermBorrowings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6" id="Footnote-4_29">86000000</ifrs-full:ShorttermBorrowings>
<ifrs-full:ShorttermBorrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-4_30">92200000</ifrs-full:ShorttermBorrowings>
<trmd:CarryingAmountOfVesselsForCollateralHeldAsSecurity contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">1259000000</trmd:CarryingAmountOfVesselsForCollateralHeldAsSecurity>
<trmd:CarryingAmountOfVesselsForCollateralHeldAsSecurity contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">1314000000</trmd:CarryingAmountOfVesselsForCollateralHeldAsSecurity>
<ifrs-full:CommitmentsMadeByEntityRelatedPartyTransactions contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">100000</ifrs-full:CommitmentsMadeByEntityRelatedPartyTransactions>
<ifrs-full:CommitmentsMadeByEntityRelatedPartyTransactions contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">100000</ifrs-full:CommitmentsMadeByEntityRelatedPartyTransactions>
<trmd:MortgageDebtAndBankBorrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-10_1">729500000</trmd:MortgageDebtAndBankBorrowings>
<trmd:MortgageDebtAndBankBorrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5" id="Footnote-10_2">92200000</trmd:MortgageDebtAndBankBorrowings>
<trmd:MortgageDebtAndBankBorrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5" id="Footnote-10_3">87600000</trmd:MortgageDebtAndBankBorrowings>
<trmd:MortgageDebtAndBankBorrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-5" id="Footnote-10_4">343400000</trmd:MortgageDebtAndBankBorrowings>
<trmd:MortgageDebtAndBankBorrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-5" id="Footnote-10_5">96900000</trmd:MortgageDebtAndBankBorrowings>
<trmd:MortgageDebtAndBankBorrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6" id="Footnote-10_6">10000000</trmd:MortgageDebtAndBankBorrowings>
<trmd:MortgageDebtAndBankBorrowings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-5" id="Footnote-10_7">99400000</trmd:MortgageDebtAndBankBorrowings>
<trmd:InterestPaymentsForScheduledInterestFixing contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">80900000</trmd:InterestPaymentsForScheduledInterestFixing>
<trmd:InterestPaymentsForScheduledInterestFixing contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5">21900000</trmd:InterestPaymentsForScheduledInterestFixing>
<trmd:InterestPaymentsForScheduledInterestFixing contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5">19400000</trmd:InterestPaymentsForScheduledInterestFixing>
<trmd:InterestPaymentsForScheduledInterestFixing contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-6">16000000</trmd:InterestPaymentsForScheduledInterestFixing>
<trmd:InterestPaymentsForScheduledInterestFixing contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-5">7700000</trmd:InterestPaymentsForScheduledInterestFixing>
<trmd:InterestPaymentsForScheduledInterestFixing contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-5">6200000</trmd:InterestPaymentsForScheduledInterestFixing>
<trmd:InterestPaymentsForScheduledInterestFixing contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-5">9700000</trmd:InterestPaymentsForScheduledInterestFixing>
<trmd:EstimatedVariableInterestPayments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-11_1">38800000</trmd:EstimatedVariableInterestPayments>
<trmd:EstimatedVariableInterestPayments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5" id="Footnote-11_2">11200000</trmd:EstimatedVariableInterestPayments>
<trmd:EstimatedVariableInterestPayments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5" id="Footnote-11_3">10500000</trmd:EstimatedVariableInterestPayments>
<trmd:EstimatedVariableInterestPayments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-5" id="Footnote-11_4">8800000</trmd:EstimatedVariableInterestPayments>
<trmd:EstimatedVariableInterestPayments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-5" id="Footnote-11_5">200000</trmd:EstimatedVariableInterestPayments>
<trmd:EstimatedVariableInterestPayments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-5" id="Footnote-11_6">-600000</trmd:EstimatedVariableInterestPayments>
<trmd:EstimatedVariableInterestPayments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-5" id="Footnote-11_7">8700000</trmd:EstimatedVariableInterestPayments>
<ifrs-full:FinanceLeaseLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">25300000</ifrs-full:FinanceLeaseLiabilities>
<ifrs-full:FinanceLeaseLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5">3200000</ifrs-full:FinanceLeaseLiabilities>
<ifrs-full:FinanceLeaseLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5">3400000</ifrs-full:FinanceLeaseLiabilities>
<ifrs-full:FinanceLeaseLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-5">3700000</ifrs-full:FinanceLeaseLiabilities>
<ifrs-full:FinanceLeaseLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-6">15000000</ifrs-full:FinanceLeaseLiabilities>
<ifrs-full:FinanceLeaseLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:FinanceLeaseLiabilities>
<ifrs-full:FinanceLeaseLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:FinanceLeaseLiabilities>
<trmd:InterestPayableOnFinanceLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">5400000</trmd:InterestPayableOnFinanceLeaseObligation>
<trmd:InterestPayableOnFinanceLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-6">2000000</trmd:InterestPayableOnFinanceLeaseObligation>
<trmd:InterestPayableOnFinanceLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5">1700000</trmd:InterestPayableOnFinanceLeaseObligation>
<trmd:InterestPayableOnFinanceLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-5">1400000</trmd:InterestPayableOnFinanceLeaseObligation>
<trmd:InterestPayableOnFinanceLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-5">300000</trmd:InterestPayableOnFinanceLeaseObligation>
<trmd:InterestPayableOnFinanceLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6">0</trmd:InterestPayableOnFinanceLeaseObligation>
<trmd:InterestPayableOnFinanceLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-6">0</trmd:InterestPayableOnFinanceLeaseObligation>
<trmd:NewbuildingInstallments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6" id="Footnote-12_1">258000000</trmd:NewbuildingInstallments>
<trmd:NewbuildingInstallments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5" id="Footnote-12_2">232400000</trmd:NewbuildingInstallments>
<trmd:NewbuildingInstallments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5" id="Footnote-12_3">25600000</trmd:NewbuildingInstallments>
<trmd:NewbuildingInstallments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-6" id="Footnote-12_4">0</trmd:NewbuildingInstallments>
<trmd:NewbuildingInstallments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-6" id="Footnote-12_5">0</trmd:NewbuildingInstallments>
<trmd:NewbuildingInstallments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6" id="Footnote-12_6">0</trmd:NewbuildingInstallments>
<trmd:NewbuildingInstallments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-6" id="Footnote-12_7">0</trmd:NewbuildingInstallments>
<ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">22600000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5">22600000</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease>
<trmd:OtherOperatingLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-13_1">6200000</trmd:OtherOperatingLeaseObligation>
<trmd:OtherOperatingLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5" id="Footnote-13_2">2800000</trmd:OtherOperatingLeaseObligation>
<trmd:OtherOperatingLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5" id="Footnote-13_3">1200000</trmd:OtherOperatingLeaseObligation>
<trmd:OtherOperatingLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-5" id="Footnote-13_4">900000</trmd:OtherOperatingLeaseObligation>
<trmd:OtherOperatingLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-5" id="Footnote-13_5">900000</trmd:OtherOperatingLeaseObligation>
<trmd:OtherOperatingLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-5" id="Footnote-13_6">400000</trmd:OtherOperatingLeaseObligation>
<trmd:OtherOperatingLeaseObligation contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-6" id="Footnote-13_7">0</trmd:OtherOperatingLeaseObligation>
<ifrs-full:TradeAndOtherPayables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">59300000</ifrs-full:TradeAndOtherPayables>
<ifrs-full:TradeAndOtherPayables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5">59300000</ifrs-full:TradeAndOtherPayables>
<ifrs-full:TradeAndOtherPayables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:TradeAndOtherPayables>
<ifrs-full:TradeAndOtherPayables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:TradeAndOtherPayables>
<ifrs-full:TradeAndOtherPayables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:TradeAndOtherPayables>
<ifrs-full:TradeAndOtherPayables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:TradeAndOtherPayables>
<ifrs-full:TradeAndOtherPayables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:TradeAndOtherPayables>
<ifrs-full:ContractualCapitalCommitments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-4">1226000000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5">447600000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5">149400000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-5">374200000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-6">121000000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6">16000000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:ContractualCapitalCommitments contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-5">117800000</ifrs-full:ContractualCapitalCommitments>
<ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">749100000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">749600000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="Context_As_Of_01_Jan_2018T00_00_00_TO_31_Dec_2017T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LongtermBorrowingsMember" unitRef="USD" decimals="-5">720900000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="Context_As_Of_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LongtermBorrowingsMember" unitRef="USD" decimals="-5">724300000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="Context_As_Of_01_Jan_2018T00_00_00_TO_31_Dec_2017T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-5">28200000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<ifrs-full:LiabilitiesArisingFromFinancingActivities contextRef="Context_As_Of_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-5">25300000</ifrs-full:LiabilitiesArisingFromFinancingActivities>
<trmd:IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">114500000</trmd:IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities>
<trmd:IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LongtermBorrowingsMember" unitRef="USD" decimals="-5">114500000</trmd:IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities>
<trmd:IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-6">0</trmd:IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-113700000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LongtermBorrowingsMember" unitRef="USD" decimals="-5">-110800000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-5">-2900000</ifrs-full:IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LongtermBorrowingsMember" unitRef="USD" decimals="-6">0</ifrs-full:IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-6">0</ifrs-full:IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-300000</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LongtermBorrowingsMember" unitRef="USD" decimals="-5">-300000</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_LiabilitiesArisingFromFinancingActivitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-6">0</ifrs-full:IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">33600000</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5">21500000</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5">11300000</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-5">800000</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-6">0</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_VesselMember_MaturityAxis_NotLaterThanOneYearMember" unitRef="USD" decimals="-5" id="Footnote-14_1">21500000</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_VesselMember_MaturityAxis_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="USD" decimals="-5" id="Footnote-14_2">800000</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_VesselMember_MaturityAxis_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="USD" decimals="-5" id="Footnote-14_3">11300000</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_VesselMember_MaturityAxis_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="USD" decimals="-6" id="Footnote-14_4">0</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_VesselMember_MaturityAxis_LaterThanFourYearsAndNotLaterThanFiveYearsMember" unitRef="USD" decimals="-6" id="Footnote-14_5">0</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_VesselMember_MaturityAxis_LaterThanFiveYearsAndNotLaterThanTenYearsMember" unitRef="USD" decimals="-6" id="Footnote-14_6">0</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_VesselMember" unitRef="USD" decimals="-5" id="Footnote-14_7">33600000</ifrs-full:MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease>
<trmd:DirectIssuanceCostForBorrowings contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">4800000</trmd:DirectIssuanceCostForBorrowings>
<trmd:DirectIssuanceCostForBorrowings contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">5100000</trmd:DirectIssuanceCostForBorrowings>
<ifrs-full:BorrowingCostsCapitalised contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">3500000</ifrs-full:BorrowingCostsCapitalised>
<ifrs-full:BorrowingCostsCapitalised contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">1100000</ifrs-full:BorrowingCostsCapitalised>
<trmd:ExpectedNumberOfNewbuildingsToBeDelivered contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="Newbuilding" decimals="INF">10</trmd:ExpectedNumberOfNewbuildingsToBeDelivered>
<trmd:ExpectedNumberOfNewbuildingsToBeDelivered contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Newbuilding" decimals="INF">9</trmd:ExpectedNumberOfNewbuildingsToBeDelivered>
<trmd:OtherOperatingLeaseExpense contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">2300000</trmd:OtherOperatingLeaseExpense>
<trmd:OtherOperatingLeaseExpense contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">2500000</trmd:OtherOperatingLeaseExpense>
<trmd:AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00">P1Y1M6D</trmd:AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor>
<trmd:AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">P9M18D</trmd:AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">7500000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_SwapContractMember" unitRef="USD" decimals="-5">800000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardContractMember" unitRef="USD" decimals="-5">1800000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember" unitRef="USD" decimals="-5">5100000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember" unitRef="USD" decimals="-5">-200000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">300000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_SwapContractMember" unitRef="USD" decimals="-5">-1200000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardContractMember" unitRef="USD" decimals="-5">-1800000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember" unitRef="USD" decimals="-5">2800000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember" unitRef="USD" decimals="-5">500000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-6">-1000000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">-200000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_BunkerSwapContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-6">1000000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardExchangeContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">-3400000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">1600000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">6800000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">-300000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_BunkerSwapContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-6">0</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardExchangeContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">4400000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">2700000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">-7100000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">900000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_BunkerSwapContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-6">-2000000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardExchangeContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">-2400000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember_ComponentsOfEquityAxis_HedgingReserveMember" unitRef="USD" decimals="-5">-3600000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity>
<trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_SwapContractMember" unitRef="USD" decimals="-5">0</trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge>
<trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember" unitRef="USD" decimals="-5">-100000</trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge>
<trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_SwapContractMember" unitRef="USD" decimals="-5">1200000</trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge>
<trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember" unitRef="USD" decimals="-5">500000</trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge>
<trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_SwapContractMember" unitRef="USD" decimals="-5">1100000</trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge>
<trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardContractMember" unitRef="USD" decimals="-5">-1800000</trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge>
<trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember" unitRef="USD" decimals="-5">2800000</trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge>
<trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember" unitRef="USD" decimals="-5">-2100000</trmd:FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge>
<ifrs-full:NotionalAmount contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardContractMember" unitRef="DKK" decimals="-5">336400000</ifrs-full:NotionalAmount>
<ifrs-full:NotionalAmount contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember" unitRef="USD" decimals="-5">373800000</ifrs-full:NotionalAmount>
<ifrs-full:NotionalAmount contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardContractMember" unitRef="DKK" decimals="-5">257000000</ifrs-full:NotionalAmount>
<ifrs-full:NotionalAmount contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember" unitRef="USD" decimals="-5">406400000</ifrs-full:NotionalAmount>
<ifrs-full:NotionalAmount contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardContractMember" unitRef="DKK" decimals="-5">250000000</ifrs-full:NotionalAmount>
<ifrs-full:NotionalAmount contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfFinancialInstrumentsAxis_InterestRateSwapContractMember" unitRef="USD" decimals="-5">512800000</ifrs-full:NotionalAmount>
<trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-25000000</trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax>
<trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-24100000</trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax>
<trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax contextRef="Context_FYE_02_Jan_2019T00_00_00_TO_31_Dec_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ChangesInFreightRatesMember" unitRef="USD" decimals="-5">-25300000</trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax>
<trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-25000000</trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity>
<trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-24100000</trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity>
<trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity contextRef="Context_FYE_02_Jan_2019T00_00_00_TO_31_Dec_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ChangesInFreightRatesMember" unitRef="USD" decimals="-5">-25300000</trmd:SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity>
<trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-15600000</trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-18300000</trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax contextRef="Context_FYE_02_Jan_2019T00_00_00_TO_31_Dec_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ChangesInFreightRatesMember" unitRef="USD" decimals="-5">-20700000</trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-15600000</trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity>
<trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-18300000</trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity>
<trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity contextRef="Context_FYE_02_Jan_2019T00_00_00_TO_31_Dec_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ChangesInFreightRatesMember" unitRef="USD" decimals="-5">-20700000</trmd:SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity>
<trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-1700000</trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-2500000</trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax contextRef="Context_FYE_02_Jan_2019T00_00_00_TO_31_Dec_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ChangesInFreightRatesMember" unitRef="USD" decimals="-5">-2100000</trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-1700000</trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity>
<trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-2500000</trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity>
<trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity contextRef="Context_FYE_02_Jan_2019T00_00_00_TO_31_Dec_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ChangesInFreightRatesMember" unitRef="USD" decimals="-5">-2100000</trmd:SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity>
<trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-2500000</trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-3200000</trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax contextRef="Context_FYE_02_Jan_2019T00_00_00_TO_31_Dec_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ChangesInFreightRatesMember" unitRef="USD" decimals="-5">-2400000</trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax>
<trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">6800000</trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity>
<trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">3600000</trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity>
<trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity contextRef="Context_FYE_02_Jan_2019T00_00_00_TO_31_Dec_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ChangesInFreightRatesMember" unitRef="USD" decimals="-5">8000000</trmd:SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity>
<trmd:CoveragePeriodUnderAgreement contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_AgreementAxis_CargoContractsAndTimeCharteRagreementsMember_RangeAxis_BottomOfRangeMember">P6M</trmd:CoveragePeriodUnderAgreement>
<trmd:CoveragePeriodUnderAgreement contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_AgreementAxis_CargoContractsAndTimeCharteRagreementsMember_RangeAxis_TopOfRangeMember">P36M</trmd:CoveragePeriodUnderAgreement>
<trmd:CoveragePeriodUnderAgreement contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_AgreementAxis_ForwardFreightAgreementsMember_RangeAxis_BottomOfRangeMember">P0M</trmd:CoveragePeriodUnderAgreement>
<trmd:CoveragePeriodUnderAgreement contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_AgreementAxis_ForwardFreightAgreementsMember_RangeAxis_TopOfRangeMember">P24M</trmd:CoveragePeriodUnderAgreement>
<trmd:PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.104</trmd:PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements>
<trmd:PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.116</trmd:PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements>
<trmd:PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.131</trmd:PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements>
<trmd:PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.829</trmd:PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging>
<trmd:PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.658</trmd:PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging>
<trmd:PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.628</trmd:PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging>
<trmd:DerivativeNotionalContractValue contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_PositionTypeAxis_ShortPositionMember" unitRef="USD" decimals="-5">11700000</trmd:DerivativeNotionalContractValue>
<trmd:DerivativeNotionalContractValue contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_PositionTypeAxis_LongPositionMember" unitRef="USD" decimals="-5">2900000</trmd:DerivativeNotionalContractValue>
<trmd:DerivativeNotionalContractValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_PositionTypeAxis_ShortPositionMember" unitRef="USD" decimals="-5">44200000</trmd:DerivativeNotionalContractValue>
<trmd:DerivativeNotionalContractValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_PositionTypeAxis_LongPositionMember" unitRef="USD" decimals="-5">12200000</trmd:DerivativeNotionalContractValue>
<trmd:DerivativeNotionalContractValue contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_PositionTypeAxis_ShortPositionMember" unitRef="USD" decimals="-5">39600000</trmd:DerivativeNotionalContractValue>
<trmd:DerivativeNotionalContractValue contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_PositionTypeAxis_LongPositionMember" unitRef="USD" decimals="-5">18800000</trmd:DerivativeNotionalContractValue>
<trmd:DerivativesNonmonetaryNotionalAmountVolume contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_PositionTypeAxis_ShortPositionMember" unitRef="metric_tons" decimals="0">781000</trmd:DerivativesNonmonetaryNotionalAmountVolume>
<trmd:DerivativesNonmonetaryNotionalAmountVolume contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_PositionTypeAxis_LongPositionMember" unitRef="metric_tons" decimals="0">190000</trmd:DerivativesNonmonetaryNotionalAmountVolume>
<trmd:DerivativesNonmonetaryNotionalAmountVolume contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_PositionTypeAxis_ShortPositionMember" unitRef="metric_tons" decimals="0">1754000</trmd:DerivativesNonmonetaryNotionalAmountVolume>
<trmd:DerivativesNonmonetaryNotionalAmountVolume contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_PositionTypeAxis_LongPositionMember" unitRef="metric_tons" decimals="0">530000</trmd:DerivativesNonmonetaryNotionalAmountVolume>
<trmd:DerivativesNonmonetaryNotionalAmountVolume contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_PositionTypeAxis_ShortPositionMember" unitRef="metric_tons" decimals="0">2683000</trmd:DerivativesNonmonetaryNotionalAmountVolume>
<trmd:DerivativesNonmonetaryNotionalAmountVolume contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_PositionTypeAxis_LongPositionMember" unitRef="metric_tons" decimals="0">1447000</trmd:DerivativesNonmonetaryNotionalAmountVolume>
<trmd:PercentageOfCoverage contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.116</trmd:PercentageOfCoverage>
<trmd:PercentageOfCoverage contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.133</trmd:PercentageOfCoverage>
<trmd:PercentageOfCoverage contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.099</trmd:PercentageOfCoverage>
<trmd:NumberOfCompaniesToDiversifyRisk contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_RangeAxis_BottomOfRangeMember" unitRef="Company" decimals="INF">14</trmd:NumberOfCompaniesToDiversifyRisk>
<trmd:NumberOfCompaniesToDiversifyRisk contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_RangeAxis_TopOfRangeMember" unitRef="Company" decimals="INF">16</trmd:NumberOfCompaniesToDiversifyRisk>
<trmd:NumberOfProtectionAndIndemnityClubToDiversifyRisk contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Club" decimals="INF">2</trmd:NumberOfProtectionAndIndemnityClubToDiversifyRisk>
<trmd:CarryingValueOfFleet contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">1294500000</trmd:CarryingValueOfFleet>
<trmd:CarryingValueOfFleet contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">1396500000</trmd:CarryingValueOfFleet>
<trmd:MarketValueOfFleetExcludingUndeLiveredNewBuildings contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">1259600000</trmd:MarketValueOfFleetExcludingUndeLiveredNewBuildings>
<trmd:MarketValueOfFleetExcludingUndeLiveredNewBuildings contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">1322100000</trmd:MarketValueOfFleetExcludingUndeLiveredNewBuildings>
<trmd:NumberOfTankerSold contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_VesselClassAxis_VesselClassMrMember" unitRef="Tanker" decimals="INF">2</trmd:NumberOfTankerSold>
<trmd:NumberOfTankerSold contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_VesselClassAxis_VesselClassHandysizeMember" unitRef="Tanker" decimals="INF">2</trmd:NumberOfTankerSold>
<trmd:NumberOfTankerPurchased contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_VesselClassAxis_VesselClassLrTwoMember" unitRef="Tanker" decimals="INF">4</trmd:NumberOfTankerPurchased>
<trmd:NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Tanker" decimals="INF">9</trmd:NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears>
<trmd:PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.496</trmd:PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels>
<trmd:PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.553</trmd:PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels>
<trmd:PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.608</trmd:PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels>
<trmd:PercentageOfBunkerConsumptionHedged contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.009</trmd:PercentageOfBunkerConsumptionHedged>
<trmd:PercentageOfBunkerConsumptionHedged contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.033</trmd:PercentageOfBunkerConsumptionHedged>
<trmd:PercentageOfBunkerConsumptionHedged contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.048</trmd:PercentageOfBunkerConsumptionHedged>
<trmd:PercentageOfBunkerRequirementsForHedgingInstruments contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.016</trmd:PercentageOfBunkerRequirementsForHedgingInstruments>
<trmd:PercentageOfBunkerRequirementsForHedgingInstruments contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.021</trmd:PercentageOfBunkerRequirementsForHedgingInstruments>
<trmd:PercentageOfBunkerRequirementsForHedgingInstruments contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.020</trmd:PercentageOfBunkerRequirementsForHedgingInstruments>
<trmd:AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-8">1600000000</trmd:AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels>
<trmd:AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-8">1400000000</trmd:AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels>
<trmd:AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-8">1500000000</trmd:AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels>
<trmd:PercentageOfConcerntrationRisk contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.126</trmd:PercentageOfConcerntrationRisk>
<trmd:PercentageOfConcerntrationRisk contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.082</trmd:PercentageOfConcerntrationRisk>
<trmd:PercentageOfConcerntrationRisk contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.170</trmd:PercentageOfConcerntrationRisk>
<trmd:AveragePercentageOfDemurrageRevenueCollection contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.968</trmd:AveragePercentageOfDemurrageRevenueCollection>
<trmd:AveragePercentageOfDemurrageRevenueCollection contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.970</trmd:AveragePercentageOfDemurrageRevenueCollection>
<trmd:AveragePercentageOfDemurrageRevenueCollection contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.981</trmd:AveragePercentageOfDemurrageRevenueCollection>
<trmd:PercentageOfTotalFreightRevenuesAsDemurrage contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.150</trmd:PercentageOfTotalFreightRevenuesAsDemurrage>
<trmd:PercentageOfTotalFreightRevenuesAsDemurrage contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.168</trmd:PercentageOfTotalFreightRevenuesAsDemurrage>
<trmd:PercentageOfTotalFreightRevenuesAsDemurrage contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.146</trmd:PercentageOfTotalFreightRevenuesAsDemurrage>
<trmd:PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">1.000</trmd:PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk>
<trmd:PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">1.000</trmd:PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk>
<trmd:PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">1.000</trmd:PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk>
<trmd:PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.989</trmd:PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency>
<trmd:PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.979</trmd:PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency>
<trmd:PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.983</trmd:PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency>
<trmd:PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.267</trmd:PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency>
<trmd:PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.245</trmd:PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency>
<trmd:PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.234</trmd:PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency>
<trmd:PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.738</trmd:PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged>
<trmd:PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.620</trmd:PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged>
<trmd:PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.641</trmd:PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged>
<trmd:PercentageOfExposureToInterestRateRisk contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="3">0.679</trmd:PercentageOfExposureToInterestRateRisk>
<trmd:PercentageOfExposureToInterestRateRisk contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="3">0.632</trmd:PercentageOfExposureToInterestRateRisk>
<trmd:PercentageOfExposureToInterestRateRisk contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">0.662</trmd:PercentageOfExposureToInterestRateRisk>
<trmd:FloatingRateLoansDescriptionOfVariableRateBasis contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">3 months LIBOR</trmd:FloatingRateLoansDescriptionOfVariableRateBasis>
<trmd:IncreaseDecreaseInInterestBearingDebt contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_BorrowingsByNameAxis_InterestBearingDebtMember" unitRef="USD" decimals="-5">95300000</trmd:IncreaseDecreaseInInterestBearingDebt>
<trmd:IncreaseDecreaseInInterestBearingDebt contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_BorrowingsByNameAxis_InterestBearingDebtMember" unitRef="USD" decimals="-5">47500000</trmd:IncreaseDecreaseInInterestBearingDebt>
<trmd:IncreaseDecreaseInInterestBearingDebt contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_BorrowingsByNameAxis_InterestBearingDebtMember" unitRef="USD" decimals="-5">10300000</trmd:IncreaseDecreaseInInterestBearingDebt>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5" id="Footnote-15_1">7600000</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level1OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_FreightReceivablesMember" unitRef="USD" decimals="-6" id="Footnote-15_2">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level2OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_FreightReceivablesMember" unitRef="USD" decimals="-6" id="Footnote-15_3">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level3OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_FreightReceivablesMember" unitRef="USD" decimals="-6" id="Footnote-15_4">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialAssetsAxis_FreightReceivablesMember" unitRef="USD" decimals="-6" id="Footnote-15_5">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level1OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_OtherReceivablesMember" unitRef="USD" decimals="-6" id="Footnote-15_6">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level2OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_OtherReceivablesMember" unitRef="USD" decimals="-5" id="Footnote-15_7">7600000</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level3OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_OtherReceivablesMember" unitRef="USD" decimals="-6" id="Footnote-15_8">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialAssetsAxis_OtherReceivablesMember" unitRef="USD" decimals="-5" id="Footnote-15_9">7600000</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level1OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_CashAndCashEquivalentMember" unitRef="USD" decimals="-6" id="Footnote-15_10">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level2OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_CashAndCashEquivalentMember" unitRef="USD" decimals="-6" id="Footnote-15_11">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_LevelsOfFairValueHierarchyAxis_Level3OfFairValueHierarchyMember_CategoriesOfFinancialAssetsAxis_CashAndCashEquivalentMember" unitRef="USD" decimals="-6" id="Footnote-15_12">0</ifrs-full:FinancialAssetsAtFairValue>
<ifrs-full:FinancialAssetsAtFairValue contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialAssetsAxis_CashAndCashEquivalentMember" unitRef="USD" decimals="-6" id="Footnote-15_13">0</ifrs-full:FinancialAssetsAtFairValue>
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<ifrs-full:FinancialLiabilitiesAtAmortisedCost contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialLiabilitiesAxis_TradePayablesMember" unitRef="USD" decimals="-5" id="Footnote-15_83">26200000</ifrs-full:FinancialLiabilitiesAtAmortisedCost>
<ifrs-full:FinancialLiabilitiesAtAmortisedCost contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialLiabilitiesAxis_OtherLiabilityMember" unitRef="USD" decimals="-6" id="Footnote-15_84">34000000</ifrs-full:FinancialLiabilitiesAtAmortisedCost>
<ifrs-full:FinancialLiabilitiesAtAmortisedCost contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-15_85">817800000</ifrs-full:FinancialLiabilitiesAtAmortisedCost>
<ifrs-full:FinancialLiabilitiesAtAmortisedCost contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfFinancialLiabilitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-5" id="Footnote-15_86">25300000</ifrs-full:FinancialLiabilitiesAtAmortisedCost>
<ifrs-full:FinancialLiabilitiesAtAmortisedCost contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfFinancialLiabilitiesAxis_MortgageDebtAndBankLoansMember" unitRef="USD" decimals="-5" id="Footnote-16_10">724300000</ifrs-full:FinancialLiabilitiesAtAmortisedCost>
<ifrs-full:FinancialLiabilitiesAtAmortisedCost contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfFinancialLiabilitiesAxis_TradePayablesMember" unitRef="USD" decimals="-5" id="Footnote-15_87">35100000</ifrs-full:FinancialLiabilitiesAtAmortisedCost>
<ifrs-full:FinancialLiabilitiesAtAmortisedCost contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfFinancialLiabilitiesAxis_OtherLiabilityMember" unitRef="USD" decimals="-5" id="Footnote-15_88">33100000</ifrs-full:FinancialLiabilitiesAtAmortisedCost>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5" id="Footnote-15_89">809100000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialLiabilitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-5" id="Footnote-15_90">28200000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialLiabilitiesAxis_MortgageDebtAndBankLoansMember" unitRef="USD" decimals="-5" id="Footnote-16_11">720900000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialLiabilitiesAxis_TradePayablesMember" unitRef="USD" decimals="-5" id="Footnote-15_91">26200000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_CategoriesOfFinancialLiabilitiesAxis_OtherLiabilityMember" unitRef="USD" decimals="-5" id="Footnote-15_92">33800000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5" id="Footnote-15_93">821200000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfFinancialLiabilitiesAxis_LeaseLiabilitiesMember" unitRef="USD" decimals="-5" id="Footnote-15_94">25300000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfFinancialLiabilitiesAxis_MortgageDebtAndBankLoansMember" unitRef="USD" decimals="-5" id="Footnote-16_12">724300000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfFinancialLiabilitiesAxis_TradePayablesMember" unitRef="USD" decimals="-5" id="Footnote-15_95">35100000</ifrs-full:FinancialLiabilities>
<ifrs-full:FinancialLiabilities contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfFinancialLiabilitiesAxis_OtherLiabilityMember" unitRef="USD" decimals="-5" id="Footnote-15_96">36500000</ifrs-full:FinancialLiabilities>
<ifrs-full:NameOfUltimateParentOfGroup contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">Oaktree Capital Group, LLC,</ifrs-full:NameOfUltimateParentOfGroup>
<trmd:NumberOfVesselsSold contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="Vessel" decimals="0">8</trmd:NumberOfVesselsSold>
<trmd:NumberOfVesselsSold contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="Vessel" decimals="0">4</trmd:NumberOfVesselsSold>
<trmd:NumberOfVesselsDeliveredToNewOwner contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="Vessel" decimals="0">4</trmd:NumberOfVesselsDeliveredToNewOwner>
<trmd:NumberOfVesselsDeliveredToNewOwner contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="Vessel" decimals="0">3</trmd:NumberOfVesselsDeliveredToNewOwner>
<trmd:NumberOfVesselsExpectedToBeDelivered contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="Vessel" decimals="0">1</trmd:NumberOfVesselsExpectedToBeDelivered>
<trmd:NumberOfVesselsExpectedToBeDelivered contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="Vessel" decimals="0">1</trmd:NumberOfVesselsExpectedToBeDelivered>
<trmd:NumberOfRemainingVesselsSold contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="Vessel" decimals="0">3</trmd:NumberOfRemainingVesselsSold>
<trmd:ProfitLossFromSaleOfVessels contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="USD" decimals="-5">2800000</trmd:ProfitLossFromSaleOfVessels>
<trmd:ProfitLossFromSaleOfVessels contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="USD" decimals="-6">752000000</trmd:ProfitLossFromSaleOfVessels>
<trmd:ProfitLossFromSaleOfVessels contextRef="Context_Custom_02_Jan_2019T00_00_00_TO_04_Jan_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_ClassificationOfAssetsAsHeldForSaleMember" unitRef="USD" decimals="-5">-1100000</trmd:ProfitLossFromSaleOfVessels>
<trmd:ProfitLossFromSaleOfVessels contextRef="Context_Custom_02_Jan_2019T00_00_00_TO_19_Jan_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_MajorOrdinaryShareTransactionsMember" unitRef="USD" decimals="-5">1600000</trmd:ProfitLossFromSaleOfVessels>
<trmd:ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="USD" decimals="-5">3600000</trmd:ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets>
<trmd:ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ClassesOfAssetsAxis_NoncurrentAssetsHeldForSaleMember" unitRef="USD" decimals="-5">3200000</trmd:ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets>
<ifrs-full:AdjustmentsForAmortisationExpense contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-100000</ifrs-full:AdjustmentsForAmortisationExpense>
<ifrs-full:AdjustmentsForAmortisationExpense contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:AdjustmentsForAmortisationExpense>
<ifrs-full:AdjustmentsForAmortisationExpense contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:AdjustmentsForAmortisationExpense>
<ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-2400000</ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains>
<ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">1800000</ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains>
<ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">2000000</ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-6">2000000</ifrs-full:AdjustmentsForSharebasedPayments>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">1900000</ifrs-full:AdjustmentsForSharebasedPayments>
<ifrs-full:AdjustmentsForSharebasedPayments contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">0</ifrs-full:AdjustmentsForSharebasedPayments>
<trmd:AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-6400000</trmd:AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization>
<trmd:AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">0</trmd:AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization>
<trmd:AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">0</trmd:AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization>
<trmd:AdjustmentsForOtherNoncashItems contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-200000</trmd:AdjustmentsForOtherNoncashItems>
<trmd:AdjustmentsForOtherNoncashItems contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-6">0</trmd:AdjustmentsForOtherNoncashItems>
<trmd:AdjustmentsForOtherNoncashItems contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">0</trmd:AdjustmentsForOtherNoncashItems>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-7100000</ifrs-full:OtherAdjustmentsForNoncashItems>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">3700000</ifrs-full:OtherAdjustmentsForNoncashItems>
<ifrs-full:OtherAdjustmentsForNoncashItems contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">2000000</ifrs-full:OtherAdjustmentsForNoncashItems>
<trmd:AdjustmentsForIncreaseDecreaseInBunkers contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-6100000</trmd:AdjustmentsForIncreaseDecreaseInBunkers>
<trmd:AdjustmentsForIncreaseDecreaseInBunkers contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-1600000</trmd:AdjustmentsForIncreaseDecreaseInBunkers>
<trmd:AdjustmentsForIncreaseDecreaseInBunkers contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-6200000</trmd:AdjustmentsForIncreaseDecreaseInBunkers>
<ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">18200000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables>
<ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-12400000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables>
<ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-10400000</ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables>
<trmd:AdjustmentsForIncreaseDecreaseInPrepayments contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">2700000</trmd:AdjustmentsForIncreaseDecreaseInPrepayments>
<trmd:AdjustmentsForIncreaseDecreaseInPrepayments contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-1400000</trmd:AdjustmentsForIncreaseDecreaseInPrepayments>
<trmd:AdjustmentsForIncreaseDecreaseInPrepayments contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">1500000</trmd:AdjustmentsForIncreaseDecreaseInPrepayments>
<ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-2600000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables>
<ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-1600000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables>
<ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">11700000</ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables>
<trmd:AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-6">-1000000</trmd:AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments>
<trmd:AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">6900000</trmd:AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments>
<trmd:AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-7100000</trmd:AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments>
<ifrs-full:NameOfParentEntity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">TORM plc</ifrs-full:NameOfParentEntity>
<ifrs-full:CountryOfIncorporation contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">United Kingdom</ifrs-full:CountryOfIncorporation>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormAsMember" id="Footnote-17_1">TORM A/S</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_DkVesselHoldcoGpApsMember" id="Footnote-17_2">DK Vessel HoldCo GP ApS</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_DkVesselHoldcoKSMember" id="Footnote-17_3">DK Vessel HoldCo K/S</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmGibraltarNjordMidcoLtdMember" id="Footnote-17_4">OCM (Gibraltar) Njord Midco Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordCharteringIncMember" id="Footnote-17_5">OCM Njord Chartering Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAgnesPte.LtdMember" id="Footnote-18_1">OCM Singapore Njord Holdings Agnes, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAlicePte.LtdMember" id="Footnote-17_7">OCM Singapore Njord Holdings Alice, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" id="Footnote-17_8">OCM Singapore Njord Holdings Almena, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAmaliePte.LtdMember" id="Footnote-18_2">OCM Singapore Njord Holdings Amalie, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAslaugPte.LtdMember" id="Footnote-18_3">OCM Singapore Njord Holdings Aslaug, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsHardradaPte.LtdMember" id="Footnote-17_11">OCM Singapore Njord Holdings Hardrada, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" id="Footnote-17_12">OCM Singapore Njord Holdings St.Michaelis Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" id="Footnote-17_13">OCM Singapore Njord Holdings St. Gabriel Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsHaraldPte.LtdMember" id="Footnote-19_1">OCM Singapore Njord Holdings Harald Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsGormPte.LtdMember" id="Footnote-18_4">OCM Singapore Njord Holdings Gorm Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsKnutPte.LtdMember" id="Footnote-18_5">OCM Singapore Njord Holdings Knut Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsValdemarPte.LtdMember" id="Footnote-18_6">OCM Singapore Njord Holdings Valdemar Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAgnetePte.LtdMember" id="Footnote-17_18">OCM Singapore Njord Holdings Agnete, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember" id="Footnote-17_19">OCM Singapore Njord Holdings Alexandra, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAnabelPte.LtdMember" id="Footnote-18_7">OCM Singapore Njord Holdings Anabel, Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsArawaPte.LtdMember" id="Footnote-18_8">OCM Singapore Njord Holdings Arawa Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsLeifPte.LtdMember" id="Footnote-18_9">OCM Singapore Njord Holdings Leif Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsRolfPte.LtdMember" id="Footnote-19_2">OCM Singapore Njord Holdings Rolf Pte. Ltd</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmHoldingsMrsInc.Member" id="Footnote-17_24">OCM Holdings Mrs Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordAnneInc.Member" id="Footnote-20_1">OCM Njord Anne Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordFreyaInc.Member" id="Footnote-20_2">OCM Njord Freya Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordGerdInc.Member" id="Footnote-20_3">OCM Njord Gerd Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordGertrudInc.Member" id="Footnote-20_4">OCM Njord Gertrud Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordGunhildInc.Member" id="Footnote-20_5">OCM Njord Gunhild Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordHeleneInc.Member" id="Footnote-20_6">OCM Njord Helene Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordHelvigInc.Member" id="Footnote-20_7">OCM Njord Helvig Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordIngeborgInc.Member" id="Footnote-20_8">OCM Njord Ingeborg Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordMaryInc.Member" id="Footnote-20_9">OCM Njord Mary Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordRagnhildInc.Member" id="Footnote-20_10">OCM Njord Ragnhild Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordThyraInc.Member" id="Footnote-20_11">OCM Njord Thyra Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordValborgInc.Member" id="Footnote-20_12">OCM Njord Valborg Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordVitaInc.Member" id="Footnote-20_13">OCM Njord Vita Inc.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OmiHoldingLtd.Member" id="Footnote-18_10">OMI Holding Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TorghattenTormShipowningApsMember" id="Footnote-19_3">Torghatten &amp;amp; TORM Shipowning ApS</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormCrewingServiceLtd.Member" id="Footnote-17_40">TORM Crewing Service Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormShippingIndiaPrivateLimitedMember" id="Footnote-17_41">TORM Shipping India Private Limited</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormSingaporePte.Ltd.Member" id="Footnote-17_42">TORM Singapore Pte. Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormUsaLlcMember" id="Footnote-17_43">TORM USA LLC</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TtShipowningKSMember" id="Footnote-19_4">TT Shipowning K/S</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco1KSMember" id="Footnote-17_45">VesselCo 1 K/S</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco3KSMember" id="Footnote-21_1">VesselCo 3 K/S</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco5KSMember" id="Footnote-22_1">VesselCo 5 K/S</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco6Pte.Ltd.Member" id="Footnote-17_48">VesselCo 6 Pte. Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco7Pte.Ltd.Member" id="Footnote-17_49">VesselCo 7 Pte. Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco8Pte.Ltd.Member" id="Footnote-17_50">VesselCo 8 Pte. Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco9Pte.Ltd.Member" id="Footnote-23_1">VesselCo 9 Pte. Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco10Pte.Ltd.Member" id="Footnote-23_2">VesselCo 10 Pte. Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco11Pte.Ltd.Member" id="Footnote-23_3">VesselCo 11 Pte. Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco12Pte.Ltd.Member" id="Footnote-22_2">VesselCo 12 Pte. Ltd.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormShippingPhils.Inc.Member" id="Footnote-17_55">TORM SHIPPING (PHILS.), INC.</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoAApsMember" id="Footnote-17_56">VesselCo A ApS</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoCApsMember" id="Footnote-17_57">VesselCo C ApS</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoEApsMember" id="Footnote-22_3">VesselCo E ApS</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoFApsMember" id="Footnote-21_2">VesselCo F ApS</ifrs-full:NameOfSubsidiary>
<ifrs-full:NameOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco6KSMember" id="Footnote-17_60">VesselCo 6 K/S</ifrs-full:NameOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormAsMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_DkVesselHoldcoGpApsMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_DkVesselHoldcoKSMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmGibraltarNjordMidcoLtdMember">Gibraltar</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordCharteringIncMember">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAgnesPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAlicePte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAmaliePte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAslaugPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsHardradaPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsHaraldPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsGormPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsKnutPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsValdemarPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAgnetePte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAnabelPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsArawaPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsLeifPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsRolfPte.LtdMember">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmHoldingsMrsInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordAnneInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordFreyaInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordGerdInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordGertrudInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordGunhildInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordHeleneInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordHelvigInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordIngeborgInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordMaryInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordRagnhildInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordThyraInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordValborgInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordVitaInc.Member">Marshall Islands</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OmiHoldingLtd.Member">Mauritius</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TorghattenTormShipowningApsMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormCrewingServiceLtd.Member">Bermuda</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormShippingIndiaPrivateLimitedMember">India</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormSingaporePte.Ltd.Member">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormUsaLlcMember">USA</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TtShipowningKSMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco1KSMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco3KSMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
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<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco6Pte.Ltd.Member">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco7Pte.Ltd.Member">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco8Pte.Ltd.Member">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco9Pte.Ltd.Member">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco10Pte.Ltd.Member">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco11Pte.Ltd.Member">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco12Pte.Ltd.Member">Singapore</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormShippingPhils.Inc.Member">Philippines</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoAApsMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoCApsMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoEApsMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoFApsMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco6KSMember">Denmark</ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormAsMember" unitRef="pure" decimals="2" id="Footnote-24_1">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_DkVesselHoldcoGpApsMember" unitRef="pure" decimals="2" id="Footnote-24_2">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_DkVesselHoldcoKSMember" unitRef="pure" decimals="2" id="Footnote-24_3">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmGibraltarNjordMidcoLtdMember" unitRef="pure" decimals="2" id="Footnote-24_4">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmNjordCharteringIncMember" unitRef="pure" decimals="2" id="Footnote-24_5">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAgnesPte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_6">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAlicePte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_7">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_8">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAmaliePte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_9">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsAslaugPte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_10">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsHardradaPte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_11">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_12">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_13">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsHaraldPte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_14">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_OcmSingaporeNjordHoldingsGormPte.LtdMember" unitRef="pure" decimals="2" id="Footnote-24_15">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
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<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormSingaporePte.Ltd.Member" unitRef="pure" decimals="2" id="Footnote-24_42">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
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<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco10Pte.Ltd.Member" unitRef="pure" decimals="2" id="Footnote-24_52">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco11Pte.Ltd.Member" unitRef="pure" decimals="2" id="Footnote-24_53">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco12Pte.Ltd.Member" unitRef="pure" decimals="2" id="Footnote-24_54">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormShippingPhils.Inc.Member" unitRef="pure" decimals="2" id="Footnote-24_55">0.25</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoAApsMember" unitRef="pure" decimals="2" id="Footnote-24_56">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoCApsMember" unitRef="pure" decimals="2" id="Footnote-24_57">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoEApsMember" unitRef="pure" decimals="2" id="Footnote-24_58">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_VesselcoFApsMember" unitRef="pure" decimals="2" id="Footnote-24_59">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_SignificantInvestmentsInSubsidiariesAxis_Vesselco6KSMember" unitRef="pure" decimals="2" id="Footnote-24_60">1.00</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
<ifrs-full:CountryOfIncorporationOfJointVenture contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_JointVenturesAxis_LongRange2ASMember">Denmark</ifrs-full:CountryOfIncorporationOfJointVenture>
<ifrs-full:CountryOfIncorporationOfJointVenture contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_JointVenturesAxis_Lr2ManagementKSMember">Denmark</ifrs-full:CountryOfIncorporationOfJointVenture>
<ifrs-full:CountryOfIncorporationOfJointVenture contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_JointVenturesAxis_MarineExhaustTechnologyLtd.Member">Hong Kong</ifrs-full:CountryOfIncorporationOfJointVenture>
<ifrs-full:ProportionOfOwnershipInterestInJointVenture contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_JointVenturesAxis_LongRange2ASMember" unitRef="pure" decimals="2">0.50</ifrs-full:ProportionOfOwnershipInterestInJointVenture>
<ifrs-full:ProportionOfOwnershipInterestInJointVenture contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_JointVenturesAxis_Lr2ManagementKSMember" unitRef="pure" decimals="2">0.50</ifrs-full:ProportionOfOwnershipInterestInJointVenture>
<ifrs-full:ProportionOfOwnershipInterestInJointVenture contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_JointVenturesAxis_MarineExhaustTechnologyLtd.Member" unitRef="pure" decimals="2">0.28</ifrs-full:ProportionOfOwnershipInterestInJointVenture>
<ifrs-full:ProportionOfVotingPowerHeldInSubsidiary contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="2">1.00</ifrs-full:ProportionOfVotingPowerHeldInSubsidiary>
<trmd:WeightedAverageNumberOfSharesIssued contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-5">63100000</trmd:WeightedAverageNumberOfSharesIssued>
<trmd:WeightedAverageNumberOfSharesIssued contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-5">62300000</trmd:WeightedAverageNumberOfSharesIssued>
<trmd:WeightedAverageNumberOfSharesIssued contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-5">73400000</trmd:WeightedAverageNumberOfSharesIssued>
<trmd:WeightedAverageNumberOfSharesTreasuryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-5">200000</trmd:WeightedAverageNumberOfSharesTreasuryShares>
<trmd:WeightedAverageNumberOfSharesTreasuryShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-5">300000</trmd:WeightedAverageNumberOfSharesTreasuryShares>
<trmd:WeightedAverageNumberOfSharesTreasuryShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-5">300000</trmd:WeightedAverageNumberOfSharesTreasuryShares>
<ifrs-full:WeightedAverageShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-5">62900000</ifrs-full:WeightedAverageShares>
<ifrs-full:WeightedAverageShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-6">62000000</ifrs-full:WeightedAverageShares>
<ifrs-full:WeightedAverageShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-5">73100000</ifrs-full:WeightedAverageShares>
<ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-6">0</ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares>
<ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-6">0</ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares>
<ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-6">0</ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares>
<ifrs-full:AdjustedWeightedAverageShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-5">62900000</ifrs-full:AdjustedWeightedAverageShares>
<ifrs-full:AdjustedWeightedAverageShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-6">62000000</ifrs-full:AdjustedWeightedAverageShares>
<ifrs-full:AdjustedWeightedAverageShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-5">73100000</ifrs-full:AdjustedWeightedAverageShares>
<trmd:DividendPaidOnShares contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">25000000</trmd:DividendPaidOnShares>
<trmd:DividendPaidOnShares contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">1200000</trmd:DividendPaidOnShares>
<trmd:DividendPaidOnShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-6">0</trmd:DividendPaidOnShares>
<trmd:NumberOfSharesOnWhichDividendPaid contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="shares" decimals="-5">62300000</trmd:NumberOfSharesOnWhichDividendPaid>
<trmd:NumberOfSharesOnWhichDividendPaid contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="shares" decimals="-5">62300000</trmd:NumberOfSharesOnWhichDividendPaid>
<trmd:NumberOfSharesOnWhichDividendPaid contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="shares" decimals="-5">74200000</trmd:NumberOfSharesOnWhichDividendPaid>
<trmd:DividendPerShare contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD_per_Share" decimals="2">0.40</trmd:DividendPerShare>
<trmd:DividendPerShare contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD_per_Share" decimals="2">0.02</trmd:DividendPerShare>
<trmd:DividendPerShare contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD_per_Share" decimals="2">0.00</trmd:DividendPerShare>
<trmd:PercentageOfSharesExchanged contextRef="Context_As_Of_15_Apr_2016T00_00_00_TO_15_Apr_2016T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormAsMember" unitRef="pure" decimals="3">0.976</trmd:PercentageOfSharesExchanged>
<trmd:PercentageOfNonControllingInterestSharesAcquired contextRef="Context_As_Of_15_Apr_2016T00_00_00_TO_15_Apr_2016T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormAsMember" unitRef="pure" decimals="3">0.024</trmd:PercentageOfNonControllingInterestSharesAcquired>
<ifrs-full:CashTransferred contextRef="Context_As_Of_15_Apr_2016T00_00_00_TO_15_Apr_2016T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormAsMember" unitRef="USD" decimals="-5">19200000</ifrs-full:CashTransferred>
<trmd:RatioOfWarrantsExchanged contextRef="Context_As_Of_15_Apr_2016T00_00_00_TO_15_Apr_2016T00_00_00_SignificantInvestmentsInSubsidiariesAxis_TormAsMember" unitRef="ratio" decimals="0">1</trmd:RatioOfWarrantsExchanged>
<trmd:AssetAndLeasingLiability contextRef="Context_As_Of_01_Jan_2019T00_00_00_TO_01_Jan_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_MajorOrdinaryShareTransactionsMember" unitRef="USD" decimals="-5">11400000</trmd:AssetAndLeasingLiability>
<ifrs-full:InterestExpense contextRef="Context_Custom_25_Dec_2018T00_00_00_TO_01_Jan_2019T00_00_00_NonadjustingEventsAfterReportingPeriodAxis_MajorOrdinaryShareTransactionsMember" unitRef="USD" decimals="-5">2900000</ifrs-full:InterestExpense>
<trmd:CommitmentFee contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">1600000</trmd:CommitmentFee>
<trmd:CommitmentFee contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">2400000</trmd:CommitmentFee>
<trmd:CommitmentFee contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">2600000</trmd:CommitmentFee>
<trmd:OtherChanges contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-5">-2900000</trmd:OtherChanges>
<trmd:OtherChanges contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-2900000</trmd:OtherChanges>
<trmd:OtherChanges contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-2200000</trmd:OtherChanges>
<ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">-60000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
<ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">120000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
<ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">-48000</ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans>
<ifrs-full:SharePremium contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">97092000</ifrs-full:SharePremium>
<ifrs-full:ProceedsFromIssuingShares contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">99999000</ifrs-full:ProceedsFromIssuingShares>
<ifrs-full:IssueOfEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">99999000</ifrs-full:IssueOfEquity>
<ifrs-full:IssueOfEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_IssuedCapitalMember" unitRef="USD" decimals="-3">119000</ifrs-full:IssueOfEquity>
<ifrs-full:IssueOfEquity contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_SharePremiumMember" unitRef="USD" decimals="-3">99880000</ifrs-full:IssueOfEquity>
<trmd:ChangeInRestrictedCashClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">1588000</trmd:ChangeInRestrictedCashClassifiedAsFinancingActivities>
<trmd:ChangeInRestrictedCashClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">-594000</trmd:ChangeInRestrictedCashClassifiedAsFinancingActivities>
<trmd:ChangeInRestrictedCashClassifiedAsFinancingActivities contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">2014000</trmd:ChangeInRestrictedCashClassifiedAsFinancingActivities>
<trmd:RestrictedCashAmount contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="USD" decimals="-3">1853000</trmd:RestrictedCashAmount>
<trmd:RestrictedCashAmount contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-3">1259000</trmd:RestrictedCashAmount>
<trmd:RestrictedCashAmount contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">3273000</trmd:RestrictedCashAmount>



<trmd:EquityAfterEffectOfIfrsStandardsImplemented contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">791050000</trmd:EquityAfterEffectOfIfrsStandardsImplemented>
<trmd:EquityAfterEffectOfIfrsStandardsImplemented contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_IssuedCapitalMember" unitRef="USD" decimals="-3">623000</trmd:EquityAfterEffectOfIfrsStandardsImplemented>
<trmd:EquityAfterEffectOfIfrsStandardsImplemented contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_TreasurySharesMember" unitRef="USD" decimals="-3" id="Footnote-3_7">-2887000</trmd:EquityAfterEffectOfIfrsStandardsImplemented>
<trmd:EquityAfterEffectOfIfrsStandardsImplemented contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_ReserveOfCashFlowHedgesMember" unitRef="USD" decimals="-3">7309000</trmd:EquityAfterEffectOfIfrsStandardsImplemented>
<trmd:EquityAfterEffectOfIfrsStandardsImplemented contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_ReserveOfExchangeDifferencesOnTranslationMember" unitRef="USD" decimals="-3">220000</trmd:EquityAfterEffectOfIfrsStandardsImplemented>
<trmd:EquityAfterEffectOfIfrsStandardsImplemented contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">785785000</trmd:EquityAfterEffectOfIfrsStandardsImplemented>
<trmd:EffectOfOfNewIfrsStandards contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3" id="Footnote-25_1">-878000</trmd:EffectOfOfNewIfrsStandards>
<trmd:EffectOfOfNewIfrsStandards contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ComponentsOfEquityAxis_RetainedEarningsMember" unitRef="USD" decimals="-3" id="Footnote-25_2">-878000</trmd:EffectOfOfNewIfrsStandards>
<trmd:DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Expected credit losses&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;Expected credit losses at initial recognition are determined on the basis of customers&amp;#8217; ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequent and if the debtor&amp;#8217;s ability to pay is becoming doubtful expected credit losses are calculated at individual basis. When there are no reasonable expectations of recovering the receivable is written off in part or entirely.&lt;/font&gt;&lt;/p&gt;</trmd:DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock>
<trmd:FreightReceivablesIncludedReceivables contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsIndividuallyAssessedForCreditLossesMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">600000</trmd:FreightReceivablesIncludedReceivables>
<trmd:FreightReceivablesIncludedReceivables contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsIndividuallyAssessedForCreditLossesMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">0</trmd:FreightReceivablesIncludedReceivables>
<trmd:FreightReceivablesIncludedReceivables contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00_ImpairmentOfFinancialAssetsAxis_FinancialAssetsIndividuallyAssessedForCreditLossesMember_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_AccumulatedImpairmentMember" unitRef="USD" decimals="-5">0</trmd:FreightReceivablesIncludedReceivables>
<trmd:DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="pure" decimals="2">0.00</trmd:DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases>
<trmd:DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="pure" decimals="2">0.00</trmd:DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases>
<trmd:DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="pure" decimals="3">-0.001</trmd:DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases>
<trmd:ShareCapitalIssuedFromPrivatePlacement contextRef="Context_As_Of_26_Jan_2018T00_00_00_TO_26_Jan_2018T00_00_00" unitRef="USD" decimals="-6">97000000</trmd:ShareCapitalIssuedFromPrivatePlacement>
<trmd:VestingPeriodOfOtherEquityInstrumentsExercised contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember">P360D</trmd:VestingPeriodOfOtherEquityInstrumentsExercised>
<trmd:AverageRemainingContractualLife contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember">P1Y3M18D</trmd:AverageRemainingContractualLife>
<trmd:AverageRemainingContractualLife contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember">P1Y1M6D</trmd:AverageRemainingContractualLife>
<ifrs-full:GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">8200000</ifrs-full:GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements>
<ifrs-full:GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">7100000</ifrs-full:GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements>
<ifrs-full:GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">900000</ifrs-full:GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements>
<ifrs-full:GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">3400000</ifrs-full:GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements>
<ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">7300000</ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
<ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">3700000</ifrs-full:NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
<ifrs-full:GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-400000</ifrs-full:GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements>
<ifrs-full:GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-6800000</ifrs-full:GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements>
<ifrs-full:GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">-600000</ifrs-full:GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements>
<ifrs-full:GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-3400000</ifrs-full:GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements>
<ifrs-full:NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">200000</ifrs-full:NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
<ifrs-full:NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">-3400000</ifrs-full:NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition>
<ifrs-full:CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="USD" decimals="-5">3800000</ifrs-full:CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets>
<ifrs-full:CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-5">3500000</ifrs-full:CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets>
<trmd:ReceivedFeesOnBackstoppingTransaction contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-4">1250000</trmd:ReceivedFeesOnBackstoppingTransaction>
<trmd:ParValuePerTreasuryShares contextRef="Context_As_Of_31_Dec_2016T00_00_00_TO_31_Dec_2016T00_00_00" unitRef="Per_share" decimals="2">0.01</trmd:ParValuePerTreasuryShares>
<trmd:ParValuePerTreasuryShares contextRef="Context_As_Of_31_Dec_2017T00_00_00_TO_31_Dec_2017T00_00_00" unitRef="Per_share" decimals="2">0.01</trmd:ParValuePerTreasuryShares>
<trmd:ParValuePerTreasuryShares contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="Per_share" decimals="2">0.01</trmd:ParValuePerTreasuryShares>
<trmd:PercentageOfOtherEquityInstrumentsNonVested contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="pure" decimals="2">0.60</trmd:PercentageOfOtherEquityInstrumentsNonVested>
<trmd:PercentageOfPremiumOnAveragePriceToDetermineExercisePrice contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00_CategoriesOfRelatedPartiesAxis_ChiefExecutiveOfficerCEOMember_TypesOfSharebasedPaymentArrangementsAxis_LongTermIncentivePlanMember" unitRef="pure" decimals="2">0.15</trmd:PercentageOfPremiumOnAveragePriceToDetermineExercisePrice>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ProfitOrLossLocationAxis_OperatingExpensesMember" unitRef="USD" decimals="-5">600000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ProfitOrLossLocationAxis_AdministrativeExpensesMember" unitRef="USD" decimals="-5">400000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
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<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember_ProfitOrLossLocationAxis_PortExpensesBunkersAndCommissionsMember" unitRef="USD" decimals="-6">0</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
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<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_BunkerSwapContractMember_ProfitOrLossLocationAxis_PortExpensesBunkersAndCommissionsMember" unitRef="USD" decimals="-6">0</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_BunkerSwapContractMember_ProfitOrLossLocationAxis_FinancialItemMember" unitRef="USD" decimals="-6">0</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardExchangeContractMember_ProfitOrLossLocationAxis_RevenueMember" unitRef="USD" decimals="-6">0</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
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<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2016T00_00_00_TO_31_Dec_2016T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardExchangeContractMember_ProfitOrLossLocationAxis_OperatingExpensesMember" unitRef="USD" decimals="-5">600000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
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<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_ForwardFreightAgreementsMember_ProfitOrLossLocationAxis_RevenueMember" unitRef="USD" decimals="-5">500000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
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<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_BunkerSwapContractMember_ProfitOrLossLocationAxis_RevenueMember" unitRef="USD" decimals="-6">0</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
<trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements contextRef="Context_FYE_01_Jan_2017T00_00_00_TO_31_Dec_2017T00_00_00_ClassesOfFinancialInstrumentsAxis_BunkerSwapContractMember_ProfitOrLossLocationAxis_PortExpensesBunkersAndCommissionsMember" unitRef="USD" decimals="-5">1200000</trmd:FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_13"/>
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<link:loc xlink:type="locator" xlink:href="#Footnote-6_19" xlink:label="lab_Footnote-6_19"/>

<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-6" xlink:from="lab_Footnote-6_19"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-9" xlink:from="lab_Footnote-9_12"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-9" xlink:from="lab_Footnote-9_13"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-9" xlink:from="lab_Footnote-9_15"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-9" xlink:from="lab_Footnote-9_16"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-9" xlink:from="lab_Footnote-9_17"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-9" xlink:from="lab_Footnote-9_18"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-9" xlink:from="lab_Footnote-9_19"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-9" xlink:from="lab_Footnote-9_20"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_28"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_29"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-4_30" xlink:label="lab_Footnote-4_30"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_30"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-10_1" xlink:label="lab_Footnote-10_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-10" xlink:from="lab_Footnote-10_1"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-10" xlink:from="lab_Footnote-10_2"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-10" xlink:from="lab_Footnote-10_3"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-10" xlink:from="lab_Footnote-10_4"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-10" xlink:from="lab_Footnote-10_5"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-10" xlink:from="lab_Footnote-10_6"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-10" xlink:from="lab_Footnote-10_7"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-11_1" xlink:label="lab_Footnote-11_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-11" xlink:from="lab_Footnote-11_1"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-11" xlink:from="lab_Footnote-11_2"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-11" xlink:from="lab_Footnote-11_3"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-11" xlink:from="lab_Footnote-11_4"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-11" xlink:from="lab_Footnote-11_5"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-11" xlink:from="lab_Footnote-11_6"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-11" xlink:from="lab_Footnote-11_7"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-12" xlink:from="lab_Footnote-12_1"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-12" xlink:from="lab_Footnote-12_2"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-18_9"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-18" xlink:from="lab_Footnote-18_9"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_24"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_1"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_2"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_3"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_4"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_5"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_6"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_7"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_7"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_8"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_8"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_9"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_9"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_10"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_10"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_11"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_11"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_12"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_12"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-20_13"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-20" xlink:from="lab_Footnote-20_13"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-18_10"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-19_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-19" xlink:from="lab_Footnote-19_3"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_40"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_41"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_42"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_43"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-19_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-19" xlink:from="lab_Footnote-19_4"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_45"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-21_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-21" xlink:from="lab_Footnote-21_1"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-22_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-22" xlink:from="lab_Footnote-22_1"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_48"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_49"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_50"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-23_1" xlink:label="lab_Footnote-23_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-23_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-23" xlink:from="lab_Footnote-23_1"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-23_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-23" xlink:from="lab_Footnote-23_2"/>
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<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-23_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-23" xlink:from="lab_Footnote-23_3"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-22_2" xlink:label="lab_Footnote-22_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-22_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-22" xlink:from="lab_Footnote-22_2"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-17_55" xlink:label="lab_Footnote-17_55"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_55"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-17_56" xlink:label="lab_Footnote-17_56"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_56"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-17_57" xlink:label="lab_Footnote-17_57"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_57"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-22_3" xlink:label="lab_Footnote-22_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-22_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-22" xlink:from="lab_Footnote-22_3"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-21_2" xlink:label="lab_Footnote-21_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-21_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2.0" xlink:to="Footnote-21" xlink:from="lab_Footnote-21_2"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-17_60" xlink:label="lab_Footnote-17_60"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-17" xlink:from="lab_Footnote-17_60"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_1" xlink:label="lab_Footnote-24_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_1"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_2" xlink:label="lab_Footnote-24_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_2"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_3" xlink:label="lab_Footnote-24_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_3"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_4" xlink:label="lab_Footnote-24_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_4"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_5" xlink:label="lab_Footnote-24_5"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_5"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_6" xlink:label="lab_Footnote-24_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_6"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_7" xlink:label="lab_Footnote-24_7"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_7"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_8" xlink:label="lab_Footnote-24_8"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_8"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_9" xlink:label="lab_Footnote-24_9"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_9"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_10" xlink:label="lab_Footnote-24_10"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_10"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_11" xlink:label="lab_Footnote-24_11"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_11"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_12" xlink:label="lab_Footnote-24_12"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_12"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_13" xlink:label="lab_Footnote-24_13"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_13"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_14" xlink:label="lab_Footnote-24_14"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_14"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_15" xlink:label="lab_Footnote-24_15"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_15"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_16" xlink:label="lab_Footnote-24_16"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_16"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-24_17" xlink:label="lab_Footnote-24_17"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-24" xlink:from="lab_Footnote-24_17"/>
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<link:loc xlink:type="locator" xlink:href="#Footnote-3_7" xlink:label="lab_Footnote-3_7"/>
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<link:loc xlink:type="locator" xlink:href="#Footnote-25_1" xlink:label="lab_Footnote-25_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-25" xlink:from="lab_Footnote-25_1"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-25_2" xlink:label="lab_Footnote-25_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-25" xlink:from="lab_Footnote-25_2"/>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-1">No income tax was incurred relating to other comprehensive income/(loss) items.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-2">Please refer to "Consolidated Statement of Comprehensive Income".</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-3">Please refer to note 12 for further information on treasury shares.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-4">The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-5">Relates to the squeeze-out of remaining minority shareholders in TORM A/S.</link:footnote>

<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-6">Paid by legal entity as noted.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-7">The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-8">Interest for financial assets and liabilities not at fair value through profit and loss.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-9">Effective interest rate includes deferred and amortized bank fees.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-10">The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m).</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-11">Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-12">As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-13">Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-14">Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-15">Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-16">See note 14.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-17">All subsidiaries are consolidated in full.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-18">Entities dissolved in the financial year ended 31 December 2017.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-19">Entities dissolved in the financial year ended 31 December 2016.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-20">Entities dissolved in the financial year ended 31 December 2018.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-21">Entities added in the financial year ended 31 December 2018.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-22">Entities added in the financial year ended 31 December 2017.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-23">Entities added in the financial year ended 31 December 2016.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-24">For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-25">Please refer to note 1 for description of new IFRS standards implemented.</link:footnote>
</link:footnoteLink>
<trmd:ScheduleOfTangibleFixedAssetsTableTextBlock contextRef="Context_FYE_01_Jan_2018T00_00_00_TO_31_Dec_2018T00_00_00">&lt;table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Vessels and capitalized dry-docking&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Cost:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;1,726.6&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;1,697.4&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; color: black;"&gt;1,567.5&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;162.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;103.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;40.8&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-30.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-14.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-16.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to/from other items&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;81.8&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;105.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to assets held-for-sale&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-54.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-59.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1,886.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1,726.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1,697.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Depreciation:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;264.8&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;180.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;75.5&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-30.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-14.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-15.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Depreciation for the year&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;113.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;113.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;120.4&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to assets held-for-sale&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-20.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-14.5&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;327.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;264.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;180.0&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Impairment:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;167.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;173.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Impairment losses on tangible fixed assets&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;173.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to assets held-for-sale&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-8.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-9.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;162.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;167.3&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;173.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Carrying amount as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;1,396.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;1,294.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;1,343.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Of which finance leases as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;26.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;28.6&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px double; text-align: right; color: black;"&gt;
&lt;div&gt;12.4&lt;/div&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="text-align: left; widows: 2; text-transform: none; background-color: #ffffff; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Prepayments on vessels&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Cost:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;88.4&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;44.1&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;72.6&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;38.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;44.3&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;76.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Transferred to/from other items&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-81.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-105.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;45.5&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;88.4&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;44.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Carrying amount as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;45.5&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;88.4&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;44.1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 2; text-transform: none; background-color: #ffffff; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"&gt;&lt;font style="color: black;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="text-align: left; widows: 2; text-transform: none; background-color: #ffffff; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap"&gt;USDm&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2018&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2017&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap"&gt;2016&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; color: black;"&gt;Other plant and operating equipment&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Cost:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 76px; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="text-align: left; width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 8px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 75px; color: black;"&gt;3.2&lt;/td&gt;
&lt;td style="text-align: left; width: 7px; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Additions&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;2.2&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.0&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-0.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;-1.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;5.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;3.6&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;Depreciation:&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 1 January&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.9&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;0.7&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Disposals&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-0.1&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;-1.6&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Depreciations for the year&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.1&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Balance as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;2.8&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;1.7&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; color: black;"&gt;0.9&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Carrying amount as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;3.0&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.9&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;1.8&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"&gt;Of which finance leases as of 31 December&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; color: black;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; color: black;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</trmd:ScheduleOfTangibleFixedAssetsTableTextBlock>
<trmd:CashAndCashEquivalentsIncludingRestrictedCash contextRef="Context_As_Of_31_Dec_2018T00_00_00_TO_31_Dec_2018T00_00_00" unitRef="USD" decimals="-3">127361000</trmd:CashAndCashEquivalentsIncludingRestrictedCash>
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<link:definition>002 - Statement - CONSOLIDATED INCOME STATEMENT</link:definition>
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<link:definition>004 - Statement - CONSOLIDATED BALANCE SHEET</link:definition>
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<link:definition>007 - Disclosure - ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</link:definition>
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<link:definition>008 - Disclosure - LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:definition>009 - Disclosure - STAFF COSTS</link:definition>
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<link:definition>010 - Disclosure - REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:definition>013 - Disclosure - IMPAIRMENT TESTING</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>015 - Disclosure - FREIGHT RECEIVABLES</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>016 - Disclosure - OTHER RECEIVABLES</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>017 - Disclosure - TAX</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:usedOn>link:definitionLink</link:usedOn>
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<link:definition>019 - Disclosure - OTHER LIABILITIES</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>020 - Disclosure - EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/CollateralSecurityForMortgageDebtAndBankLoans" id="CollateralSecurityForMortgageDebtAndBankLoans">
<link:definition>021 - Disclosure - COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/GuaranteeCommitmentsAndContingentLiabilities" id="GuaranteeCommitmentsAndContingentLiabilities">
<link:definition>022 - Disclosure - GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>023 - Disclosure - CONTRACTUAL OBLIGATIONS</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>024 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/RisksAssociatedWithTormsActivities" id="RisksAssociatedWithTormsActivities">
<link:definition>025 - Disclosure - RISKS ASSOCIATED WITH TORM'S ACTIVITIES</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/FinancialInstruments" id="FinancialInstruments">
<link:definition>026 - Disclosure - FINANCIAL INSTRUMENTS</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/RelatedPartyTransactions" id="RelatedPartyTransactions">
<link:definition>027 - Disclosure - RELATED PARTY TRANSACTIONS</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>028 - Disclosure - ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>029 - Disclosure - CASH FLOWS</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>030 - Disclosure - ENTITIES IN THE GROUP</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>031 - Disclosure - EARNINGS PER SHARE AND DIVIDEND PER SHARE</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/AccountingPoliciesCriticalAccountingEstimatesAndJudgementsPolicies" id="AccountingPoliciesCriticalAccountingEstimatesAndJudgementsPolicies">
<link:definition>032 - Disclosure - ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Policies)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/CONSOLIDATEDSEGMENTINFORMATIONTables" id="CONSOLIDATEDSEGMENTINFORMATIONTables">
<link:definition>033 - Disclosure - CONSOLIDATED SEGMENT INFORMATION (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>034 - Disclosure - STAFF COSTS (Tables)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/RemunerationToAuditorsAppointedAtParentCompanysAnnualGeneralMeetingTable" id="RemunerationToAuditorsAppointedAtParentCompanysAnnualGeneralMeetingTable">
<link:definition>035 - Disclosure - REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Tables)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/IntangibleAssetsTable" id="IntangibleAssetsTable">
<link:definition>036 - Disclosure - INTANGIBLE ASSETS (Tables)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:definition>037 - Disclosure - TANGIBLE FIXED ASSETS (Tables)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/FinancialItemsTable" id="FinancialItemsTable">
<link:definition>038 - Disclosure - FINANCIAL ITEMS (Tables)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/FreightReceivablesTable" id="FreightReceivablesTable">
<link:definition>039 - Disclosure - FREIGHT RECEIVABLES (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/OtherReceivablesTable" id="OtherReceivablesTable">
<link:definition>040 - Disclosure - OTHER RECEIVABLES (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/TaxTable" id="TaxTable">
<link:definition>041 - Disclosure - TAX (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/CommonSharesAndTreasurySharesTables" id="CommonSharesAndTreasurySharesTables">
<link:definition>042 - Disclosure - COMMON SHARES AND TREASURY SHARES (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/OtherLiabilitiesTable" id="OtherLiabilitiesTable">
<link:definition>043 - Disclosure - OTHER LIABILITIES (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/EffectiveInterestRateOutstandingMortgageDebtAndBankLoansTable" id="EffectiveInterestRateOutstandingMortgageDebtAndBankLoansTable">
<link:definition>044 - Disclosure - EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/ContractualObligationsTable" id="ContractualObligationsTable">
<link:definition>045 - Disclosure - CONTRACTUAL OBLIGATIONS (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/DerivativeFinancialInstrumentsTable" id="DerivativeFinancialInstrumentsTable">
<link:definition>046 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS (Tables)</link:definition>
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<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/RisksAssociatedWithTormsActivitiesTable" id="RisksAssociatedWithTormsActivitiesTable">
<link:definition>047 - Disclosure - RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/FinancialInstrumentsTable" id="FinancialInstrumentsTable">
<link:definition>048 - Disclosure - FINANCIAL INSTRUMENTS (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.torm.com/role/CashFlowsTable" id="CashFlowsTable">
<link:definition>049 - Disclosure - CASH FLOWS (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/EntitiesInGroupTable" id="EntitiesInGroupTable">
<link:definition>050 - Disclosure - ENTITIES IN THE GROUP (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/EARNINGSPERSHAREANDDIVIDENDPERSHARETables" id="EARNINGSPERSHAREANDDIVIDENDPERSHARETables">
<link:definition>051 - Disclosure - EARNINGS PER SHARE AND DIVIDEND PER SHARE (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/AccountingPoliciesCriticalAccountingEstimatesAndJudgementsDetailTextuals" id="AccountingPoliciesCriticalAccountingEstimatesAndJudgementsDetailTextuals">
<link:definition>052 - Disclosure - ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/AccountingPoliciesCriticalAccountingEstimatesAndJudgementsDetailTextuals1" id="AccountingPoliciesCriticalAccountingEstimatesAndJudgementsDetailTextuals1">
<link:definition>053 - Disclosure - ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/AccountingPoliciesCriticalAccountingEstimatesAndJudgementsDetailTextuals2" id="AccountingPoliciesCriticalAccountingEstimatesAndJudgementsDetailTextuals2">
<link:definition>054 - Disclosure - ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/LiquidityCapitalResourcesAndSubsequentEventsDetailTextuals" id="LiquidityCapitalResourcesAndSubsequentEventsDetailTextuals">
<link:definition>055 - Disclosure - LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS (Detail textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/LiquidityCapitalResourcesAndSubsequentEventsDetailTextuals1" id="LiquidityCapitalResourcesAndSubsequentEventsDetailTextuals1">
<link:definition>056 - Disclosure - LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS (Detail Textuals 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/StaffCostsDetails" id="StaffCostsDetails">
<link:definition>057 - Disclosure - STAFF COSTS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/StaffCostsDetails1" id="StaffCostsDetails1">
<link:definition>058 - Disclosure - STAFF COSTS (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/StaffCostsDetails2" id="StaffCostsDetails2">
<link:definition>059 - Disclosure - STAFF COSTS (Details 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/StaffCostsParentheticalsDetails2" id="StaffCostsParentheticalsDetails2">
<link:definition>060 - Disclosure - STAFF COSTS - Parentheticals (Details 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/StaffCostsDetails3" id="StaffCostsDetails3">
<link:definition>061 - Disclosure - STAFF COSTS (Details 3)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/StaffCostsDetails4" id="StaffCostsDetails4">
<link:definition>062 - Disclosure - STAFF COSTS (Details 4)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/StaffCostsDetailTextuals" id="StaffCostsDetailTextuals">
<link:definition>063 - Disclosure - STAFF COSTS (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/StaffCostsDetailTextuals1" id="StaffCostsDetailTextuals1">
<link:definition>064 - Disclosure - STAFF COSTS (Detail Textuals 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RemunerationToAuditorsAppointedAtParentCompanysAnnualGeneralMeetingDetails" id="RemunerationToAuditorsAppointedAtParentCompanysAnnualGeneralMeetingDetails">
<link:definition>065 - Disclosure - REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RemunerationToAuditorsAppointedAtParentCompanysAnnualGeneralMeetingDetailTextuals" id="RemunerationToAuditorsAppointedAtParentCompanysAnnualGeneralMeetingDetailTextuals">
<link:definition>066 - Disclosure - REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/INTANGIBLEASSETSDetails" id="INTANGIBLEASSETSDetails">
<link:definition>067 - Disclosure - INTANGIBLE ASSETS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/TANGIBLEFIXEDASSETSDetails" id="TANGIBLEFIXEDASSETSDetails">
<link:definition>068 - Disclosure - TANGIBLE FIXED ASSETS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/TangibleFixedAssetsDetailTextuals" id="TangibleFixedAssetsDetailTextuals">
<link:definition>069 - Disclosure - TANGIBLE FIXED ASSETS (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/ImpairmentTestingDetailsTextuals" id="ImpairmentTestingDetailsTextuals">
<link:definition>070 - Disclosure - IMPAIRMENT TESTING (Details textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/ImpairmentTestingDetailsTextuals1" id="ImpairmentTestingDetailsTextuals1">
<link:definition>071 - Disclosure - IMPAIRMENT TESTING (Details textuals 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/ImpairmentTestingDetailsTextuals2" id="ImpairmentTestingDetailsTextuals2">
<link:definition>072 - Disclosure - IMPAIRMENT TESTING (Details textuals 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/FinancialItemsDetails" id="FinancialItemsDetails">
<link:definition>073 - Disclosure - FINANCIAL ITEMS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/FREIGHTRECEIVABLESDetails" id="FREIGHTRECEIVABLESDetails">
<link:definition>074 - Disclosure - FREIGHT RECEIVABLES (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/FREIGHTRECEIVABLESDetails1" id="FREIGHTRECEIVABLESDetails1">
<link:definition>075 - Disclosure - FREIGHT RECEIVABLES (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/FreightReceivablesDetailTextual" id="FreightReceivablesDetailTextual">
<link:definition>076 - Disclosure - FREIGHT RECEIVABLES (Detail Textual)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/OtherReceivablesDetails" id="OtherReceivablesDetails">
<link:definition>077 - Disclosure - OTHER RECEIVABLES (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/TaxDetails" id="TaxDetails">
<link:definition>078 - Disclosure - TAX (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/TaxDetails1" id="TaxDetails1">
<link:definition>079 - Disclosure - TAX (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/TaxDetailsTextuals" id="TaxDetailsTextuals">
<link:definition>080 - Disclosure - TAX (Details textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/COMMONSHARESTREASURYSHARESDetails" id="COMMONSHARESTREASURYSHARESDetails">
<link:definition>081 - Disclosure - COMMON SHARES &amp; TREASURY SHARES (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/Commonsharestreasurysharesdetails1" id="Commonsharestreasurysharesdetails1">
<link:definition>082 - Disclosure - COMMON SHARES &amp; TREASURY SHARES (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/CommonSharesTreasurySharesDetailTextuals" id="CommonSharesTreasurySharesDetailTextuals">
<link:definition>083 - Disclosure - COMMON SHARES &amp; TREASURY SHARES (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/OtherLiabilitiesDetails" id="OtherLiabilitiesDetails">
<link:definition>084 - Disclosure - OTHER LIABILITIES (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/EffectiveInterestRateOutstandingMortgageDebtAndBankLoansDetails" id="EffectiveInterestRateOutstandingMortgageDebtAndBankLoansDetails">
<link:definition>085 - Disclosure - EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/CollateralSecurityForMortgageDebtAndBankLoansDetailTextuals" id="CollateralSecurityForMortgageDebtAndBankLoansDetailTextuals">
<link:definition>086 - Disclosure - COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/GuaranteeCommitmentsAndContingentLiabilitiesDetailTextuals" id="GuaranteeCommitmentsAndContingentLiabilitiesDetailTextuals">
<link:definition>087 - Disclosure - GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/CONTRACTUALOBLIGATIONSDetails" id="CONTRACTUALOBLIGATIONSDetails">
<link:definition>088 - Disclosure - CONTRACTUAL OBLIGATIONS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/Contractualobligationsdetails1" id="Contractualobligationsdetails1">
<link:definition>089 - Disclosure - CONTRACTUAL OBLIGATIONS (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/Contractualobligationsdetails2" id="Contractualobligationsdetails2">
<link:definition>090 - Disclosure - CONTRACTUAL OBLIGATIONS (Details 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/ContractualObligationsDetailTextuals" id="ContractualObligationsDetailTextuals">
<link:definition>091 - Disclosure - CONTRACTUAL OBLIGATIONS (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/Derivativefinancialinstrumentsdetails" id="Derivativefinancialinstrumentsdetails">
<link:definition>092 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/DerivativeFinancialInstrumentsDetails1" id="DerivativeFinancialInstrumentsDetails1">
<link:definition>093 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/DERIVATIVEFINANCIALINSTRUMENTSDetails2" id="DERIVATIVEFINANCIALINSTRUMENTSDetails2">
<link:definition>094 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS (Details 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/DerivativeFinancialInstrumentsDetailTextuals" id="DerivativeFinancialInstrumentsDetailTextuals">
<link:definition>095 - Disclosure - DERIVATIVE FINANCIAL INSTRUMENTS (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RISKSASSOCIATEDWITHTORMSACTIVITIESDetails" id="RISKSASSOCIATEDWITHTORMSACTIVITIESDetails">
<link:definition>096 - Disclosure - RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RISKSASSOCIATEDWITHTORMSACTIVITIESDetails1" id="RISKSASSOCIATEDWITHTORMSACTIVITIESDetails1">
<link:definition>097 - Disclosure - RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RISKSASSOCIATEDWITHTORMSACTIVITIESDetails2" id="RISKSASSOCIATEDWITHTORMSACTIVITIESDetails2">
<link:definition>098 - Disclosure - RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RISKSASSOCIATEDWITHTORMSACTIVITIESDetails3" id="RISKSASSOCIATEDWITHTORMSACTIVITIESDetails3">
<link:definition>099 - Disclosure - RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 3)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RisksAssociatedWithTormsActivitiesDetailTextual" id="RisksAssociatedWithTormsActivitiesDetailTextual">
<link:definition>100 - Disclosure - RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Detail Textual)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RisksAssociatedWithTormsActivitiesDetailTextual1" id="RisksAssociatedWithTormsActivitiesDetailTextual1">
<link:definition>101 - Disclosure - RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Detail Textual 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/FINANCIALINSTRUMENTSDetails" id="FINANCIALINSTRUMENTSDetails">
<link:definition>102 - Disclosure - FINANCIAL INSTRUMENTS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/RelatedPartyTransactionsDetailTextuals" id="RelatedPartyTransactionsDetailTextuals">
<link:definition>103 - Disclosure - RELATED PARTY TRANSACTIONS (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/AssetsHeldForSaleAndNonCurrentAssetsSoldDuringYearDetails" id="AssetsHeldForSaleAndNonCurrentAssetsSoldDuringYearDetails">
<link:definition>104 - Disclosure - ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/CASHFLOWSDetails" id="CASHFLOWSDetails">
<link:definition>105 - Disclosure - CASH FLOWS (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/ENTITIESINTHEGROUPDetails" id="ENTITIESINTHEGROUPDetails">
<link:definition>106 - Disclosure - ENTITIES IN THE GROUP (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/EntitiesInGroupDetails1" id="EntitiesInGroupDetails1">
<link:definition>107 - Disclosure - ENTITIES IN THE GROUP (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.torm.com/role/EntitiesInGroupDetailTextuals" id="EntitiesInGroupDetailTextuals">
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<element name="AssetAndLeasingLiability" id="trmd_AssetAndLeasingLiability" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfGeographicalSegments" id="trmd_NumberOfGeographicalSegments" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfDemurrageClaimRecognizedAsRevenue" id="trmd_PercentageOfDemurrageClaimRecognizedAsRevenue" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AveragePeriodOfReceivingDemurragePayment" id="trmd_AveragePeriodOfReceivingDemurragePayment" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfCashGeneratingUnit" id="trmd_NumberOfCashGeneratingUnit" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability" id="trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DryDockingPeriodPropertyPlantAndEquipmentPeriod" id="trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LiquidityAndCapitalResourcesTable" id="trmd_LiquidityAndCapitalResourcesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="CreditFacilityMember" id="trmd_CreditFacilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="WorkingCapitalFacilityMember" id="trmd_WorkingCapitalFacilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TermFacilityIMember" id="trmd_TermFacilityIMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TermFacilityIIMember" id="trmd_TermFacilityIIMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="BilateralBorrowingFacilityMember" id="trmd_BilateralBorrowingFacilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="BilateralLoanAgreementsMember" id="trmd_BilateralLoanAgreementsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AbnAmroBankMember" id="trmd_AbnAmroBankMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ChinaExportImportBankMember" id="trmd_ChinaExportImportBankMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DanishShipFinanceMember" id="trmd_DanishShipFinanceMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IngMember" id="trmd_IngMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LiquidityAndCapitalResourcesLineItems" id="trmd_LiquidityAndCapitalResourcesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NewBuildingsOnOrderForDelivery" id="trmd_NewBuildingsOnOrderForDelivery" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear" id="trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ProfitLossFromSaleOfVessels" id="trmd_ProfitLossFromSaleOfVessels" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureOfEmployeeBenefitsTable" id="trmd_DisclosureOfEmployeeBenefitsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="ProfitOrLossLocationAxis" id="trmd_ProfitOrLossLocationAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="ProfitOrLossLocationDomain" id="trmd_ProfitOrLossLocationDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OperatingExpensesMember" id="trmd_OperatingExpensesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AdministrativeExpensesMember" id="trmd_AdministrativeExpensesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureOfEmployeeBenefitsLineItems" id="trmd_DisclosureOfEmployeeBenefitsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SeafarersAverageNumberOfEmployees" id="trmd_SeafarersAverageNumberOfEmployees" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LandBasedWorkersAverageNumberOfEmployees" id="trmd_LandBasedWorkersAverageNumberOfEmployees" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NameOfDirectorAxis" id="trmd_NameOfDirectorAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="NameOfDirectorDomain" id="trmd_NameOfDirectorDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CheamDirectorsLimitedMember" id="trmd_CheamDirectorsLimitedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ChristopherHBoehringerMember" id="trmd_ChristopherHBoehringerMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="KariMillumGardarnarMember" id="trmd_KariMillumGardarnarMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RasmusJohannesHoffmannMember" id="trmd_RasmusJohannesHoffmannMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FlemmingIpsenMember" id="trmd_FlemmingIpsenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OlivierDuboisMember" id="trmd_OlivierDuboisMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AlexanderGreenMember" id="trmd_AlexanderGreenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="JonSyvertsenMember" id="trmd_JonSyvertsenMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DavidWeinsteinMember" id="trmd_DavidWeinsteinMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TorbenJanholtMember" id="trmd_TorbenJanholtMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="GoranTrappMember" id="trmd_GoranTrappMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="JefferySteinMember" id="trmd_JefferySteinMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="JacobMeldgaardMember" id="trmd_JacobMeldgaardMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EmployeeTaxableBenefits" id="trmd_EmployeeTaxableBenefits" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EmployeeAnnualPerformanceBonus" id="trmd_EmployeeAnnualPerformanceBonus" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LongTermIncentivePlanMember" id="trmd_LongTermIncentivePlanMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement" id="trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ValueOfOtherEquityInstrumentsGranted" id="trmd_ValueOfOtherEquityInstrumentsGranted" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ChiefExecutiveOfficerCEOMember" id="trmd_ChiefExecutiveOfficerCEOMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EmployeeMember" id="trmd_EmployeeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ExecutiveDirectorMember" id="trmd_ExecutiveDirectorMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses" id="trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VestingPeriodOfOtherEquityInstrumentsGranted" id="trmd_VestingPeriodOfOtherEquityInstrumentsGranted" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="InstallmentOfGrantAmountVestingAtEachAnniversary" id="trmd_InstallmentOfGrantAmountVestingAtEachAnniversary" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments" id="trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfOtherEquityInstrumentsVesting" id="trmd_PercentageOfOtherEquityInstrumentsVesting" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MarketPricePerShare" id="trmd_MarketPricePerShare" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VestingPeriodOfOtherEquityInstrumentsExercised" id="trmd_VestingPeriodOfOtherEquityInstrumentsExercised" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfOtherEquityInstrumentsNonVested" id="trmd_PercentageOfOtherEquityInstrumentsNonVested" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfPremiumOnAveragePriceToDetermineExercisePrice" id="trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ExercisePriceOfOtherEquityInstrumentsAfterVestingDate" id="trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate" id="trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AverageRemainingContractualLife" id="trmd_AverageRemainingContractualLife" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AuditFeesAbstract" id="trmd_AuditFeesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AuditFeesForAuditOfAnnualAccounts" id="trmd_AuditFeesForAuditOfAnnualAccounts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AuditFeesForAuditOfSubsidiariesPursuantToLegislation" id="trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AuditFees" id="trmd_AuditFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NonAuditFeesAbstract" id="trmd_NonAuditFeesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NonAuditFees" id="trmd_NonAuditFees" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselsAndCapitalizedDryDockingMember" id="trmd_VesselsAndCapitalizedDryDockingMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PrepaymentsOnVesselsAbstract" id="trmd_PrepaymentsOnVesselsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PrepaymentsOnVesselsAdditions" id="trmd_PrepaymentsOnVesselsAdditions" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PrepaymentsOnVesselsTransferredToFromOtherItems" id="trmd_PrepaymentsOnVesselsTransferredToFromOtherItems" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates" id="trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ImpairmentLossInCaseClarksonFreightRatesWereUsed" id="trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselClassAxis" id="trmd_VesselClassAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="VesselClassDomain" id="trmd_VesselClassDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselClassLrTwoMember" id="trmd_VesselClassLrTwoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselClassLrOneMember" id="trmd_VesselClassLrOneMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselClassMrMember" id="trmd_VesselClassMrMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselClassHandysizeMember" id="trmd_VesselClassHandysizeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation" id="trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DescriptionOfHistoricalAverageSpotFreightRates" id="trmd_DescriptionOfHistoricalAverageSpotFreightRates" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfAdjustmentOfOperatingExpensesForInflation" id="trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfAdjustmentOfAdministrativeExpensesForInflation" id="trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod" id="trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AverageRemainingLifeOfTanker" id="trmd_AverageRemainingLifeOfTanker" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates" id="trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates" id="trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital" id="trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital" id="trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses" id="trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses" id="trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>

<element name="FinancialIncomeAbstract" id="trmd_FinancialIncomeAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FinancialExpensesAbstract" id="trmd_FinancialExpensesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CommitmentFee" id="trmd_CommitmentFee" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FinancialAssetsPastDueAndImpairedMember" id="trmd_FinancialAssetsPastDueAndImpairedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AcquisitionsThroughBusinessCombinationsTradeReceivables" id="trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FreightReceivablesIncludedReceivables" id="trmd_FreightReceivablesIncludedReceivables" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MiscelleneousOtherCurrentReceivables" id="trmd_MiscelleneousOtherCurrentReceivables" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CommonSharesTreasurySharesAbstract" id="trmd_CommonSharesTreasurySharesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CommonClassASharesMember" id="trmd_CommonClassASharesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CommonClassBSharesMember" id="trmd_CommonClassBSharesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CommonClassCSharesMember" id="trmd_CommonClassCSharesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfTreasurySharesHeld" id="trmd_NumberOfTreasurySharesHeld" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares" id="trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares" id="trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares" id="trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NominalValueOfTreasurySharesHeld" id="trmd_NominalValueOfTreasurySharesHeld" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares" id="trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfShareCapitalAsTreasurySharesHeld" id="trmd_PercentageOfShareCapitalAsTreasurySharesHeld" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares" id="trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares" id="trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares" id="trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases" id="trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ShareCapitalIssuedFromPrivatePlacement" id="trmd_ShareCapitalIssuedFromPrivatePlacement" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfVotesInShareCapital" id="trmd_NumberOfVotesInShareCapital" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification" id="trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt" id="trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MinimumNumberOfBoardMembersConfirmingWrittenNotice" id="trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ParValuePerTreasuryShares" id="trmd_ParValuePerTreasuryShares" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MarketValueOfTreasurySharesHeld" id="trmd_MarketValueOfTreasurySharesHeld" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureForOtherLiabilitiesAbstract" id="trmd_DisclosureForOtherLiabilitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PartnersAndCommercialManagements" id="trmd_PartnersAndCommercialManagements" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CurrentPayablesToJointVentures" id="trmd_CurrentPayablesToJointVentures" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherMiscellneousCurrentLiabilities" id="trmd_OtherMiscellneousCurrentLiabilities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DsfFacilityMember" id="trmd_DsfFacilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TermFacilityMember" id="trmd_TermFacilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DsfFacilityTwoMember" id="trmd_DsfFacilityTwoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DsfFacilityThreeMember" id="trmd_DsfFacilityThreeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TermFacilityTwoMember" id="trmd_TermFacilityTwoMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IngFacilityMember" id="trmd_IngFacilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CeximFacilityMember" id="trmd_CeximFacilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CarryingAmountOfVesselsForCollateralHeldAsSecurity" id="trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="GuaranteeCommitmentsAndContingentLiabilitiesAbstract" id="trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ContractualObligationsTable" id="trmd_ContractualObligationsTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="ContractualObligationsLineItems" id="trmd_ContractualObligationsLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageDebtAndBankBorrowings" id="trmd_MortgageDebtAndBankBorrowings" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="InterestPaymentsForScheduledInterestFixing" id="trmd_InterestPaymentsForScheduledInterestFixing" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EstimatedVariableInterestPayments" id="trmd_EstimatedVariableInterestPayments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="InterestPayableOnFinanceLeaseObligation" id="trmd_InterestPayableOnFinanceLeaseObligation" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NewbuildingInstallments" id="trmd_NewbuildingInstallments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherOperatingLeaseObligation" id="trmd_OtherOperatingLeaseObligation" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities" id="trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselMember" id="trmd_VesselMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DirectIssuanceCostForBorrowings" id="trmd_DirectIssuanceCostForBorrowings" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ExpectedNumberOfNewbuildingsToBeDelivered" id="trmd_ExpectedNumberOfNewbuildingsToBeDelivered" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherOperatingLeaseExpense" id="trmd_OtherOperatingLeaseExpense" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor" id="trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ForwardFreightAgreementsMember" id="trmd_ForwardFreightAgreementsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="BunkerSwapContractMember" id="trmd_BunkerSwapContractMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ForwardExchangeContractMember" id="trmd_ForwardExchangeContractMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RevenueMember" id="trmd_RevenueMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PortExpensesBunkersAndCommissionsMember" id="trmd_PortExpensesBunkersAndCommissionsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FinancialItemMember" id="trmd_FinancialItemMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="HedgingReserveMember" id="trmd_HedgingReserveMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements" id="trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity" id="trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge" id="trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisTable" id="trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="ChangesInFreightRatesMember" id="trmd_ChangesInFreightRatesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisLineItems" id="trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityToChangesInFreightRatesAbstract" id="trmd_SensitivityToChangesInFreightRatesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax" id="trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity" id="trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityToChangesInTheBunkerPricesAbstract" id="trmd_SensitivityToChangesInTheBunkerPricesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax" id="trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity" id="trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityToChangesInCurrencyExchangeRateAbstract" id="trmd_SensitivityToChangesInCurrencyExchangeRateAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax" id="trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity" id="trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityToChangesInInterestRatesAbstract" id="trmd_SensitivityToChangesInInterestRatesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax" id="trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity" id="trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AgreementAxis" id="trmd_AgreementAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="AgreementDomain" id="trmd_AgreementDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CargoContractsAndTimeCharteRagreementsMember" id="trmd_CargoContractsAndTimeCharteRagreementsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PositionTypeAxis" id="trmd_PositionTypeAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="PositionTypeDomain" id="trmd_PositionTypeDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LongPositionMember" id="trmd_LongPositionMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ShortPositionMember" id="trmd_ShortPositionMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CoveragePeriodUnderAgreement" id="trmd_CoveragePeriodUnderAgreement" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements" id="trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging" id="trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DerivativeNotionalContractValue" id="trmd_DerivativeNotionalContractValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DerivativesNonmonetaryNotionalAmountVolume" id="trmd_DerivativesNonmonetaryNotionalAmountVolume" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfCoverage" id="trmd_PercentageOfCoverage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RevolvingCreditFacilitiesMember" id="trmd_RevolvingCreditFacilitiesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="InterestBearingDebtMember" id="trmd_InterestBearingDebtMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CarryingValueOfFleet" id="trmd_CarryingValueOfFleet" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MarketValueOfFleetExcludingUndeLiveredNewBuildings" id="trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfTankerSold" id="trmd_NumberOfTankerSold" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfTankerPurchased" id="trmd_NumberOfTankerPurchased" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears" id="trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfAdditionalTankerThatCanBePurchased" id="trmd_NumberOfAdditionalTankerThatCanBePurchased" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels" id="trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfBunkerConsumptionHedged" id="trmd_PercentageOfBunkerConsumptionHedged" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfBunkerRequirementsForHedgingInstruments" id="trmd_PercentageOfBunkerRequirementsForHedgingInstruments" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfCompaniesToDiversifyRisk" id="trmd_NumberOfCompaniesToDiversifyRisk" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfProtectionAndIndemnityClubToDiversifyRisk" id="trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfBanksHavingLoanPortfolio" id="trmd_NumberOfBanksHavingLoanPortfolio" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels" id="trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfConcerntrationRisk" id="trmd_PercentageOfConcerntrationRisk" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AveragePercentageOfDemurrageRevenueCollection" id="trmd_AveragePercentageOfDemurrageRevenueCollection" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfTotalFreightRevenuesAsDemurrage" id="trmd_PercentageOfTotalFreightRevenuesAsDemurrage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk" id="trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency" id="trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency" id="trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged" id="trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfExposureToInterestRateRisk" id="trmd_PercentageOfExposureToInterestRateRisk" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FloatingRateLoansDescriptionOfVariableRateBasis" id="trmd_FloatingRateLoansDescriptionOfVariableRateBasis" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseDecreaseInInterestBearingDebt" id="trmd_IncreaseDecreaseInInterestBearingDebt" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FreightReceivablesMember" id="trmd_FreightReceivablesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherReceivablesMember" id="trmd_OtherReceivablesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CashAndCashEquivalentMember" id="trmd_CashAndCashEquivalentMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageDebtAndBankLoansMember" id="trmd_MortgageDebtAndBankLoansMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TradePayablesMember" id="trmd_TradePayablesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherLiabilityMember" id="trmd_OtherLiabilityMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ReceivedFeesOnBackstoppingTransaction" id="trmd_ReceivedFeesOnBackstoppingTransaction" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleTable" id="trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems" id="trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfVesselsSold" id="trmd_NumberOfVesselsSold" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfVesselsDeliveredToNewOwner" id="trmd_NumberOfVesselsDeliveredToNewOwner" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfVesselsExpectedToBeDelivered" id="trmd_NumberOfVesselsExpectedToBeDelivered" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfRemainingVesselsSold" id="trmd_NumberOfRemainingVesselsSold" type="xbrli:decimalItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets" id="trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ReversalOfOtherNonCashMovementsAbstract" id="trmd_ReversalOfOtherNonCashMovementsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization" id="trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AdjustmentsForOtherNoncashItems" id="trmd_AdjustmentsForOtherNoncashItems" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract" id="trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AdjustmentsForIncreaseDecreaseInBunkers" id="trmd_AdjustmentsForIncreaseDecreaseInBunkers" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AdjustmentsForIncreaseDecreaseInPrepayments" id="trmd_AdjustmentsForIncreaseDecreaseInPrepayments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherChanges" id="trmd_OtherChanges" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments" id="trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DkVesselHoldcoGpApsMember" id="trmd_DkVesselHoldcoGpApsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DkVesselHoldcoKSMember" id="trmd_DkVesselHoldcoKSMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmGibraltarNjordMidcoLtdMember" id="trmd_OcmGibraltarNjordMidcoLtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordCharteringIncMember" id="trmd_OcmNjordCharteringIncMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsAgnesPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsAlicePte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsAmaliePte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsAslaugPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsHardradaPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsHaraldPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsGormPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsKnutPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsValdemarPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsAgnetePte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsAlexandraPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsAnabelPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsArawaPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsLeifPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmSingaporeNjordHoldingsRolfPte.LtdMember" id="trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmHoldingsMrsInc.Member" id="trmd_OcmHoldingsMrsInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordAnneInc.Member" id="trmd_OcmNjordAnneInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordFreyaInc.Member" id="trmd_OcmNjordFreyaInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordGerdInc.Member" id="trmd_OcmNjordGerdInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordGertrudInc.Member" id="trmd_OcmNjordGertrudInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordGunhildInc.Member" id="trmd_OcmNjordGunhildInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordHeleneInc.Member" id="trmd_OcmNjordHeleneInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordHelvigInc.Member" id="trmd_OcmNjordHelvigInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordIngeborgInc.Member" id="trmd_OcmNjordIngeborgInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordMaryInc.Member" id="trmd_OcmNjordMaryInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordRagnhildInc.Member" id="trmd_OcmNjordRagnhildInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordThyraInc.Member" id="trmd_OcmNjordThyraInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordValborgInc.Member" id="trmd_OcmNjordValborgInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordVitaInc.Member" id="trmd_OcmNjordVitaInc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OmiHoldingLtd.Member" id="trmd_OmiHoldingLtd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TorghattenTormShipowningApsMember" id="trmd_TorghattenTormShipowningApsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TormCrewingServiceLtd.Member" id="trmd_TormCrewingServiceLtd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TormShippingIndiaPrivateLimitedMember" id="trmd_TormShippingIndiaPrivateLimitedMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TormSingaporePte.Ltd.Member" id="trmd_TormSingaporePte.Ltd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TormUsaLlcMember" id="trmd_TormUsaLlcMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TtShipowningKSMember" id="trmd_TtShipowningKSMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco1KSMember" id="trmd_Vesselco1KSMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco3KSMember" id="trmd_Vesselco3KSMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco5KSMember" id="trmd_Vesselco5KSMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco6KSMember" id="trmd_Vesselco6KSMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco6Pte.Ltd.Member" id="trmd_Vesselco6Pte.Ltd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco7Pte.Ltd.Member" id="trmd_Vesselco7Pte.Ltd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco8Pte.Ltd.Member" id="trmd_Vesselco8Pte.Ltd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco9Pte.Ltd.Member" id="trmd_Vesselco9Pte.Ltd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco10Pte.Ltd.Member" id="trmd_Vesselco10Pte.Ltd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco11Pte.Ltd.Member" id="trmd_Vesselco11Pte.Ltd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Vesselco12Pte.Ltd.Member" id="trmd_Vesselco12Pte.Ltd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TormShippingPhils.Inc.Member" id="trmd_TormShippingPhils.Inc.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselcoAApsMember" id="trmd_VesselcoAApsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselcoCApsMember" id="trmd_VesselcoCApsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselcoEApsMember" id="trmd_VesselcoEApsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="VesselcoFApsMember" id="trmd_VesselcoFApsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureOfEntitiesTable" id="trmd_DisclosureOfEntitiesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="LongRange2ASMember" id="trmd_LongRange2ASMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Lr2ManagementKSMember" id="trmd_Lr2ManagementKSMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MarineExhaustTechnologyLtd.Member" id="trmd_MarineExhaustTechnologyLtd.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureOfEntitiesLineItems" id="trmd_DisclosureOfEntitiesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="WeightedAverageNumberOfSharesIssued" id="trmd_WeightedAverageNumberOfSharesIssued" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="WeightedAverageNumberOfSharesTreasuryShares" id="trmd_WeightedAverageNumberOfSharesTreasuryShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DividendPerShareAbstract" id="trmd_DividendPerShareAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DividendPaidOnShares" id="trmd_DividendPaidOnShares" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfSharesOnWhichDividendPaid" id="trmd_NumberOfSharesOnWhichDividendPaid" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DividendPerShare" id="trmd_DividendPerShare" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="InvestmentInJointVenturesRecognisedAsOfAcquisitionDate" id="trmd_InvestmentInJointVenturesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="BunkersRecognisedAsOfAcquisitionDate" id="trmd_BunkersRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FreightReceivablesRecognisedAsOfAcquisitionDate" id="trmd_FreightReceivablesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherReceivablesRecognisedAsOfAcquisitionDate" id="trmd_OtherReceivablesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PrepaymentsRecognisedAsOfAcquisitionDate" id="trmd_PrepaymentsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate" id="trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OtherLiabilitiesRecognisedAsOfAcquisitionDate" id="trmd_OtherLiabilitiesRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TimeCharterContractsRecognisedAsOfAcquisitionDate" id="trmd_TimeCharterContractsRecognisedAsOfAcquisitionDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="WarrantsOfAcquirer" id="trmd_WarrantsOfAcquirer" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OcmNjordHoldingsS..R.L.Member" id="trmd_OcmNjordHoldingsS..R.L.Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="InterestExpenseExposure" id="trmd_InterestExpenseExposure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true" xbrli:balance="debit"/>
<element name="NotionalValueInterestRateHedgesCovering" id="trmd_NotionalValueInterestRateHedgesCovering" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true" xbrli:balance="debit"/>
<element name="TotalBalloonPayments" id="trmd_TotalBalloonPayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true" xbrli:balance="debit"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>13
<FILENAME>trmd-20181231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.8.0.4 on Tuesday, March 12, 2019 08:08:58 PM -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>15
<FILENAME>trmd-20181231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="loc_F4248H746F72_ifrs-full_IncomeStatementAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_IncomeStatementAbstract" xml:lang="en-US">Profit or loss [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_IncomeStatementAbstract" xlink:to="lab_H6460J968H94_ifrs-full_IncomeStatementAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xml:lang="en-US">Revenue from rendering of cargo and mail transport services</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xml:lang="en-US">Revenue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PortExpensesBunkersAndCommissions" xlink:label="loc_F4248H746F72_trmd_PortExpensesBunkersAndCommissions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PortExpensesBunkersAndCommissions" xml:lang="en-US">Port Expenses Bunkers And Commissions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PortExpensesBunkersAndCommissions" xml:lang="en-US">Port expenses, bunkers and commissions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PortExpensesBunkersAndCommissions" xml:lang="en-US">Port expenses, bunkers and commissions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PortExpensesBunkersAndCommissions" xml:lang="en-US">The amount of expenses associated to port expenses, bunkers and commissions.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_trmd_PortExpensesBunkersAndCommissions" xml:lang="en-US">Port expenses, bunkers and commissions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PortExpensesBunkersAndCommissions" xlink:to="lab_H6460J968H94_trmd_PortExpensesBunkersAndCommissions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TransportationExpense" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_TransportationExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TransportationExpense" xml:lang="en-US">Transportation expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TransportationExpense" xml:lang="en-US">Charter hire</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TransportationExpense" xml:lang="en-US">Charter hire</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_TransportationExpense" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_TransportationExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OperatingExpense" xlink:label="loc_F4248H746F72_ifrs-full_OperatingExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_OperatingExpense" xml:lang="en-US">Operating expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OperatingExpense" xml:lang="en-US">Operating expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OperatingExpense" xml:lang="en-US">Operating expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_OperatingExpense" xml:lang="en-US">Operating expenses (Note 3)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_OperatingExpense" xlink:to="lab_H6460J968H94_ifrs-full_OperatingExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsOnDisposalsOfNoncurrentAssets" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_GainsOnDisposalsOfNoncurrentAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GainsOnDisposalsOfNoncurrentAssets" xml:lang="en-US">Gains on disposals of non-current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GainsOnDisposalsOfNoncurrentAssets" xml:lang="en-US">Profit from sale of vessels (Note 22)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_GainsOnDisposalsOfNoncurrentAssets" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_GainsOnDisposalsOfNoncurrentAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdministrativeExpense" xlink:label="loc_F4248H746F72_ifrs-full_AdministrativeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdministrativeExpense" xml:lang="en-US">Administrative expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdministrativeExpense" xml:lang="en-US">Administrative expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdministrativeExpense" xml:lang="en-US">Administrative expenses (Note 3,4)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdministrativeExpense" xlink:to="lab_H6460J968H94_ifrs-full_AdministrativeExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_OtherOperatingIncomeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherOperatingIncomeExpense" xml:lang="en-US">Other operating income (expense)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherOperatingIncomeExpense" xml:lang="en-US">Other operating expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_OtherOperatingIncomeExpense" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_OtherOperatingIncomeExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:label="loc_F4248H746F72_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xml:lang="en-US">Share of profit (loss) of joint ventures accounted for using equity method</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xml:lang="en-US">Share of profit/(loss) from joint ventures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xml:lang="en-US">Reversal of share of profit/(loss) from joint ventures</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:to="lab_H6460J968H94_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US">Impairment loss (reversal of impairment loss) recognised in profit or loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US">Impairment losses on tangible and intangible assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US">Impairment losses on tangible and intangible assets (Note 6,7,22)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DepreciationExpense" xlink:label="loc_F4248H746F72_ifrs-full_DepreciationExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DepreciationExpense" xml:lang="en-US">Depreciation expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DepreciationExpense" xml:lang="en-US">Depreciation expense relates to administrative expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_DepreciationExpense" xml:lang="en-US">Depreciation (Note 6)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DepreciationExpense" xlink:to="lab_H6460J968H94_ifrs-full_DepreciationExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ProfitLossFromOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProfitLossFromOperatingActivities" xml:lang="en-US">Profit (loss) from operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProfitLossFromOperatingActivities" xml:lang="en-US">Operating profit/(loss) (EBIT)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProfitLossFromOperatingActivities" xml:lang="en-US">Operating profit/(loss) (EBIT)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ProfitLossFromOperatingActivities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ProfitLossFromOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinanceIncome" xlink:label="loc_F4248H746F72_ifrs-full_FinanceIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FinanceIncome" xml:lang="en-US">Finance income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinanceIncome" xml:lang="en-US">Financial income (Note 8)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinanceIncome" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinanceIncome" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FinanceIncome" xlink:to="lab_H6460J968H94_ifrs-full_FinanceIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinanceCosts" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinanceCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinanceCosts" xml:lang="en-US">Finance costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinanceCosts" xml:lang="en-US">Financial expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinanceCosts" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinanceCosts" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinanceCosts" xml:lang="en-US">Financial expenses (Note 8)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinanceCosts" xml:lang="en-US">Finance costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinanceCosts" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinanceCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="loc_F4248H746F72_ifrs-full_ProfitLossBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossBeforeTax" xml:lang="en-US">Profit (loss) before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossBeforeTax" xml:lang="en-US">Profit/(loss) before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossBeforeTax" xml:lang="en-US">Profit/(loss) before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossBeforeTax" xml:lang="en-US">Profit/(loss) before tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ProfitLossBeforeTax" xlink:to="lab_H6460J968H94_ifrs-full_ProfitLossBeforeTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IncomeTaxExpenseContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en-US">Tax expense (income), continuing operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en-US">Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncomeTaxExpenseContinuingOperations" xml:lang="en-US">Tax (Note 11)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IncomeTaxExpenseContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="loc_F4248H746F72_ifrs-full_ProfitLossFromContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossFromContinuingOperations" xml:lang="en-US">Profit (loss) from continuing operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossFromContinuingOperations" xml:lang="en-US">Net profit/loss for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossFromContinuingOperations" xml:lang="en-US">Net profit/(loss) for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossFromContinuingOperations" xml:lang="en-US">Profit and loss from continuing operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossFromContinuingOperations" xml:lang="en-US">Net profit/(loss) for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossFromContinuingOperations" xml:lang="en-US">Net profit/loss for the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ProfitLossFromContinuingOperations" xlink:to="lab_H6460J968H94_ifrs-full_ProfitLossFromContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_EarningsPerShareAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EarningsPerShareAbstract" xml:lang="en-US">Earnings per share [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EarningsPerShareAbstract" xml:lang="en-US">EARNINGS PER SHARE</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_EarningsPerShareAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_EarningsPerShareAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BasicEarningsLossPerShare" xlink:label="loc_F4248H746F72_ifrs-full_BasicEarningsLossPerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_BasicEarningsLossPerShare" xml:lang="en-US">Basic earnings (loss) per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_BasicEarningsLossPerShare" xml:lang="en-US">Basic earnings/(loss) per share (USD) (Note 25) (in dollars per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_BasicEarningsLossPerShare" xml:lang="en-US">Basic earnings/(loss) per share (USD)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_BasicEarningsLossPerShare" xlink:to="lab_H6460J968H94_ifrs-full_BasicEarningsLossPerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DilutedEarningsLossPerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DilutedEarningsLossPerShare" xml:lang="en-US">Diluted earnings (loss) per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DilutedEarningsLossPerShare" xml:lang="en-US">Diluted earnings/(loss) per share (USD) (Note 25) (in dollars per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DilutedEarningsLossPerShare" xml:lang="en-US">Diluted earnings/(loss) per share (USD)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DilutedEarningsLossPerShare" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DilutedEarningsLossPerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="loc_F4248H746F72_ifrs-full_StatementOfComprehensiveIncomeAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_StatementOfComprehensiveIncomeAbstract" xml:lang="en-US">Statement of comprehensive income [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:to="lab_H6460J968H94_ifrs-full_StatementOfComprehensiveIncomeAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherComprehensiveIncomeAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_OtherComprehensiveIncomeAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherComprehensiveIncomeAbstract" xml:lang="en-US">Other comprehensive income [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherComprehensiveIncomeAbstract" xml:lang="en-US">Other comprehensive income/(loss):</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_OtherComprehensiveIncomeAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_OtherComprehensiveIncomeAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTaxAbstract" xlink:label="loc_F4248H746F72_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTaxAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTaxAbstract" xml:lang="en-US">Components of other comprehensive income that will be reclassified to profit or loss, before tax [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTaxAbstract" xml:lang="en-US">Items that may be reclassified to profit or loss:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTaxAbstract" xlink:to="lab_H6460J968H94_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTaxAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xml:lang="en-US">Gains (losses) on exchange differences on translation, before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xml:lang="en-US">Exchange rate adjustment arising from translation of entities using a functional currency different from USD</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:label="loc_F4248H746F72_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xml:lang="en-US">Other comprehensive income, before tax, cash flow hedges</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xml:lang="en-US">Fair value adjustment on hedging instruments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:to="lab_H6460J968H94_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xml:lang="en-US">Reclassification adjustments on cash flow hedges, before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xml:lang="en-US">Fair value adjustment on hedging instruments transferred to income statement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xml:lang="en-US">Fair value adjustment on hedging instruments transferred to income statement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="loc_F4248H746F72_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xml:lang="en-US">Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xml:lang="en-US">Items that may not be reclassified to profit or loss:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="lab_H6460J968H94_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xml:lang="en-US">Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xml:lang="en-US">Remeasurements of net pension and other post-retirement benefit liability or asset</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="loc_F4248H746F72_ifrs-full_OtherComprehensiveIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_OtherComprehensiveIncome" xml:lang="en-US">Other comprehensive income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherComprehensiveIncome" xml:lang="en-US">Other comprehensive income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherComprehensiveIncome" xml:lang="en-US">Other comprehensive income/(loss) for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherComprehensiveIncome" xml:lang="en-US">Other comprehensive income/(loss) after tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_OtherComprehensiveIncome" xlink:to="lab_H6460J968H94_ifrs-full_OtherComprehensiveIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComprehensiveIncome" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ComprehensiveIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ComprehensiveIncome" xml:lang="en-US">Comprehensive income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ComprehensiveIncome" xml:lang="en-US">Total comprehensive income/(loss) for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ComprehensiveIncome" xml:lang="en-US">Total comprehensive income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ComprehensiveIncome" xml:lang="en-US">Total comprehensive income/(loss) for the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ComprehensiveIncome" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ComprehensiveIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="loc_F4248H746F72_ifrs-full_StatementOfFinancialPositionAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of financial position [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="lab_H6460J968H94_ifrs-full_StatementOfFinancialPositionAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AssetsAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AssetsAbstract" xml:lang="en-US">Assets [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AssetsAbstract" xml:lang="en-US">ASSETS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AssetsAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="loc_F4248H746F72_ifrs-full_NoncurrentAssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentAssetsAbstract" xml:lang="en-US">Non-current assets [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentAssetsAbstract" xml:lang="en-US">NON-CURRENT ASSETS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NoncurrentAssetsAbstract" xlink:to="lab_H6460J968H94_ifrs-full_NoncurrentAssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PropertyPlantAndEquipmentAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipmentAbstract" xml:lang="en-US">Property, plant and equipment [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipmentAbstract" xml:lang="en-US">Tangible fixed assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipmentAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselsAndCapitalizedDrydock" xlink:label="loc_F4248H746F72_trmd_VesselsAndCapitalizedDrydock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_VesselsAndCapitalizedDrydock" xml:lang="en-US">Vessels And Capitalized Drydock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_VesselsAndCapitalizedDrydock" xml:lang="en-US">Vessels and capitalized dry-docking (Note 6,7,15)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_VesselsAndCapitalizedDrydock" xml:lang="en-US">Represnts the amount of property, plant and equipment representing seafaring or other maritime vessels and capitalized dry-dock used in the entity's operations.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_VesselsAndCapitalizedDrydock" xlink:to="lab_H6460J968H94_trmd_VesselsAndCapitalizedDrydock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NoncurrentPrepayments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentPrepayments" xml:lang="en-US">Non-current prepayments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentPrepayments" xml:lang="en-US">Prepayments on vessels (Note 6)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentPrepayments" xml:lang="en-US">Carrying amount as of 31 December</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentPrepayments" xml:lang="en-US">Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentPrepayments" xml:lang="en-US">Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NoncurrentPrepayments" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentPrepayments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherPropertyPlantAndEquipment" xlink:label="loc_F4248H746F72_ifrs-full_OtherPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_OtherPropertyPlantAndEquipment" xml:lang="en-US">Other property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherPropertyPlantAndEquipment" xml:lang="en-US">Other plant and operating equipment (Note 6)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_OtherPropertyPlantAndEquipment" xlink:to="lab_H6460J968H94_ifrs-full_OtherPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipment" xml:lang="en-US">Property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipment" xml:lang="en-US">Total tangible fixed assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipment" xml:lang="en-US">Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipment" xml:lang="en-US">Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PropertyPlantAndEquipment" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract" xlink:label="loc_F4248H746F72_ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract" xml:lang="en-US">Categories of non-current financial assets [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract" xml:lang="en-US">Financial assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract" xlink:to="lab_H6460J968H94_ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InvestmentsInJointVentures" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_InvestmentsInJointVentures"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InvestmentsInJointVentures" xml:lang="en-US">Investments in joint ventures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InvestmentsInJointVentures" xml:lang="en-US">Investments in joint ventures</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_InvestmentsInJointVentures" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_InvestmentsInJointVentures"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="loc_F4248H746F72_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xml:lang="en-US">Non-current investments other than investments accounted for using equity method</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xml:lang="en-US">Other investments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="lab_H6460J968H94_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentFinancialAssets" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NoncurrentFinancialAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentFinancialAssets" xml:lang="en-US">Non-current financial assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentFinancialAssets" xml:lang="en-US">Total financial assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentFinancialAssets" xml:lang="en-US">Total financial assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NoncurrentFinancialAssets" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentFinancialAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssets" xlink:label="loc_F4248H746F72_ifrs-full_NoncurrentAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentAssets" xml:lang="en-US">Non-current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentAssets" xml:lang="en-US">Total non-current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NoncurrentAssets" xlink:to="lab_H6460J968H94_ifrs-full_NoncurrentAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentAssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssetsAbstract" xml:lang="en-US">Current assets [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssetsAbstract" xml:lang="en-US">CURRENT ASSETS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentAssetsAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InventoriesTotal" xlink:label="loc_F4248H746F72_ifrs-full_InventoriesTotal"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_InventoriesTotal" xml:lang="en-US">Inventories</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_InventoriesTotal" xml:lang="en-US">Bunkers</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_InventoriesTotal" xlink:to="lab_H6460J968H94_ifrs-full_InventoriesTotal"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentTradeReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentTradeReceivables" xml:lang="en-US">Current trade receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentTradeReceivables" xml:lang="en-US">Freight receivables (Note 9)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentTradeReceivables" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentTradeReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherCurrentReceivables" xlink:label="loc_F4248H746F72_ifrs-full_OtherCurrentReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_OtherCurrentReceivables" xml:lang="en-US">Other current receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherCurrentReceivables" xml:lang="en-US">Other receivables (Note 10)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherCurrentReceivables" xml:lang="en-US">Balance as of 31 December</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_OtherCurrentReceivables" xlink:to="lab_H6460J968H94_ifrs-full_OtherCurrentReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentPrepayments" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentPrepayments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentPrepayments" xml:lang="en-US">Current prepayments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentPrepayments" xml:lang="en-US">Prepayments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentPrepayments" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentPrepayments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="loc_F4248H746F72_ifrs-full_CashAndCashEquivalents"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CashAndCashEquivalents" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CashAndCashEquivalents" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_H6460J968H94_ifrs-full_CashAndCashEquivalents" xml:lang="en-US">Cash and cash equivalents as of 1 January</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_H6460J968H94_ifrs-full_CashAndCashEquivalents" xml:lang="en-US">Cash and cash equivalents as of 31 December</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CashAndCashEquivalents" xlink:to="lab_H6460J968H94_ifrs-full_CashAndCashEquivalents"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xml:lang="en-US">Current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xml:lang="en-US">Current assets, excluding assets held-for-sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:label="loc_F4248H746F72_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xml:lang="en-US">Non-current assets or disposal groups classified as held for sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xml:lang="en-US">Assets held-for-sale (Note 22)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale" xlink:to="lab_H6460J968H94_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentAssets" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssets" xml:lang="en-US">Current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssets" xml:lang="en-US">Total current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentAssets" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Assets" xlink:label="loc_F4248H746F72_ifrs-full_Assets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_Assets" xml:lang="en-US">Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_Assets" xml:lang="en-US">TOTAL ASSETS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_Assets" xlink:to="lab_H6460J968H94_ifrs-full_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAndLiabilitiesAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_EquityAndLiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EquityAndLiabilitiesAbstract" xml:lang="en-US">Equity and liabilities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EquityAndLiabilitiesAbstract" xml:lang="en-US">EQUITY AND LIABILITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_EquityAndLiabilitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAbstract" xlink:label="loc_F4248H746F72_ifrs-full_EquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_EquityAbstract" xml:lang="en-US">Equity [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_EquityAbstract" xml:lang="en-US">EQUITY</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_EquityAbstract" xlink:to="lab_H6460J968H94_ifrs-full_EquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IssuedCapital" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IssuedCapital"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IssuedCapital" xml:lang="en-US">Issued capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IssuedCapital" xml:lang="en-US">Common shares (Note 12)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IssuedCapital" xml:lang="en-US">Share capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IssuedCapital" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IssuedCapital"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SharePremium" xlink:label="loc_F4248H746F72_ifrs-full_SharePremium"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_SharePremium" xml:lang="en-US">Share premium</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_SharePremium" xml:lang="en-US">Share premium (Note 12)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_SharePremium" xlink:to="lab_H6460J968H94_ifrs-full_SharePremium"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TreasuryShares" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_TreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TreasuryShares" xml:lang="en-US">Treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TreasuryShares" xml:lang="en-US">Treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TreasuryShares" xml:lang="en-US">Total consideration for the treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TreasuryShares" xml:lang="en-US">Treasury shares (Note 12)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_TreasuryShares" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_TreasuryShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReserveOfCashFlowHedges" xlink:label="loc_F4248H746F72_ifrs-full_ReserveOfCashFlowHedges"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ReserveOfCashFlowHedges" xml:lang="en-US">Reserve of cash flow hedges</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ReserveOfCashFlowHedges" xml:lang="en-US">Hedging reserves</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ReserveOfCashFlowHedges" xlink:to="lab_H6460J968H94_ifrs-full_ReserveOfCashFlowHedges"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads" xml:lang="en-US">Reserve of change in value of foreign currency basis spreads</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads" xml:lang="en-US">Translation reserves</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RetainedEarnings" xlink:label="loc_F4248H746F72_ifrs-full_RetainedEarnings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_RetainedEarnings" xml:lang="en-US">Retained earnings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_RetainedEarnings" xml:lang="en-US">Retained profit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_RetainedEarnings" xlink:to="lab_H6460J968H94_ifrs-full_RetainedEarnings"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Equity" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_Equity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Equity" xml:lang="en-US">Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Equity" xml:lang="en-US">Raised equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Equity" xml:lang="en-US">Total equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Equity" xml:lang="en-US">Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Equity" xml:lang="en-US">Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_Equity" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_Equity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="loc_F4248H746F72_ifrs-full_LiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_LiabilitiesAbstract" xml:lang="en-US">Liabilities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_LiabilitiesAbstract" xml:lang="en-US">LIABILITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_LiabilitiesAbstract" xlink:to="lab_H6460J968H94_ifrs-full_LiabilitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NoncurrentLiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentLiabilitiesAbstract" xml:lang="en-US">Non-current liabilities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentLiabilitiesAbstract" xml:lang="en-US">NON-CURRENT LIABILITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentLiabilitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="loc_F4248H746F72_ifrs-full_DeferredTaxLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilities" xml:lang="en-US">Deferred tax liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilities" xml:lang="en-US">Deferred tax liability (Note 11)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DeferredTaxLiabilities" xlink:to="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LongtermBorrowings" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_LongtermBorrowings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LongtermBorrowings" xml:lang="en-US">Non-current portion of non-current borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LongtermBorrowings" xml:lang="en-US">Mortgage debt and bank loans (Note 2,14,15,17)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LongtermBorrowings" xml:lang="en-US">Hereof non-current</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_LongtermBorrowings" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_LongtermBorrowings"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentFinanceLeaseLiabilities" xlink:label="loc_F4248H746F72_ifrs-full_NoncurrentFinanceLeaseLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentFinanceLeaseLiabilities" xml:lang="en-US">Non-current finance lease liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentFinanceLeaseLiabilities" xml:lang="en-US">Finance lease liabilities (Note 17,22)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NoncurrentFinanceLeaseLiabilities" xlink:to="lab_H6460J968H94_ifrs-full_NoncurrentFinanceLeaseLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NoncurrentLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentLiabilities" xml:lang="en-US">Non-current liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentLiabilities" xml:lang="en-US">Total non-current liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NoncurrentLiabilities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NoncurrentLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="loc_F4248H746F72_ifrs-full_CurrentLiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CurrentLiabilitiesAbstract" xml:lang="en-US">Current liabilities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentLiabilitiesAbstract" xml:lang="en-US">CURRENT LIABILITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CurrentLiabilitiesAbstract" xlink:to="lab_H6460J968H94_ifrs-full_CurrentLiabilitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentPortionOfLongtermBorrowings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentPortionOfLongtermBorrowings" xml:lang="en-US">Current portion of non-current borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentPortionOfLongtermBorrowings" xml:lang="en-US">Mortgage debt and bank loans (Note 2,14,15,17)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentPortionOfLongtermBorrowings"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentFinanceLeaseLiabilities" xlink:label="loc_F4248H746F72_ifrs-full_CurrentFinanceLeaseLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CurrentFinanceLeaseLiabilities" xml:lang="en-US">Current finance lease liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentFinanceLeaseLiabilities" xml:lang="en-US">Finance lease liabilities (Note 17,22)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CurrentFinanceLeaseLiabilities" xlink:to="lab_H6460J968H94_ifrs-full_CurrentFinanceLeaseLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xml:lang="en-US">Current trade payables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xml:lang="en-US">Trade payables (Note 17)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:label="loc_F4248H746F72_ifrs-full_CurrentTaxLiabilitiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CurrentTaxLiabilitiesCurrent" xml:lang="en-US">Current tax liabilities, current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentTaxLiabilitiesCurrent" xml:lang="en-US">Current tax liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:to="lab_H6460J968H94_ifrs-full_CurrentTaxLiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_OtherCurrentLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherCurrentLiabilities" xml:lang="en-US">Other current liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherCurrentLiabilities" xml:lang="en-US">Other liabilities (Note 13,17)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherCurrentLiabilities" xml:lang="en-US">Balance as of 31 December</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherCurrentLiabilities" xml:lang="en-US">Balance as of 31 December</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_OtherCurrentLiabilities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_OtherCurrentLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:label="loc_F4248H746F72_ifrs-full_DeferredIncomeClassifiedAsCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DeferredIncomeClassifiedAsCurrent" xml:lang="en-US">Deferred income classified as current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DeferredIncomeClassifiedAsCurrent" xml:lang="en-US">Deferred income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:to="lab_H6460J968H94_ifrs-full_DeferredIncomeClassifiedAsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLiabilities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentLiabilities" xml:lang="en-US">Current liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentLiabilities" xml:lang="en-US">Total current liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentLiabilities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Liabilities" xlink:label="loc_F4248H746F72_ifrs-full_Liabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_Liabilities" xml:lang="en-US">Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_Liabilities" xml:lang="en-US">Total liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_Liabilities" xlink:to="lab_H6460J968H94_ifrs-full_Liabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityAndLiabilities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_EquityAndLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EquityAndLiabilities" xml:lang="en-US">Equity and liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EquityAndLiabilities" xml:lang="en-US">TOTAL EQUITY AND LIABILITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_EquityAndLiabilities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_EquityAndLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="loc_F4248H746F72_ifrs-full_StatementOfChangesInEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_StatementOfChangesInEquityAbstract" xml:lang="en-US">Statement of changes in equity [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="lab_H6460J968H94_ifrs-full_StatementOfChangesInEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_StatementOfChangesInEquityTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_StatementOfChangesInEquityTable" xml:lang="en-US">Statement of changes in equity [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_StatementOfChangesInEquityTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_StatementOfChangesInEquityTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="loc_F4248H746F72_ifrs-full_ComponentsOfEquityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ComponentsOfEquityAxis" xml:lang="en-US">Components of equity [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ComponentsOfEquityAxis" xlink:to="lab_H6460J968H94_ifrs-full_ComponentsOfEquityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IssuedCapitalMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IssuedCapitalMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IssuedCapitalMember" xml:lang="en-US">Issued capital [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IssuedCapitalMember" xml:lang="en-US">Common shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IssuedCapitalMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IssuedCapitalMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SharePremiumMember" xlink:label="loc_F4248H746F72_ifrs-full_SharePremiumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_SharePremiumMember" xml:lang="en-US">Share premium [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_SharePremiumMember" xml:lang="en-US">Share premium</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_SharePremiumMember" xlink:to="lab_H6460J968H94_ifrs-full_SharePremiumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TreasurySharesMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_TreasurySharesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TreasurySharesMember" xml:lang="en-US">Treasury shares [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TreasurySharesMember" xml:lang="en-US">Treasury shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_TreasurySharesMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_TreasurySharesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReserveOfCashFlowHedgesMember" xlink:label="loc_F4248H746F72_ifrs-full_ReserveOfCashFlowHedgesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ReserveOfCashFlowHedgesMember" xml:lang="en-US">Reserve of cash flow hedges [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ReserveOfCashFlowHedgesMember" xml:lang="en-US">Hedging reserves</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ReserveOfCashFlowHedgesMember" xlink:to="lab_H6460J968H94_ifrs-full_ReserveOfCashFlowHedgesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xml:lang="en-US">Reserve of change in value of foreign currency basis spreads [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xml:lang="en-US">Translation reserves</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RetainedEarningsMember" xlink:label="loc_F4248H746F72_ifrs-full_RetainedEarningsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_RetainedEarningsMember" xml:lang="en-US">Retained earnings [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_RetainedEarningsMember" xml:lang="en-US">Retained profit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_RetainedEarningsMember" xlink:to="lab_H6460J968H94_ifrs-full_RetainedEarningsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_EquityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EquityMember" xml:lang="en-US">Equity [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_EquityMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_EquityMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="loc_F4248H746F72_ifrs-full_StatementOfChangesInEquityLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_StatementOfChangesInEquityLineItems" xml:lang="en-US">Statement of changes in equity [line items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_StatementOfChangesInEquityLineItems" xml:lang="en-US">Statement of changes in equity [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="lab_H6460J968H94_ifrs-full_StatementOfChangesInEquityLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ChangesInStockHoldersEquityRollForward" xlink:label="loc_IF21F453I7K897H8F732_trmd_ChangesInStockHoldersEquityRollForward"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangesInStockHoldersEquityRollForward" xml:lang="en-US">Changes In Stock Holders Equity Roll Forward [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangesInStockHoldersEquityRollForward" xml:lang="en-US">Changes in Stockholders' Equity [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangesInStockHoldersEquityRollForward" xml:lang="en-US">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ChangesInStockHoldersEquityRollForward" xlink:to="lab_KH43H675K9M019J0H954_trmd_ChangesInStockHoldersEquityRollForward"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_EquityAfterEffectOfIfrsStandardsImplemented" xlink:label="loc_F4248H746F72_trmd_EquityAfterEffectOfIfrsStandardsImplemented"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_EquityAfterEffectOfIfrsStandardsImplemented" xml:lang="en-US">Equity After Effect Of Ifrs Standards Implemented</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_EquityAfterEffectOfIfrsStandardsImplemented" xml:lang="en-US">Adjusted equity as of 1 January 2018</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_EquityAfterEffectOfIfrsStandardsImplemented" xlink:to="lab_H6460J968H94_trmd_EquityAfterEffectOfIfrsStandardsImplemented"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_EquityAfterEffectOfIfrsStandardsImplemented" xml:lang="en-US">The value of equity before after of IFRS standards implemented.</label>

<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_EffectOfOfNewIfrsStandards" xlink:label="loc_IF21F453I7K897H8F732_trmd_EffectOfOfNewIfrsStandards"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_EffectOfOfNewIfrsStandards" xml:lang="en-US">Effect Of Of New Ifrs Standards</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_EffectOfOfNewIfrsStandards" xml:lang="en-US">Effect as of 1 January 2018 of new IFRS standards implemented</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_EffectOfOfNewIfrsStandards" xml:lang="en-US">The effect on the beginning balance of equity due to new IFRS standards.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_EffectOfOfNewIfrsStandards" xlink:to="lab_KH43H675K9M019J0H954_trmd_EffectOfOfNewIfrsStandards"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComprehensiveIncomeAbstract" xlink:label="loc_F4248H746F72_ifrs-full_ComprehensiveIncomeAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ComprehensiveIncomeAbstract" xml:lang="en-US">Comprehensive income/loss for the year:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ComprehensiveIncomeAbstract" xml:lang="en-US">Comprehensive income/loss for the year:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ComprehensiveIncomeAbstract" xlink:to="lab_H6460J968H94_ifrs-full_ComprehensiveIncomeAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners" xml:lang="en-US">Corporate Reorganization TORM plc</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IssueOfEquity" xlink:label="loc_F4248H746F72_ifrs-full_IssueOfEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_IssueOfEquity" xml:lang="en-US">Issue of equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_IssueOfEquity" xml:lang="en-US">Capital increase</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_IssueOfEquity" xlink:to="lab_H6460J968H94_ifrs-full_IssueOfEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xml:lang="en-US">Increase (decrease) through change in equity of subsidiaries, equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xml:lang="en-US">Shareholders' contribution</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:label="loc_F4248H746F72_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xml:lang="en-US">Increase (decrease) through acquisition of subsidiary, equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xml:lang="en-US">Reverse acquisition of TORM A/S</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary" xlink:to="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughAcquisitionOfSubsidiary"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShareIssueRelatedCost" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ShareIssueRelatedCost"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ShareIssueRelatedCost" xml:lang="en-US">Share issue related cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ShareIssueRelatedCost" xml:lang="en-US">Transaction costs share issue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ShareIssueRelatedCost" xml:lang="en-US">Transaction costs capital increase</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ShareIssueRelatedCost" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ShareIssueRelatedCost"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AcquisitionOfNonControllingInterest" xlink:label="loc_F4248H746F72_trmd_AcquisitionOfNonControllingInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AcquisitionOfNonControllingInterest" xml:lang="en-US">Acquisition Of Non Controlling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_AcquisitionOfNonControllingInterest" xml:lang="en-US">Acquisition of outstanding shares in TORM A/S, cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AcquisitionOfNonControllingInterest" xml:lang="en-US">Represents the acquisition of remaining minority shareholders of subsidiary.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AcquisitionOfNonControllingInterest" xlink:to="lab_H6460J968H94_trmd_AcquisitionOfNonControllingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PurchaseOfTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PurchaseOfTreasuryShares" xml:lang="en-US">Purchase of treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PurchaseOfTreasuryShares" xml:lang="en-US">Acquisition treasury shares, cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PurchaseOfTreasuryShares" xml:lang="en-US">Acquisition of treasury shares, cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PurchaseOfTreasuryShares" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PurchaseOfTreasuryShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:label="loc_F4248H746F72_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xml:lang="en-US">Increase (decrease) through share-based payment transactions, equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xml:lang="en-US">Share-based compensation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsPaid" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DividendsPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DividendsPaid" xml:lang="en-US">Dividends recognised as distributions to owners</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DividendsPaid" xml:lang="en-US">Dividend paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DividendsPaid" xml:lang="en-US">Dividend paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DividendsPaid" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DividendsPaid"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ChangesInEquity" xlink:label="loc_F4248H746F72_ifrs-full_ChangesInEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ChangesInEquity" xml:lang="en-US">Increase (decrease) in equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ChangesInEquity" xml:lang="en-US">Total changes in equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ChangesInEquity" xml:lang="en-US">Total changes in equity 2015, 2016 and 2017</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ChangesInEquity" xlink:to="lab_H6460J968H94_ifrs-full_ChangesInEquity"/>




<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="loc_F4248H746F72_ifrs-full_StatementOfCashFlowsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of cash flows [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_StatementOfCashFlowsAbstract" xlink:to="lab_H6460J968H94_ifrs-full_StatementOfCashFlowsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xml:lang="en-US">Cash flows from (used in) operating activities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xml:lang="en-US">CASH FLOW FROM OPERATING ACTIVITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForReconcileProfitLossAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xml:lang="en-US">Adjustments to reconcile profit (loss) [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xml:lang="en-US">Adjustments:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForReconcileProfitLossAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xml:lang="en-US">Adjustments for losses (gains) on disposal of non-current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xml:lang="en-US">Reversal of profit from sale of vessels</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDepreciationExpense" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForDepreciationExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForDepreciationExpense" xml:lang="en-US">Adjustments for depreciation expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForDepreciationExpense" xml:lang="en-US">Reversal of depreciation (Note 6)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForDepreciationExpense" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForDepreciationExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US">Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xml:lang="en-US">Reversal of impairment loss on tangible and intangible assets (Note 6,7,22)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xml:lang="en-US">Adjustments for gain (loss) on disposal of investments in subsidiaries, joint ventures and associates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xml:lang="en-US">Reversal of share of profit/(loss) from joint ventures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xml:lang="en-US">Reversal of share of profit/(loss) from joint ventures</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForFinanceIncome" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForFinanceIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForFinanceIncome" xml:lang="en-US">Adjustments for finance income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForFinanceIncome" xml:lang="en-US">Reversal of financial income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForFinanceIncome" xml:lang="en-US">Reversal of financial income (Note 8)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForFinanceIncome" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForFinanceIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForFinanceCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForFinanceCosts" xml:lang="en-US">Adjustments for finance costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForFinanceCosts" xml:lang="en-US">Reversal of financial expenses (Note 8)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForFinanceCosts" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForFinanceCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForIncomeTaxExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForIncomeTaxExpense" xml:lang="en-US">Adjustments for income tax expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForIncomeTaxExpense" xml:lang="en-US">Reversal of tax expenses (Note 11)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForIncomeTaxExpense"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherAdjustmentsForNon-CashItems" xlink:label="loc_F4248H746F72_trmd_OtherAdjustmentsForNon-CashItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OtherAdjustmentsForNon-CashItems" xml:lang="en-US">Other Adjustments For Non-Cash Items</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OtherAdjustmentsForNon-CashItems" xml:lang="en-US">Reversal of other non-cash movements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OtherAdjustmentsForNon-CashItems" xml:lang="en-US">Adjustments for non-cash items to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_trmd_OtherAdjustmentsForNon-CashItems" xml:lang="en-US">Reversal of other non-cash movements (Note 23)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OtherAdjustmentsForNon-CashItems" xlink:to="lab_H6460J968H94_trmd_OtherAdjustmentsForNon-CashItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsReceivedClassifiedAsOperatingActivities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities" xml:lang="en-US">Dividends received, classified as operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities" xml:lang="en-US">Dividends received from joint ventures</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:label="loc_F4248H746F72_ifrs-full_InterestReceivedClassifiedAsOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xml:lang="en-US">Interest received, classified as operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xml:lang="en-US">Interest received and realized exchange gains</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:to="lab_H6460J968H94_ifrs-full_InterestReceivedClassifiedAsOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_InterestPaidClassifiedAsOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xml:lang="en-US">Interest paid, classified as operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xml:lang="en-US">Interest paid and realized exchange losses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xml:lang="en-US">Interest paid and realized exchange losses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_InterestPaidClassifiedAsOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:label="loc_F4248H746F72_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xml:lang="en-US">Income taxes paid, classified as operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xml:lang="en-US">Income taxes paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xml:lang="en-US">Income taxes paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities" xlink:to="lab_H6460J968H94_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseInWorkingCapital"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseInWorkingCapital" xml:lang="en-US">Increase (decrease) in working capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseInWorkingCapital" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseInWorkingCapital" xml:lang="en-US">Change in bunkers, receivables and payables, etc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseInWorkingCapital" xml:lang="en-US">Change in bunkers, receivables and payables, etc. (Note 23)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseInWorkingCapital"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="loc_F4248H746F72_ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="en-US">Cash flows from (used in) operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_CashFlowsFromUsedInOperatingActivities" xml:lang="en-US">Net cash flow from operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="lab_H6460J968H94_ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xml:lang="en-US">Cash flows from (used in) investing activities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xml:lang="en-US">CASH FLOW FROM INVESTING ACTIVITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="loc_F4248H746F72_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en-US">Purchase of property, plant and equipment, classified as investing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en-US">Investment in tangible fixed assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en-US">Investment in tangible fixed assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="lab_H6460J968H94_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en-US">Proceeds from sales of property, plant and equipment, classified as investing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en-US">Sale of tangible fixed assets (Note 22)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="loc_F4248H746F72_ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CashFlowsFromUsedInInvestingActivities" xml:lang="en-US">Cash flows from (used in) investing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_CashFlowsFromUsedInInvestingActivities" xml:lang="en-US">Net cash flow from investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_H6460J968H94_ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xml:lang="en-US">Cash flows from (used in) financing activities [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xml:lang="en-US">CASH FLOW FROM FINANCING ACTIVITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="loc_F4248H746F72_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US">Proceeds from borrowings, classified as financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US">Borrowing, mortgage debt</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="lab_H6460J968H94_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ProceedsFromSaleAndLeasebackTransactions" xlink:label="loc_IF21F453I7K897H8F732_trmd_ProceedsFromSaleAndLeasebackTransactions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ProceedsFromSaleAndLeasebackTransactions" xml:lang="en-US">Proceeds From Sale And Leaseback Transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ProceedsFromSaleAndLeasebackTransactions" xml:lang="en-US">Borrowing, sale and leaseback transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ProceedsFromSaleAndLeasebackTransactions" xml:lang="en-US">The cash inflow from sale and leaseback transactions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ProceedsFromSaleAndLeasebackTransactions" xlink:to="lab_KH43H675K9M019J0H954_trmd_ProceedsFromSaleAndLeasebackTransactions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="loc_F4248H746F72_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US">Repayments of borrowings, classified as financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US">Repayment/redemption, mortgage debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US">Repayment/redemption, mortgage debt</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="lab_H6460J968H94_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="en-US">Payments of finance lease liabilities, classified as financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="en-US">Repayment/redemption, finance lease liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="en-US">Repayment/redemption, finance lease liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="loc_F4248H746F72_ifrs-full_DividendsPaidClassifiedAsFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en-US">Dividends paid, classified as financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en-US">Dividend paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en-US">Dividend paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="lab_H6460J968H94_ifrs-full_DividendsPaidClassifiedAsFinancingActivities"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Acquisitionofnoncontrollinginterestofsubsidiary" xlink:label="loc_IF21F453I7K897H8F732_trmd_Acquisitionofnoncontrollinginterestofsubsidiary"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_Acquisitionofnoncontrollinginterestofsubsidiary" xml:lang="en-US">Acquisitionofnoncontrollinginterestofsubsidiary</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Acquisitionofnoncontrollinginterestofsubsidiary" xml:lang="en-US">Acquisition of outstanding shares in TORM A/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_Acquisitionofnoncontrollinginterestofsubsidiary" xml:lang="en-US">Represents the amount of cash outflow attributed to the acquisition of non-controlling interest of susbidiary.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Acquisitionofnoncontrollinginterestofsubsidiary" xml:lang="en-US">Acquisition of outstanding shares in TORM A/S</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_Acquisitionofnoncontrollinginterestofsubsidiary" xlink:to="lab_KH43H675K9M019J0H954_trmd_Acquisitionofnoncontrollinginterestofsubsidiary"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProceedsFromIssuingShares" xlink:label="loc_F4248H746F72_ifrs-full_ProceedsFromIssuingShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ProceedsFromIssuingShares" xml:lang="en-US">Proceeds from issuing shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProceedsFromIssuingShares" xml:lang="en-US">Capital increase</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ProceedsFromIssuingShares" xlink:to="lab_H6460J968H94_ifrs-full_ProceedsFromIssuingShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PaymentsForShareIssueCosts" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PaymentsForShareIssueCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PaymentsForShareIssueCosts" xml:lang="en-US">Payments for share issue costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PaymentsForShareIssueCosts" xml:lang="en-US">Transaction costs share issue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PaymentsForShareIssueCosts" xml:lang="en-US">Transaction costs share issue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PaymentsForShareIssueCosts" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PaymentsForShareIssueCosts"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PurchaseOrIssueOFtreasuryShares" xlink:label="loc_F4248H746F72_trmd_PurchaseOrIssueOFtreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PurchaseOrIssueOFtreasuryShares" xml:lang="en-US">Purchase Or Issue Of Treasury Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PurchaseOrIssueOFtreasuryShares" xml:lang="en-US">Purchase/disposal of treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PurchaseOrIssueOFtreasuryShares" xml:lang="en-US">The increase (decrease) in equity resulting from the purchase or issue of treasury shares.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_trmd_PurchaseOrIssueOFtreasuryShares" xml:lang="en-US">Purchase/disposal of treasury shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PurchaseOrIssueOFtreasuryShares" xlink:to="lab_H6460J968H94_trmd_PurchaseOrIssueOFtreasuryShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities" xlink:label="loc_IF21F453I7K897H8F732_trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities" xml:lang="en-US">Change In Restricted Cash Classified As Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities" xml:lang="en-US">Change in restricted cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities" xml:lang="en-US">The change in restricted cash classified as financing activities.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities" xml:lang="en-US">Change in restricted cash</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities" xlink:to="lab_KH43H675K9M019J0H954_trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="loc_F4248H746F72_ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CashFlowsFromUsedInFinancingActivities" xml:lang="en-US">Cash flows from (used in) financing activities</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xml:lang="en-US">Increase (decrease) in cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xml:lang="en-US">Net cash flow from operating, investing and financing activities</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_RestrictedCashAmount" xlink:label="loc_F4248H746F72_trmd_RestrictedCashAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_RestrictedCashAmount" xml:lang="en-US">Restricted Cash Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_RestrictedCashAmount" xml:lang="en-US">Restricted cash as of 31 December</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_RestrictedCashAmount" xlink:to="lab_H6460J968H94_trmd_RestrictedCashAmount"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_RestrictedCashAmount" xml:lang="en-US">Represent Amount of restricted cash.</label>

<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CashAndCashEquivalentsIncludingRestrictedCash" xlink:label="loc_IF21F453I7K897H8F732_trmd_CashAndCashEquivalentsIncludingRestrictedCash"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CashAndCashEquivalentsIncludingRestrictedCash" xml:lang="en-US">Cash And Cash Equivalents Including Restricted Cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CashAndCashEquivalentsIncludingRestrictedCash" xml:lang="en-US">Cash and cash equivalents including restricted cash as of 31 December</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CashAndCashEquivalentsIncludingRestrictedCash" xml:lang="en-US">Represent cash and cash equivalents including restricted cash.</label>
<label xlink:type="resource" xlink:label="lab_KH43H675K9M019J0H954_trmd_CashAndCashEquivalentsIncludingRestrictedCash" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Cash and cash equivalents</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfAccountingPoliciesCriticalAccountingEstimatesAndJudgementsAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfAccountingPoliciesCriticalAccountingEstimatesAndJudgementsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfAccountingPoliciesCriticalAccountingEstimatesAndJudgementsAbstract" xml:lang="en-US">Disclosure Of Accounting Policies Critical Accounting Estimates And Judgements [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DisclosureOfAccountingPoliciesCriticalAccountingEstimatesAndJudgementsAbstract" xml:lang="en-US">CASH FLOW STATEMENT</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory" xml:lang="en-US">Disclosure of changes in accounting policies, accounting estimates and errors [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory" xml:lang="en-US">ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateAbstract" xml:lang="en-US">Disclosure Of Information About Understanding Financial Position Liquidity Of Entity And Events After Reporting Date [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateAbstract" xlink:to="lab_H6460J968H94_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock" xml:lang="en-US">Disclosure Of Information About Understanding Financial Position Liquidity Of Entity And Events After Reporting Date [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock" xml:lang="en-US">LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock" xml:lang="en-US">The disclosure of information that may be relevant to users of financial statements in understanding the financial position, liquidity of an entity and events after reporting date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfOperatingSegmentsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xml:lang="en-US">Disclosure of operating segments [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfOperatingSegmentsAbstract" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfOperatingSegmentsAbstract"/>




<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEmployeeBenefitsAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfEmployeeBenefitsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfEmployeeBenefitsAbstract" xml:lang="en-US">Disclosure Of Employee Benefits [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfEmployeeBenefitsAbstract" xlink:to="lab_H6460J968H94_trmd_DisclosureOfEmployeeBenefitsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xml:lang="en-US">Disclosure of employee benefits [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xml:lang="en-US">STAFF COSTS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AuditorsRemunerationAbstract" xlink:label="loc_F4248H746F72_ifrs-full_AuditorsRemunerationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AuditorsRemunerationAbstract" xml:lang="en-US">Auditor's remuneration [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AuditorsRemunerationAbstract" xlink:to="lab_H6460J968H94_ifrs-full_AuditorsRemunerationAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureForAuditorRemunerationTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureForAuditorRemunerationTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureForAuditorRemunerationTextBlock" xml:lang="en-US">Disclosure For Auditor Remuneration [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureForAuditorRemunerationTextBlock" xml:lang="en-US">REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureForAuditorRemunerationTextBlock" xml:lang="en-US">Represents the entire disclosure of auditor remuneration.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureForAuditorRemunerationTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureForAuditorRemunerationTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfIntangibleAssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfIntangibleAssetsAbstract" xml:lang="en-US">Disclosure of detailed information about intangible assets [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfIntangibleAssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfIntangibleAssetsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xml:lang="en-US">Disclosure of intangible assets [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xml:lang="en-US">INTANGIBLE ASSETS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfIntangibleAssetsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xml:lang="en-US">TANGIBLE FIXED ASSETS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract" xml:lang="en-US">Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xml:lang="en-US">Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xml:lang="en-US">IMPAIRMENT TESTING</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FinancialItemsAbstract" xlink:label="loc_F4248H746F72_trmd_FinancialItemsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FinancialItemsAbstract" xml:lang="en-US">Financial Items [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FinancialItemsAbstract" xml:lang="en-US">Disclosure of information about financial items.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FinancialItemsAbstract" xlink:to="lab_H6460J968H94_trmd_FinancialItemsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xml:lang="en-US">Disclosure of finance income (cost) [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory" xml:lang="en-US">FINANCIAL ITEMS</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherReceivablesAbstract" xlink:label="loc_F4248H746F72_ifrs-full_TradeAndOtherReceivablesAbstract"/>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" xml:lang="en-US">Disclosure of other current assets [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory" xml:lang="en-US">OTHER RECEIVABLES</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfIncomeTaxAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfIncomeTaxAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfIncomeTaxAbstract" xml:lang="en-US">Disclosure Of Income Tax [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfIncomeTaxExplanatory"/>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfIncomeTaxExplanatory" xml:lang="en-US">TAX</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfClassesOfShareCapitalAbstract" xml:lang="en-US">Disclosure of classes of share capital [abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xml:lang="en-US">Disclosure of share capital, reserves and other equity interest [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xml:lang="en-US">COMMON SHARES AND TREASURY SHARES</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfOtherLiabilitiesAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfOtherLiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfOtherLiabilitiesAbstract" xml:lang="en-US">Disclosure Of Other Liabilities [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xml:lang="en-US">Disclosure of other liabilities [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xml:lang="en-US">OTHER LIABILITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansAbstract" xml:lang="en-US">Disclosure Of Effective Interest Rate, Outstanding Mortgage Debt And Bank Loans [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansAbstract" xml:lang="en-US">Disclosure of Effective Interest Rate, Outstanding Mortgage Debt And Bank Loans [Abstract]</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansExplanatoryTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansExplanatoryTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Effective Interest Rate Outstanding Mortgage Debt And Bank Loans Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansExplanatoryTextBlock" xml:lang="en-US">EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansExplanatoryTextBlock" xml:lang="en-US">The entire disclosure for the effective interest rate outstanding mortgage debt and bank loans.</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfCollateralAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfCollateralAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfCollateralAbstract" xml:lang="en-US">Disclosure Of Collateral [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfCollateralExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfCollateralExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCollateralExplanatory" xml:lang="en-US">Disclosure of collateral [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCollateralExplanatory" xml:lang="en-US">COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfCommitmentsAndContingentLiabilitiesAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfCommitmentsAndContingentLiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfCommitmentsAndContingentLiabilitiesAbstract" xml:lang="en-US">Disclosure Of Commitments And Contingent Liabilities [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xml:lang="en-US">Disclosure of commitments and contingent liabilities [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory" xml:lang="en-US">GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfContractualCommitmentsAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfContractualCommitmentsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfContractualCommitmentsAbstract" xml:lang="en-US">Disclosure Of Contractual Commitments [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DisclosureOfContractualCommitmentsAbstract" xml:lang="en-US">Disclosure Of Contractual Commitments [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfCommitmentsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfCommitmentsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCommitmentsExplanatory" xml:lang="en-US">Disclosure of commitments [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCommitmentsExplanatory" xml:lang="en-US">CONTRACTUAL OBLIGATIONS</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureofderivativefinancialinstrumentsexplanatoryAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureofderivativefinancialinstrumentsexplanatoryAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureofderivativefinancialinstrumentsexplanatoryAbstract" xml:lang="en-US">Disclosure Of Derivative Financial Instruments Explanatory [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xml:lang="en-US">Disclosure of derivative financial instruments [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xml:lang="en-US">DERIVATIVE FINANCIAL INSTRUMENTS</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfRisksAssociatedWithEntitiesActivitiesAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfRisksAssociatedWithEntitiesActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfRisksAssociatedWithEntitiesActivitiesAbstract" xml:lang="en-US">Disclosure Of Risks Associated With Entities Activities [Abstract]</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfNatureAndExtentOfSignificantRisksExplanatoryTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfNatureAndExtentOfSignificantRisksExplanatoryTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfNatureAndExtentOfSignificantRisksExplanatoryTextBlock" xml:lang="en-US">Disclosure Of Nature And Extent Of Significant Risks Explanatory [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfNatureAndExtentOfSignificantRisksExplanatoryTextBlock" xml:lang="en-US">RISKS ASSOCIATED WITH TORM'S ACTIVITIES</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesAbstract" xml:lang="en-US">Disclosure Of Fair Value Measurement Of Assets And Liabilities [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFairValueMeasurementExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xml:lang="en-US">Disclosure of fair value measurement [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFairValueMeasurementExplanatory" xml:lang="en-US">FINANCIAL INSTRUMENTS</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract" xml:lang="en-US">Disclosure of transactions between related parties [abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfRelatedPartyExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfRelatedPartyExplanatory" xml:lang="en-US">Disclosure of related party [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfRelatedPartyExplanatory" xml:lang="en-US">RELATED PARTY TRANSACTIONS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfRelatedPartyExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfNoncurrentAssetsSoldDuringYearAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfNoncurrentAssetsSoldDuringYearAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfNoncurrentAssetsSoldDuringYearAbstract" xml:lang="en-US">Disclosure Of Noncurrent Assets Sold During Year [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfNoncurrentAssetsSoldDuringYearAbstract" xlink:to="lab_H6460J968H94_trmd_DisclosureOfNoncurrentAssetsSoldDuringYearAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xml:lang="en-US">Disclosure of non-current assets held for sale and discontinued operations [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xml:lang="en-US">ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfCashFlowStatementAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfCashFlowStatementAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfCashFlowStatementAbstract" xml:lang="en-US">Disclosure Of Cash Flow Statement [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfCashFlowStatementAbstract" xlink:to="lab_H6460J968H94_trmd_DisclosureOfCashFlowStatementAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfCashFlowStatementExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xml:lang="en-US">Disclosure of cash flow statement [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xml:lang="en-US">CASH FLOWS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfCashFlowStatementExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract" xml:lang="en-US">Disclosure of information about consolidated structured entities [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory" xml:lang="en-US">Disclosure of information about consolidated structured entities [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory" xml:lang="en-US">ENTITIES IN THE GROUP</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract" xml:lang="en-US">Disclosure Of Earnings Per Share And Dividend Per Share [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract" xlink:to="lab_H6460J968H94_trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEarningsPerShareAndDividendPerShareTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEarningsPerShareAndDividendPerShareTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEarningsPerShareAndDividendPerShareTextBlock" xml:lang="en-US">Disclosure Of Earnings Per Share And Dividend Per Share [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEarningsPerShareAndDividendPerShareTextBlock" xml:lang="en-US">EARNINGS PER SHARE AND DIVIDEND PER SHARE</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEarningsPerShareAndDividendPerShareTextBlock" xml:lang="en-US">Represents the entire disclosure of earnings per share and dividend per share.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEarningsPerShareAndDividendPerShareTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEarningsPerShareAndDividendPerShareTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfBusinessCombinationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfBusinessCombinationsAbstract" xml:lang="en-US">Disclosure of detailed information about business combination [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfBusinessCombinationsAbstract" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfBusinessCombinationsAbstract"/>




<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock" xlink:label="loc_F4248H746F72_trmd_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Principles Of Consolidation Explanatory [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock" xml:lang="en-US">Consolidation principles</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock" xml:lang="en-US">The description of the entity's accounting policy for principles of consolidation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock" xlink:to="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xml:lang="en-US">Description of accounting policy for business combinations [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xml:lang="en-US">Business combinations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xml:lang="en-US">Description of accounting policy for foreign currency translation [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xml:lang="en-US">Foreign currencies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xml:lang="en-US">Description of accounting policy for derivative financial instruments [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xml:lang="en-US">Derivative financial instruments and hedge accounting</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xml:lang="en-US">Description of accounting policy for segment reporting [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xml:lang="en-US">Segment information</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xml:lang="en-US">Description of accounting policy for employee benefits [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xml:lang="en-US">Employee benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock" xlink:label="loc_F4248H746F72_trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Pension Plan Explanatory [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock" xml:lang="en-US">Pension plans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock" xml:lang="en-US">The description of the entity's accounting policy for pension plan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock" xlink:to="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xml:lang="en-US">Description of accounting policy for leases [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xml:lang="en-US">Leases</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xml:lang="en-US">Description of accounting policy for recognition of revenue [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xml:lang="en-US">Revenue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory" xml:lang="en-US">Description of accounting policy for expenses [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory" xml:lang="en-US">Operating expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory" xlink:label="loc_F4248H746F72_trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory" xml:lang="en-US">Description Of Accounting Policy For Depreciation And Impairment Loss Explanatory</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory" xml:lang="en-US">Depreciation and impairment losses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory" xml:lang="en-US">The description of the entity's accounting policy for depreciation and impairment.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory" xlink:to="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xml:lang="en-US">Description of accounting policy for finance income and costs [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xml:lang="en-US">Financial income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xml:lang="en-US">Description of accounting policy for finance costs [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xml:lang="en-US">Financial expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xml:lang="en-US">Description of accounting policy for income tax [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xml:lang="en-US">Tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xml:lang="en-US">Vessels</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory" xml:lang="en-US">Description of accounting policy for financial assets [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory" xml:lang="en-US">Financial assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures" xml:lang="en-US">Description of accounting policy for investments in joint ventures [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures" xml:lang="en-US">Investments in joint ventures</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xml:lang="en-US">Description of accounting policy for trade and other receivables [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xml:lang="en-US">Receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock" xlink:label="loc_F4248H746F72_trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Expected Credit Losses [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock" xml:lang="en-US">Expected credit losses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock" xml:lang="en-US">The description of the entity's accounting policy for Expected credit losses.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock" xlink:to="lab_H6460J968H94_trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Provision For Bad Debt Explanatory [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock" xml:lang="en-US">Provisions for bad debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock" xml:lang="en-US">The description of the entity's accounting policy for provisions for bad debt.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xml:lang="en-US">Description of accounting policy for impairment of assets [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xml:lang="en-US">Impairment of assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xml:lang="en-US">Description of accounting policy for measuring inventories [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xml:lang="en-US">Bunkers</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xml:lang="en-US">Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xml:lang="en-US">Assets held-for-sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xml:lang="en-US">Description of accounting policy for treasury shares [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xml:lang="en-US">Treasury shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xml:lang="en-US">Description of accounting policy for share-based payment transactions [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xml:lang="en-US">Share-based payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xml:lang="en-US">Description of accounting policy for dividends [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xml:lang="en-US">Dividend</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xml:lang="en-US">Description of accounting policy for provisions [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xml:lang="en-US">Provisions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xml:lang="en-US">Description of accounting policy for deferred income tax [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xml:lang="en-US">Deferred tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xml:lang="en-US">Description of accounting policy for borrowings [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xml:lang="en-US">Mortgage debt and bank loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock" xml:lang="en-US">Description Of Accounting Policy For Other Liabilities Explanatory [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock" xml:lang="en-US">Other liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock" xml:lang="en-US">The description of the entity's accounting policy for otherl liabilities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForCashFlowsExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForCashFlowsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForCashFlowsExplanatory" xml:lang="en-US">Description of accounting policy for cash flows [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForCashFlowsExplanatory" xml:lang="en-US">CASH FLOW STATEMENT</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfAccountingPolicyForCashFlowsExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfAccountingPolicyForCashFlowsExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xml:lang="en-US">Description of accounting policy for earnings per share [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xml:lang="en-US">EARNINGS PER SHARE</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xml:lang="en-US">Disclosure of accounting judgements and estimates [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xml:lang="en-US">CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfOperatingSegmentsTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfOperatingSegmentsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfOperatingSegmentsTableTextBlock" xml:lang="en-US">Disclosure Of Operating Segments [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfOperatingSegmentsTableTextBlock" xml:lang="en-US">Schedule of operating segments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfOperatingSegmentsTableTextBlock" xml:lang="en-US">The tabular disclosure of operating segments of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfOperatingSegmentsTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfOperatingSegmentsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfStaffCostAbstract" xlink:label="loc_F4248H746F72_trmd_DisclosureOfStaffCostAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfStaffCostAbstract" xml:lang="en-US">Disclosure Of Staff Cost [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DisclosureOfStaffCostAbstract" xml:lang="en-US">Represents Disclosure of staff cost.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfStaffCostAbstract" xlink:to="lab_H6460J968H94_trmd_DisclosureOfStaffCostAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock" xml:lang="en-US">Schedule Of Staff Costs And Average Number Of Employees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock" xml:lang="en-US">Schedule of staff costs and average number of employees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock" xml:lang="en-US">Represents the tabular disclosure associated with staff costs and average number of employees of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock" xlink:label="loc_F4248H746F72_trmd_ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock" xml:lang="en-US">Schedule Of Termination Benefits By Title Of Individual [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock" xml:lang="en-US">Schedule of termination benefits by title of individual</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock" xml:lang="en-US">Represents the tabular disclosure associated with termination benefits by title of individual of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock" xlink:to="lab_H6460J968H94_trmd_ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfKeyManagementPersonnelCompensationTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfKeyManagementPersonnelCompensationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfKeyManagementPersonnelCompensationTableTextBlock" xml:lang="en-US">Schedule Of Key Management Personnel Compensation [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfKeyManagementPersonnelCompensationTableTextBlock" xml:lang="en-US">Schedule of key management personnel compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfKeyManagementPersonnelCompensationTableTextBlock" xml:lang="en-US">The tabular disclosure of key management personnel compensation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfKeyManagementPersonnelCompensationTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfKeyManagementPersonnelCompensationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory" xml:lang="en-US">Disclosure of number and weighted average exercise prices of other equity instruments [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory" xml:lang="en-US">Schedule of staff costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock" xml:lang="en-US">Schedule Of Reconciliation Number Of Other Equity A Instruments [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock" xml:lang="en-US">Schedule of reconciliation number of other equity instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock" xml:lang="en-US">Represents the tabular disclosure for reconciliation of number of other equity instruments (ie other than share options) outstanding in share-based payment arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfReconciliationNumberOfOtherEquityAInstrumentsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfAuditorRemunerationTableTextBlock" xlink:label="loc_F4248H746F72_trmd_ScheduleOfAuditorRemunerationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ScheduleOfAuditorRemunerationTableTextBlock" xml:lang="en-US">Schedule Of Auditor Remuneration [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ScheduleOfAuditorRemunerationTableTextBlock" xml:lang="en-US">Schedule of auditor remuneration</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ScheduleOfAuditorRemunerationTableTextBlock" xml:lang="en-US">Represents the tabular disclosure of auditor remuneration.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ScheduleOfAuditorRemunerationTableTextBlock" xlink:to="lab_H6460J968H94_trmd_ScheduleOfAuditorRemunerationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xml:lang="en-US">Schedule of reconciliation of changes in intangible assets and goodwill</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfTangibleFixedAssetsTableTextBlock" xlink:label="loc_F4248H746F72_trmd_ScheduleOfTangibleFixedAssetsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTangibleFixedAssetsTableTextBlock" xml:lang="en-US">Schedule Of Tangible Fixed Assets [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTangibleFixedAssetsTableTextBlock" xml:lang="en-US">Schedule of tangible fixed assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTangibleFixedAssetsTableTextBlock" xml:lang="en-US">Tabular disclosure of tangible fixed assets.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ScheduleOfTangibleFixedAssetsTableTextBlock" xlink:to="lab_H6460J968H94_trmd_ScheduleOfTangibleFixedAssetsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfFinanceIncomeCostsTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfFinanceIncomeCostsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfFinanceIncomeCostsTableTextBlock" xml:lang="en-US">Schedule Of Finance Income Costs [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfFinanceIncomeCostsTableTextBlock" xml:lang="en-US">Schedule of finance income costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfFinanceIncomeCostsTableTextBlock" xml:lang="en-US">Tabular disclosure of finance income (cost).</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfFinanceIncomeCostsTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfFinanceIncomeCostsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory" xml:lang="en-US">Disclosure of financial assets that are either past due or impaired [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory" xml:lang="en-US">Schedule of individually determined to be impaired to a value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock" xml:lang="en-US">Schedule Of Movment In Provisions For Impairment Of Freight Receivables [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock" xml:lang="en-US">Schedule of movment in provisions for impairment of freight receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock" xml:lang="en-US">Represents the tabular disclosure of movements in provisions for impairment of freight receivables.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfOtherCurrentReceivablesTableTextBlock" xlink:label="loc_F4248H746F72_trmd_ScheduleOfOtherCurrentReceivablesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ScheduleOfOtherCurrentReceivablesTableTextBlock" xml:lang="en-US">Schedule Of Other Current Receivables [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ScheduleOfOtherCurrentReceivablesTableTextBlock" xml:lang="en-US">Schedule of other current receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ScheduleOfOtherCurrentReceivablesTableTextBlock" xml:lang="en-US">Represents the tabular disclosure of other current receivables.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ScheduleOfOtherCurrentReceivablesTableTextBlock" xlink:to="lab_H6460J968H94_trmd_ScheduleOfOtherCurrentReceivablesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfIncomeTaxTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfIncomeTaxTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfIncomeTaxTableTextBlock" xml:lang="en-US">Schedule Of Income Tax [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfIncomeTaxTableTextBlock" xml:lang="en-US">Schedule of income tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfIncomeTaxTableTextBlock" xml:lang="en-US">Represents the tabular disclosure for income taxes.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfIncomeTaxTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfIncomeTaxTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfDeferredTaxesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfDeferredTaxesExplanatory" xml:lang="en-US">Disclosure of deferred taxes [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfDeferredTaxesExplanatory" xml:lang="en-US">Schedule of deferred taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfDeferredTaxesExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfDeferredTaxesExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xml:lang="en-US">Disclosure of classes of share capital [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xml:lang="en-US">Schedule of purposes due to the corporate reorganization, the common shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfTreasuryShareTransactionsTableTextBlock" xlink:label="loc_F4248H746F72_trmd_ScheduleOfTreasuryShareTransactionsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTreasuryShareTransactionsTableTextBlock" xml:lang="en-US">Schedule Of Treasury Share Transactions [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTreasuryShareTransactionsTableTextBlock" xml:lang="en-US">Schedule of treasury share transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ScheduleOfTreasuryShareTransactionsTableTextBlock" xml:lang="en-US">Represents the tabular disclosure of treasury share transactions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ScheduleOfTreasuryShareTransactionsTableTextBlock" xlink:to="lab_H6460J968H94_trmd_ScheduleOfTreasuryShareTransactionsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock" xml:lang="en-US">Schedule Of Other Liabilities Explanatory [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock" xml:lang="en-US">Schedule of other liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock" xml:lang="en-US">Represents the tabular disclosure of other liabilities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfOtherLiabilitiesExplanatoryTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock" xlink:label="loc_F4248H746F72_trmd_ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock" xml:lang="en-US">Schedule Of Effective Interest Rate Outstanding Mortgage Debt And Bank Loans [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock" xml:lang="en-US">Schedule of effective interest rate, outstanding mortgage debt and bank loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock" xml:lang="en-US">Tabular disclosure of effective interest rate, outstanding mortgage debt and bank loans .</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock" xlink:to="lab_H6460J968H94_trmd_ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfContractualObligationsByMaturitiesTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfContractualObligationsByMaturitiesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfContractualObligationsByMaturitiesTableTextBlock" xml:lang="en-US">Schedule Of Contractual Obligations By Maturities [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfContractualObligationsByMaturitiesTableTextBlock" xml:lang="en-US">Schedule of contractual obligations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfContractualObligationsByMaturitiesTableTextBlock" xml:lang="en-US">Represents the tabular disclosure of contractual obligations by maturities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfContractualObligationsByMaturitiesTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfContractualObligationsByMaturitiesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xml:lang="en-US">Schedule of reconciliation of liabilities arising from financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory" xml:lang="en-US">Disclosure of finance lease and operating lease by lessor [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory" xml:lang="en-US">Schedule of contractual rights</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfDerivativeFinancialInstrumentsTableTextBlock" xlink:label="loc_F4248H746F72_trmd_DisclosureOfDerivativeFinancialInstrumentsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfDerivativeFinancialInstrumentsTableTextBlock" xml:lang="en-US">Disclosure Of Derivative Financial Instruments [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DisclosureOfDerivativeFinancialInstrumentsTableTextBlock" xml:lang="en-US">Schedule of disclosure of derivative financial instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DisclosureOfDerivativeFinancialInstrumentsTableTextBlock" xml:lang="en-US">Represents the tabular disclosure of derivative financial instruments. [Refer: Derivatives</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfDerivativeFinancialInstrumentsTableTextBlock" xlink:to="lab_H6460J968H94_trmd_DisclosureOfDerivativeFinancialInstrumentsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock" xml:lang="en-US">Disclosure Of Realized Amounts And Fair Value Adjustments For Derivative Financial Instruments [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock" xml:lang="en-US">Schedule of realized amounts and fair value adjustments for derivative financial instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock" xml:lang="en-US">Represent disclosure of realized amount and fair value adjustment for derivative.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisForChangesInFreighTratesTableTextBlock" xlink:label="loc_F4248H746F72_trmd_SensitivityAnalysisForChangesInFreighTratesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisForChangesInFreighTratesTableTextBlock" xml:lang="en-US">Sensitivity Analysis For Changes In Freight Rates [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisForChangesInFreighTratesTableTextBlock" xml:lang="en-US">Schedule of sensitivity analysis for changes in freight rates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisForChangesInFreighTratesTableTextBlock" xml:lang="en-US">Represents the tabular disclosure of sensitivity analysis for change in freight rates.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityAnalysisForChangesInFreighTratesTableTextBlock" xlink:to="lab_H6460J968H94_trmd_SensitivityAnalysisForChangesInFreighTratesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock" xml:lang="en-US">Schedule Of Sensitivity Analysis Impact Of 10 Percent Per Ton Increase In Bunker Prices [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock" xml:lang="en-US">Schedule of sensitivity analysis, impact of 10 percent per ton increase in bunker prices</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock" xml:lang="en-US">Represents the tabular disclosure for impact of 10 percent per ton increase in bunker prices in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentPerTonIncreaseInBunkerPricesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock" xlink:label="loc_F4248H746F72_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock" xml:lang="en-US">Schedule Of Sensitivity Analysis Impact Of 10 Percent Change In Exchange Rate [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock" xml:lang="en-US">Schedule of sensitivity analysis, impact of 10 percent change in exchange rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock" xml:lang="en-US">Represents the tabular disclosure for impact of 10 percent change in exchange rate in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock" xlink:to="lab_H6460J968H94_trmd_ScheduleOfSensitivityAnalysisImpactOf10PercentChangeInExchangeRateTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock" xml:lang="en-US">Schedule Of Sensitivity Analysis Impact Of 1 Percent Point Increase In Interest Rate [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock" xml:lang="en-US">Schedule of sensitivity analysis, impact of 1 percent point increase in interest rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock" xml:lang="en-US">Represents the tabular disclosure for impact of 1 percent point increase in interest rate in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfSensitivityAnalysisImpactOf1PercentPointIncreaseInInterestRateTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock" xlink:label="loc_F4248H746F72_trmd_DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">Disclosure Of Fai Rvalue Measurement Of Assets And Liabilities [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of fair value measurement of assets and liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">"The disclosure of the fair value measurement of assets."</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_H6460J968H94_trmd_DisclosureOfFaiRvalueMeasurementOfAssetsAndLiabilitiesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfCashFlowStatementTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfCashFlowStatementTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfCashFlowStatementTableTextBlock" xml:lang="en-US">Disclosure Of Cash Flow Statement [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfCashFlowStatementTableTextBlock" xml:lang="en-US">Schedule of cash flow statement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfCashFlowStatementTableTextBlock" xml:lang="en-US">Represents the tabular disclosure for a statement of cash flows.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfCashFlowStatementTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfCashFlowStatementTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xml:lang="en-US">Disclosure of subsidiaries [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xml:lang="en-US">Schedule of of subsidiaries</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduleOfRegisteredAddressesTableTextBlock" xlink:label="loc_IF21F453I7K897H8F732_trmd_ScheduleOfRegisteredAddressesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfRegisteredAddressesTableTextBlock" xml:lang="en-US">Schedule Of Registered Addresses [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfRegisteredAddressesTableTextBlock" xml:lang="en-US">Schedule of registered addresses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ScheduleOfRegisteredAddressesTableTextBlock" xml:lang="en-US">Tabular disclosure of registered addresses.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ScheduleOfRegisteredAddressesTableTextBlock" xlink:to="lab_KH43H675K9M019J0H954_trmd_ScheduleOfRegisteredAddressesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfJointVenturesExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfJointVenturesExplanatory" xml:lang="en-US">Disclosure of joint ventures [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfJointVenturesExplanatory" xml:lang="en-US">Schedule of joint ventures</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfJointVenturesExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfEarningsPerShareExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xml:lang="en-US">Disclosure of earnings per share [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xml:lang="en-US">Schedule of earnings per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfEarningsPerShareExplanatory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDividendsExplanatory" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfDividendsExplanatory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfDividendsExplanatory" xml:lang="en-US">Disclosure of dividends [text block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfDividendsExplanatory" xml:lang="en-US">Schedule of dividend per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfDividendsExplanatory" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfDividendsExplanatory"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfBusinessOverviewTable" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfBusinessOverviewTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfBusinessOverviewTable" xml:lang="en-US">Disclosure Of Business Overview [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfBusinessOverviewTable" xml:lang="en-US">Disclosure of business overview.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfBusinessOverviewTable" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfBusinessOverviewTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="loc_F4248H746F72_ifrs-full_SignificantInvestmentsInSubsidiariesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xml:lang="en-US">Subsidiaries [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="lab_H6460J968H94_ifrs-full_SignificantInvestmentsInSubsidiariesAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_EntitysTotalForSubsidiariesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EntitysTotalForSubsidiariesMember" xml:lang="en-US">Entity's total for subsidiaries [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_EntitysTotalForSubsidiariesMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_EntitysTotalForSubsidiariesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TormAsMember" xlink:label="loc_F4248H746F72_trmd_TormAsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_TormAsMember" xml:lang="en-US">Torm As [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_TormAsMember" xml:lang="en-US">Njord Midco Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_TormAsMember" xml:lang="en-US">TORM A/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_TormAsMember" xml:lang="en-US">This member stands for transactions related to entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_TormAsMember" xlink:to="lab_H6460J968H94_trmd_TormAsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfBusinessOverviewLineItems" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfBusinessOverviewLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfBusinessOverviewLineItems" xml:lang="en-US">Disclosure Of Business Overview [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfBusinessOverviewLineItems" xml:lang="en-US">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfBusinessOverviewLineItems" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfBusinessOverviewLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfSharesExchanged" xlink:label="loc_F4248H746F72_trmd_PercentageOfSharesExchanged"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfSharesExchanged" xml:lang="en-US">Percentage Of Shares Exchanged</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfSharesExchanged" xml:lang="en-US">Percentage of shares exchanged</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfSharesExchanged" xml:lang="en-US">The percentage of shares exchanged.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfSharesExchanged" xlink:to="lab_H6460J968H94_trmd_PercentageOfSharesExchanged"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfNonControllingInterestSharesAcquired" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfNonControllingInterestSharesAcquired"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfNonControllingInterestSharesAcquired" xml:lang="en-US">Percentage Of Non Controlling Interest Shares Acquired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfNonControllingInterestSharesAcquired" xml:lang="en-US">Percentage of remaining shares acquired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfNonControllingInterestSharesAcquired" xml:lang="en-US">The percentage of remaining shares acquired.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfNonControllingInterestSharesAcquired" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfNonControllingInterestSharesAcquired"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashTransferred" xlink:label="loc_F4248H746F72_ifrs-full_CashTransferred"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CashTransferred" xml:lang="en-US">Cash transferred</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CashTransferred" xml:lang="en-US">Total cash consideration</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CashTransferred" xlink:to="lab_H6460J968H94_ifrs-full_CashTransferred"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_RatioOfWarrantsExchanged" xlink:label="loc_IF21F453I7K897H8F732_trmd_RatioOfWarrantsExchanged"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_RatioOfWarrantsExchanged" xml:lang="en-US">Ratio Of Warrants Exchanged</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_RatioOfWarrantsExchanged" xml:lang="en-US">Ratio of warrants exchanged</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_RatioOfWarrantsExchanged" xml:lang="en-US">The ratio of warrants exchanged.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_RatioOfWarrantsExchanged" xlink:to="lab_KH43H675K9M019J0H954_trmd_RatioOfWarrantsExchanged"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfAccountingPolicyTable" xlink:label="loc_F4248H746F72_trmd_DisclosureOfAccountingPolicyTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfAccountingPolicyTable" xml:lang="en-US">Disclosure Of Accounting Policy [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DisclosureOfAccountingPolicyTable" xml:lang="en-US">Schedule disclosing information related to accounting policy.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfAccountingPolicyTable" xlink:to="lab_H6460J968H94_trmd_DisclosureOfAccountingPolicyTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xml:lang="en-US">Non-adjusting events after reporting period [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NonadjustingEventsMember" xlink:label="loc_F4248H746F72_ifrs-full_NonadjustingEventsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NonadjustingEventsMember" xml:lang="en-US">Non-adjusting events after reporting period [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NonadjustingEventsMember" xlink:to="lab_H6460J968H94_ifrs-full_NonadjustingEventsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_MajorOrdinaryShareTransactionsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_MajorOrdinaryShareTransactionsMember" xml:lang="en-US">Major ordinary share transactions [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_MajorOrdinaryShareTransactionsMember" xml:lang="en-US">Major ordinary share transactions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_MajorOrdinaryShareTransactionsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOFaccountingPolicyLineItems" xlink:label="loc_F4248H746F72_trmd_DisclosureOFaccountingPolicyLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOFaccountingPolicyLineItems" xml:lang="en-US">Disclosure Of Accounting Policy [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DisclosureOFaccountingPolicyLineItems" xml:lang="en-US">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOFaccountingPolicyLineItems" xlink:to="lab_H6460J968H94_trmd_DisclosureOFaccountingPolicyLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetDebt" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NetDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NetDebt" xml:lang="en-US">Net debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NetDebt" xml:lang="en-US">Net debt</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NetDebt" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NetDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_UndrawnBorrowingFacilities" xlink:label="loc_F4248H746F72_ifrs-full_UndrawnBorrowingFacilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_UndrawnBorrowingFacilities" xml:lang="en-US">Undrawn borrowing facilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_UndrawnBorrowingFacilities" xml:lang="en-US">Undrawan credit facilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_UndrawnBorrowingFacilities" xml:lang="en-US">Undrawn debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_H6460J968H94_ifrs-full_UndrawnBorrowingFacilities" xml:lang="en-US">Working capital facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:label="lab_H6460J968H94_ifrs-full_UndrawnBorrowingFacilities" xml:lang="en-US">Undrawn credit facilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_UndrawnBorrowingFacilities" xlink:to="lab_H6460J968H94_ifrs-full_UndrawnBorrowingFacilities"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_LoanToValueRatio" xlink:label="loc_IF21F453I7K897H8F732_trmd_LoanToValueRatio"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_LoanToValueRatio" xml:lang="en-US">Loan To Value Ratio</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_LoanToValueRatio" xml:lang="en-US">Net interest-bearing debt loan-to-value ratio</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_LoanToValueRatio" xml:lang="en-US">Represents percentage of net interest bearing debt loan to value ratio.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_LoanToValueRatio" xlink:to="lab_KH43H675K9M019J0H954_trmd_LoanToValueRatio"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AssetAndLeasingLiability" xlink:label="loc_F4248H746F72_trmd_AssetAndLeasingLiability"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AssetAndLeasingLiability" xml:lang="en-US">Asset And Leasing Liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AssetAndLeasingLiability" xml:lang="en-US">It represents information about asset and leasing liability.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AssetAndLeasingLiability" xlink:to="lab_H6460J968H94_trmd_AssetAndLeasingLiability"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestExpense" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_InterestExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestExpense" xml:lang="en-US">Interest expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestExpense" xml:lang="en-US">Financial interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_InterestExpense" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_InterestExpense"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfGeographicalSegments" xlink:label="loc_F4248H746F72_trmd_NumberOfGeographicalSegments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NumberOfGeographicalSegments" xml:lang="en-US">Number Of Geographical Segments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_NumberOfGeographicalSegments" xml:lang="en-US">Number of geographical segment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NumberOfGeographicalSegments" xml:lang="en-US">Number of geographical segments.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NumberOfGeographicalSegments" xlink:to="lab_H6460J968H94_trmd_NumberOfGeographicalSegments"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfDemurrageClaimRecognizedAsRevenue" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfDemurrageClaimRecognizedAsRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfDemurrageClaimRecognizedAsRevenue" xml:lang="en-US">Percentage Of Demurrage Claim Recognized As Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfDemurrageClaimRecognizedAsRevenue" xml:lang="en-US">Demurrage revenue claim percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfDemurrageClaimRecognizedAsRevenue" xml:lang="en-US">The percentage of the demurrage claim recognized as revenue based on pased experience.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfDemurrageClaimRecognizedAsRevenue" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfDemurrageClaimRecognizedAsRevenue"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AveragePeriodOfReceivingDemurragePayment" xlink:label="loc_F4248H746F72_trmd_AveragePeriodOfReceivingDemurragePayment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AveragePeriodOfReceivingDemurragePayment" xml:lang="en-US">Average Period Of Receiving Demurrage Payment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_AveragePeriodOfReceivingDemurragePayment" xml:lang="en-US">Average period of receiving demurrage payment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AveragePeriodOfReceivingDemurragePayment" xml:lang="en-US">Represents the average period of receiving demurrage payment.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AveragePeriodOfReceivingDemurragePayment" xlink:to="lab_H6460J968H94_trmd_AveragePeriodOfReceivingDemurragePayment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xml:lang="en-US">Classes of property, plant and equipment [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="loc_F4248H746F72_ifrs-full_PropertyPlantAndEquipmentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_PropertyPlantAndEquipmentMember" xml:lang="en-US">Property, plant and equipment [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="lab_H6460J968H94_ifrs-full_PropertyPlantAndEquipmentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShipsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ShipsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ShipsMember" xml:lang="en-US">Ships [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ShipsMember" xml:lang="en-US">Ships</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ShipsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ShipsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComputerEquipmentMember" xlink:label="loc_F4248H746F72_ifrs-full_ComputerEquipmentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ComputerEquipmentMember" xml:lang="en-US">Computer equipment [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ComputerEquipmentMember" xml:lang="en-US">IT equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ComputerEquipmentMember" xlink:to="lab_H6460J968H94_ifrs-full_ComputerEquipmentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ComputerSoftwareMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ComputerSoftwareMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ComputerSoftwareMember" xml:lang="en-US">Computer software [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ComputerSoftwareMember" xml:lang="en-US">Software</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ComputerSoftwareMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ComputerSoftwareMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:label="loc_F4248H746F72_ifrs-full_OtherPropertyPlantAndEquipmentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_OtherPropertyPlantAndEquipmentMember" xml:lang="en-US">Other property, plant and equipment [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherPropertyPlantAndEquipmentMember" xml:lang="en-US">Other property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_OtherPropertyPlantAndEquipmentMember" xml:lang="en-US">Other equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="lab_H6460J968H94_ifrs-full_OtherPropertyPlantAndEquipmentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DepreciationMethodPropertyPlantAndEquipment" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DepreciationMethodPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DepreciationMethodPropertyPlantAndEquipment" xml:lang="en-US">Depreciation method, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DepreciationMethodPropertyPlantAndEquipment" xml:lang="en-US">Depreciation method</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DepreciationMethodPropertyPlantAndEquipment" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DepreciationMethodPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:label="loc_F4248H746F72_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xml:lang="en-US">Useful lives or depreciation rates, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xml:lang="en-US">Estimated useful lives</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:to="lab_H6460J968H94_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfCashGeneratingUnit" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfCashGeneratingUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfCashGeneratingUnit" xml:lang="en-US">Number Of Cash Generating Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfCashGeneratingUnit" xml:lang="en-US">Number of cash generating unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfCashGeneratingUnit" xml:lang="en-US">Represents the number of Cash generating unit.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfCashGeneratingUnit" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfCashGeneratingUnit"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability" xlink:label="loc_F4248H746F72_trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability" xml:lang="en-US">Minimum Percentage Of Difference To Recognize New Financial Liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability" xml:lang="en-US">Minimum percentage of difference to recognize new financial liability</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability" xml:lang="en-US">Represents the minimum percentage of difference to recognize new financial liability</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability" xlink:to="lab_H6460J968H94_trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod" xlink:label="loc_IF21F453I7K897H8F732_trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod" xml:lang="en-US">Dry Docking Period, Property, Plant And Equipment, Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod" xml:lang="en-US">Dry Docking period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod" xml:lang="en-US">Represents period of dry-docking of property, plant and equipment.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod" xlink:to="lab_KH43H675K9M019J0H954_trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_LiquidityAndCapitalResourcesTable" xlink:label="loc_F4248H746F72_trmd_LiquidityAndCapitalResourcesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_LiquidityAndCapitalResourcesTable" xml:lang="en-US">Liquidity And Capital Resources [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_LiquidityAndCapitalResourcesTable" xml:lang="en-US">Represents the tabular information related to liquidity and capital resources.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_LiquidityAndCapitalResourcesTable" xlink:to="lab_H6460J968H94_trmd_LiquidityAndCapitalResourcesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_BorrowingsByNameAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingsByNameAxis" xml:lang="en-US">Borrowings by name [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_BorrowingsByNameAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingsByNameAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="loc_F4248H746F72_ifrs-full_BorrowingsByNameMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_BorrowingsByNameMember" xml:lang="en-US">Borrowings by name [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_BorrowingsByNameMember" xml:lang="en-US">Borrowings by name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_BorrowingsByNameMember" xlink:to="lab_H6460J968H94_ifrs-full_BorrowingsByNameMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CreditFacilityMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_CreditFacilityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CreditFacilityMember" xml:lang="en-US">Credit Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CreditFacilityMember" xml:lang="en-US">Credit facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CreditFacilityMember" xml:lang="en-US">Represents a credit facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CreditFacilityMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_CreditFacilityMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_WorkingCapitalFacilityMember" xlink:label="loc_F4248H746F72_trmd_WorkingCapitalFacilityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_WorkingCapitalFacilityMember" xml:lang="en-US">Working Capital Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_WorkingCapitalFacilityMember" xml:lang="en-US">Working capital facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_WorkingCapitalFacilityMember" xml:lang="en-US">Represents a working capital facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_WorkingCapitalFacilityMember" xlink:to="lab_H6460J968H94_trmd_WorkingCapitalFacilityMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TermFacilityIMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_TermFacilityIMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_TermFacilityIMember" xml:lang="en-US">Term Facility I [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_TermFacilityIMember" xml:lang="en-US">Term facility I</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_TermFacilityIMember" xml:lang="en-US">Represents a Term Facility I.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_TermFacilityIMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_TermFacilityIMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TermFacilityIIMember" xlink:label="loc_F4248H746F72_trmd_TermFacilityIIMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_TermFacilityIIMember" xml:lang="en-US">Term Facility I I [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_TermFacilityIIMember" xml:lang="en-US">Term facility II</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_TermFacilityIIMember" xml:lang="en-US">Represents a Term Facility II.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_TermFacilityIIMember" xlink:to="lab_H6460J968H94_trmd_TermFacilityIIMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_BilateralBorrowingFacilityMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_BilateralBorrowingFacilityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_BilateralBorrowingFacilityMember" xml:lang="en-US">Bilateral borrowing facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_BilateralBorrowingFacilityMember" xml:lang="en-US">Represents bilateral borrowing facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_BilateralBorrowingFacilityMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_BilateralBorrowingFacilityMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_BilateralLoanAgreementsMember" xlink:label="loc_F4248H746F72_trmd_BilateralLoanAgreementsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_BilateralLoanAgreementsMember" xml:lang="en-US">Bilateral Loan Agreements [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_BilateralLoanAgreementsMember" xml:lang="en-US">Bilateral loan agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_BilateralLoanAgreementsMember" xml:lang="en-US">Represents Bilateral loan agreements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_BilateralLoanAgreementsMember" xlink:to="lab_H6460J968H94_trmd_BilateralLoanAgreementsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CategoriesOfRelatedPartiesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CategoriesOfRelatedPartiesAxis" xml:lang="en-US">Categories of related parties [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CategoriesOfRelatedPartiesAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="loc_F4248H746F72_ifrs-full_EntitysTotalForRelatedPartiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_EntitysTotalForRelatedPartiesMember" xml:lang="en-US">Entity's total for related parties [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="lab_H6460J968H94_ifrs-full_EntitysTotalForRelatedPartiesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AbnAmroBankMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_AbnAmroBankMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AbnAmroBankMember" xml:lang="en-US">Abn Amro Bank [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AbnAmroBankMember" xml:lang="en-US">ABN AMRO Bank</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AbnAmroBankMember" xml:lang="en-US">This member stands for ABN AMRO Bank</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AbnAmroBankMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_AbnAmroBankMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ChinaExportImportBankMember" xlink:label="loc_F4248H746F72_trmd_ChinaExportImportBankMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ChinaExportImportBankMember" xml:lang="en-US">China Export Import Bank [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ChinaExportImportBankMember" xml:lang="en-US">China export import Bank</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ChinaExportImportBankMember" xml:lang="en-US">China Export Import Bank.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ChinaExportImportBankMember" xlink:to="lab_H6460J968H94_trmd_ChinaExportImportBankMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DanishShipFinanceMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_DanishShipFinanceMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DanishShipFinanceMember" xml:lang="en-US">Danish Ship Finance [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DanishShipFinanceMember" xml:lang="en-US">Danish ship finance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DanishShipFinanceMember" xml:lang="en-US">Danish Ship Finance.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DanishShipFinanceMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_DanishShipFinanceMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_IngMember" xlink:label="loc_F4248H746F72_trmd_IngMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_IngMember" xml:lang="en-US">Ing [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_IngMember" xml:lang="en-US">ING</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_IngMember" xml:lang="en-US">Represents ING.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_IngMember" xlink:to="lab_H6460J968H94_trmd_IngMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_LiquidityAndCapitalResourcesLineItems" xlink:label="loc_IF21F453I7K897H8F732_trmd_LiquidityAndCapitalResourcesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_LiquidityAndCapitalResourcesLineItems" xml:lang="en-US">Liquidity And Capital Resources [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_LiquidityAndCapitalResourcesLineItems" xml:lang="en-US">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_LiquidityAndCapitalResourcesLineItems" xlink:to="lab_KH43H675K9M019J0H954_trmd_LiquidityAndCapitalResourcesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Cash" xlink:label="loc_F4248H746F72_ifrs-full_Cash"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_Cash" xml:lang="en-US">Cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_Cash" xml:lang="en-US">Cash position</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_Cash" xml:lang="en-US">Liquidity reserve in cash</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_Cash" xlink:to="lab_H6460J968H94_ifrs-full_Cash"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NewBuildingsOnOrderForDelivery" xlink:label="loc_IF21F453I7K897H8F732_trmd_NewBuildingsOnOrderForDelivery"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NewBuildingsOnOrderForDelivery" xml:lang="en-US">New Buildings On Order For Delivery</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NewBuildingsOnOrderForDelivery" xml:lang="en-US">Newbuildings on order for delivery</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NewBuildingsOnOrderForDelivery" xml:lang="en-US">Represents the number of newbuildings on order for delivery.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NewBuildingsOnOrderForDelivery" xlink:to="lab_KH43H675K9M019J0H954_trmd_NewBuildingsOnOrderForDelivery"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CapitalCommitments" xlink:label="loc_F4248H746F72_ifrs-full_CapitalCommitments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CapitalCommitments" xml:lang="en-US">Capital commitments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CapitalCommitments" xml:lang="en-US">Total outstanding CAPEX related to newbuildings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CapitalCommitments" xml:lang="en-US">Funding commitment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CapitalCommitments" xlink:to="lab_H6460J968H94_ifrs-full_CapitalCommitments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Borrowings" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_Borrowings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Borrowings" xml:lang="en-US">Borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Borrowings" xml:lang="en-US">Mortgage debt and bank loans (Note 2,15,16,18)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Borrowings" xml:lang="en-US">Increased interest-bearing debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Borrowings" xml:lang="en-US">Carrying value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveVerboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Borrowings" xml:lang="en-US">Value of borrowings</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_Borrowings" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_Borrowings"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear" xlink:label="loc_F4248H746F72_trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear" xml:lang="en-US">Scheduled Minimum Payments On Mortgage Borrowings And Bank Borrowings In Next Fiscal Year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear" xml:lang="en-US">Scheduled minimum payments on mortgage debt and bank loans in 2018</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear" xml:lang="en-US">The amount of scheduled minimum payments on mortgage borrowings and bank borrowings in next fiscal year.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear" xlink:to="lab_H6460J968H94_trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassificationOfAssetsAsHeldForSaleMember" xlink:label="loc_F4248H746F72_ifrs-full_ClassificationOfAssetsAsHeldForSaleMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ClassificationOfAssetsAsHeldForSaleMember" xml:lang="en-US">Classification of assets as held for sale [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ClassificationOfAssetsAsHeldForSaleMember" xml:lang="en-US">Classification of assets as held for sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ClassificationOfAssetsAsHeldForSaleMember" xlink:to="lab_H6460J968H94_ifrs-full_ClassificationOfAssetsAsHeldForSaleMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ProfitLossFromSaleOfVessels" xlink:label="loc_F4248H746F72_trmd_ProfitLossFromSaleOfVessels"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ProfitLossFromSaleOfVessels" xml:lang="en-US">Profit (Loss) From Sale Of Vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ProfitLossFromSaleOfVessels" xml:lang="en-US">Net loss from sale of vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ProfitLossFromSaleOfVessels" xml:lang="en-US">Profit from sale of vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ProfitLossFromSaleOfVessels" xml:lang="en-US">Represents the amount of profit (loss) from the sale of vessels.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ProfitLossFromSaleOfVessels" xlink:to="lab_H6460J968H94_trmd_ProfitLossFromSaleOfVessels"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEmployeeBenefitsTable" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEmployeeBenefitsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEmployeeBenefitsTable" xml:lang="en-US">Disclosure Of Employee Benefits [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEmployeeBenefitsTable" xml:lang="en-US">Represents the tabular information related to employee benefit expense.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEmployeeBenefitsTable" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEmployeeBenefitsTable"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ProfitOrLossLocationAxis" xlink:label="loc_F4248H746F72_trmd_ProfitOrLossLocationAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ProfitOrLossLocationAxis" xml:lang="en-US">Profit Or Loss Location [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ProfitOrLossLocationAxis" xml:lang="en-US">Information by location in proft or loss statement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ProfitOrLossLocationAxis" xlink:to="lab_H6460J968H94_trmd_ProfitOrLossLocationAxis"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ProfitOrLossLocationDomain" xlink:label="loc_IF21F453I7K897H8F732_trmd_ProfitOrLossLocationDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ProfitOrLossLocationDomain" xml:lang="en-US">Profit Or Loss Location [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ProfitOrLossLocationDomain" xml:lang="en-US">Information by location in proft or loss statement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ProfitOrLossLocationDomain" xlink:to="lab_KH43H675K9M019J0H954_trmd_ProfitOrLossLocationDomain"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OperatingExpensesMember" xlink:label="loc_F4248H746F72_trmd_OperatingExpensesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OperatingExpensesMember" xml:lang="en-US">Operating Expenses [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_OperatingExpensesMember" xml:lang="en-US">Operating expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OperatingExpensesMember" xml:lang="en-US">Primary financial statement caption encompassing expenses associated with normal operations.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OperatingExpensesMember" xlink:to="lab_H6460J968H94_trmd_OperatingExpensesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AdministrativeExpensesMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_AdministrativeExpensesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdministrativeExpensesMember" xml:lang="en-US">Administrative Expenses [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdministrativeExpensesMember" xml:lang="en-US">Administrative expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdministrativeExpensesMember" xml:lang="en-US">Primary financial statement caption encompassing expenses associated with administrative expense.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AdministrativeExpensesMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_AdministrativeExpensesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEmployeeBenefitsLineItems" xlink:label="loc_F4248H746F72_trmd_DisclosureOfEmployeeBenefitsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DisclosureOfEmployeeBenefitsLineItems" xml:lang="en-US">Disclosure Of Employee Benefits [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_DisclosureOfEmployeeBenefitsLineItems" xml:lang="en-US">Total staff costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DisclosureOfEmployeeBenefitsLineItems" xml:lang="en-US">Non-Executive Board and Committee Remuneration, Short term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DisclosureOfEmployeeBenefitsLineItems" xml:lang="en-US">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DisclosureOfEmployeeBenefitsLineItems" xlink:to="lab_H6460J968H94_trmd_DisclosureOfEmployeeBenefitsLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_EmployeeBenefitsExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EmployeeBenefitsExpense" xml:lang="en-US">Employee benefits expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EmployeeBenefitsExpense" xml:lang="en-US">Staff costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EmployeeBenefitsExpense" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_EmployeeBenefitsExpense" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_EmployeeBenefitsExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xlink:label="loc_F4248H746F72_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xml:lang="en-US">Classes of employee benefits expense [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xml:lang="en-US">Staff costs comprise the following</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract" xlink:to="lab_H6460J968H94_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_WagesAndSalaries" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_WagesAndSalaries"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_WagesAndSalaries" xml:lang="en-US">Wages and salaries</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_WagesAndSalaries" xml:lang="en-US">Wages and salaries</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_WagesAndSalaries" xml:lang="en-US">Salary</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_WagesAndSalaries" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_WagesAndSalaries"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:label="loc_F4248H746F72_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xml:lang="en-US">Expense from share-based payment transactions with employees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xml:lang="en-US">Share-based compensation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees" xlink:to="lab_H6460J968H94_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xml:lang="en-US">Post-employment benefit expense, defined benefit plans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xml:lang="en-US">Pension costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SocialSecurityContributions" xlink:label="loc_F4248H746F72_ifrs-full_SocialSecurityContributions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_SocialSecurityContributions" xml:lang="en-US">Social security contributions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_SocialSecurityContributions" xml:lang="en-US">Other social security costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_SocialSecurityContributions" xlink:to="lab_H6460J968H94_ifrs-full_SocialSecurityContributions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherEmployeeExpense" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_OtherEmployeeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherEmployeeExpense" xml:lang="en-US">Other employee expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherEmployeeExpense" xml:lang="en-US">Other staff costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_OtherEmployeeExpense" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_OtherEmployeeExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberAndAverageNumberOfEmployeesAbstract" xlink:label="loc_F4248H746F72_ifrs-full_NumberAndAverageNumberOfEmployeesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NumberAndAverageNumberOfEmployeesAbstract" xml:lang="en-US">Number and average number of employees [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NumberAndAverageNumberOfEmployeesAbstract" xml:lang="en-US">Average number of permanent employees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NumberAndAverageNumberOfEmployeesAbstract" xlink:to="lab_H6460J968H94_ifrs-full_NumberAndAverageNumberOfEmployeesAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SeafarersAverageNumberOfEmployees" xlink:label="loc_IF21F453I7K897H8F732_trmd_SeafarersAverageNumberOfEmployees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SeafarersAverageNumberOfEmployees" xml:lang="en-US">Seafarers Average Number Of Employees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SeafarersAverageNumberOfEmployees" xml:lang="en-US">Seafarers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_SeafarersAverageNumberOfEmployees" xml:lang="en-US">The average number of seafarers employed by the entity during a period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SeafarersAverageNumberOfEmployees" xlink:to="lab_KH43H675K9M019J0H954_trmd_SeafarersAverageNumberOfEmployees"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_LandBasedWorkersAverageNumberOfEmployees" xlink:label="loc_F4248H746F72_trmd_LandBasedWorkersAverageNumberOfEmployees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_LandBasedWorkersAverageNumberOfEmployees" xml:lang="en-US">Land Based Workers Average Number Of Employees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_LandBasedWorkersAverageNumberOfEmployees" xml:lang="en-US">Land-based</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_LandBasedWorkersAverageNumberOfEmployees" xml:lang="en-US">The average number of land-based workers employed by the entity during a period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_LandBasedWorkersAverageNumberOfEmployees" xlink:to="lab_H6460J968H94_trmd_LandBasedWorkersAverageNumberOfEmployees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AverageNumberOfEmployees" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AverageNumberOfEmployees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AverageNumberOfEmployees" xml:lang="en-US">Average number of employees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AverageNumberOfEmployees" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AverageNumberOfEmployees" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AverageNumberOfEmployees" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AverageNumberOfEmployees"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NameOfDirectorAxis" xlink:label="loc_F4248H746F72_trmd_NameOfDirectorAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NameOfDirectorAxis" xml:lang="en-US">Name Of Director [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NameOfDirectorAxis" xml:lang="en-US">Information of name of individual director.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NameOfDirectorAxis" xlink:to="lab_H6460J968H94_trmd_NameOfDirectorAxis"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NameOfDirectorDomain" xlink:label="loc_IF21F453I7K897H8F732_trmd_NameOfDirectorDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NameOfDirectorDomain" xml:lang="en-US">Name Of Director [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NameOfDirectorDomain" xml:lang="en-US">Name of Director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NameOfDirectorDomain" xlink:to="lab_KH43H675K9M019J0H954_trmd_NameOfDirectorDomain"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CheamDirectorsLimitedMember" xlink:label="loc_F4248H746F72_trmd_CheamDirectorsLimitedMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_CheamDirectorsLimitedMember" xml:lang="en-US">Cheam Directors Limited [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_CheamDirectorsLimitedMember" xml:lang="en-US">Cheam Directors Limited</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_CheamDirectorsLimitedMember" xml:lang="en-US">Former member of the Board of Directors of Njord.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_CheamDirectorsLimitedMember" xlink:to="lab_H6460J968H94_trmd_CheamDirectorsLimitedMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ChristopherHBoehringerMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_ChristopherHBoehringerMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChristopherHBoehringerMember" xml:lang="en-US">Christopher H Boehringer [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChristopherHBoehringerMember" xml:lang="en-US">Christopher H. Boehringer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChristopherHBoehringerMember" xml:lang="en-US">Represents Non-Executive Director and Chairman of Board of Directors.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ChristopherHBoehringerMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_ChristopherHBoehringerMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_KariMillumGardarnarMember" xlink:label="loc_F4248H746F72_trmd_KariMillumGardarnarMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_KariMillumGardarnarMember" xml:lang="en-US">Kari Millum Gardarnar [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_KariMillumGardarnarMember" xml:lang="en-US">Kari Millum Gardarnar</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_KariMillumGardarnarMember" xml:lang="en-US">Represents a former board of director and board observer of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_KariMillumGardarnarMember" xlink:to="lab_H6460J968H94_trmd_KariMillumGardarnarMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_RasmusJohannesHoffmannMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_RasmusJohannesHoffmannMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_RasmusJohannesHoffmannMember" xml:lang="en-US">Rasmus Johannes Hoffmann [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_RasmusJohannesHoffmannMember" xml:lang="en-US">Rasmus Johannes Hoffmann</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_RasmusJohannesHoffmannMember" xml:lang="en-US">Represents a former board of director and board observer of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_RasmusJohannesHoffmannMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_RasmusJohannesHoffmannMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FlemmingIpsenMember" xlink:label="loc_F4248H746F72_trmd_FlemmingIpsenMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FlemmingIpsenMember" xml:lang="en-US">Flemming Ipsen [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_FlemmingIpsenMember" xml:lang="en-US">Flemming Ipsen</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FlemmingIpsenMember" xml:lang="en-US">Represents a former board of director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FlemmingIpsenMember" xlink:to="lab_H6460J968H94_trmd_FlemmingIpsenMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OlivierDuboisMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OlivierDuboisMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OlivierDuboisMember" xml:lang="en-US">Olivier Dubois [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OlivierDuboisMember" xml:lang="en-US">Olivier Dubois</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OlivierDuboisMember" xml:lang="en-US">Represents a former board of director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OlivierDuboisMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OlivierDuboisMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AlexanderGreenMember" xlink:label="loc_F4248H746F72_trmd_AlexanderGreenMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AlexanderGreenMember" xml:lang="en-US">Alexander Green [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_AlexanderGreenMember" xml:lang="en-US">Alexander Green</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AlexanderGreenMember" xml:lang="en-US">Represents a former board of director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AlexanderGreenMember" xlink:to="lab_H6460J968H94_trmd_AlexanderGreenMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_JonSyvertsenMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_JonSyvertsenMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_JonSyvertsenMember" xml:lang="en-US">Jon Syvertsen [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_JonSyvertsenMember" xml:lang="en-US">Jon Syvertsen</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_JonSyvertsenMember" xml:lang="en-US">Represents a former board of director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_JonSyvertsenMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_JonSyvertsenMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DavidWeinsteinMember" xlink:label="loc_F4248H746F72_trmd_DavidWeinsteinMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DavidWeinsteinMember" xml:lang="en-US">David Weinstein [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_DavidWeinsteinMember" xml:lang="en-US">David Weinstein</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DavidWeinsteinMember" xml:lang="en-US">Represents a board of director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DavidWeinsteinMember" xlink:to="lab_H6460J968H94_trmd_DavidWeinsteinMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TorbenJanholtMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_TorbenJanholtMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_TorbenJanholtMember" xml:lang="en-US">Torben Janholt [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_TorbenJanholtMember" xml:lang="en-US">Torben Janholt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_TorbenJanholtMember" xml:lang="en-US">Represents a board of director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_TorbenJanholtMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_TorbenJanholtMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_GoranTrappMember" xlink:label="loc_F4248H746F72_trmd_GoranTrappMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_GoranTrappMember" xml:lang="en-US">Goran Trapp [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_GoranTrappMember" xml:lang="en-US">Goran Trapp</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_GoranTrappMember" xml:lang="en-US">Represents a board of director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_GoranTrappMember" xlink:to="lab_H6460J968H94_trmd_GoranTrappMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_JefferySteinMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_JefferySteinMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_JefferySteinMember" xml:lang="en-US">Jeffery Stein [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_JefferySteinMember" xml:lang="en-US">Jeffery Stein</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_JefferySteinMember" xml:lang="en-US">Represents a former board of director and board observer of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_JefferySteinMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_JefferySteinMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:label="loc_F4248H746F72_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xml:lang="en-US">Key management personnel compensation, termination benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:to="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_JacobMeldgaardMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_JacobMeldgaardMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_JacobMeldgaardMember" xml:lang="en-US">Jacob Meldgaard [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_JacobMeldgaardMember" xml:lang="en-US">Jacob Meldgaard</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_JacobMeldgaardMember" xml:lang="en-US">Represents executive director of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_JacobMeldgaardMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_JacobMeldgaardMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_EmployeeTaxableBenefits" xlink:label="loc_F4248H746F72_trmd_EmployeeTaxableBenefits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_EmployeeTaxableBenefits" xml:lang="en-US">Employee Taxable Benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_EmployeeTaxableBenefits" xml:lang="en-US">Taxable benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_EmployeeTaxableBenefits" xml:lang="en-US">Taxable benefits are benefits provided to employees that the employer has to add to the employee's income each period to determine the total amount of income that is subject to source tax deductions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_EmployeeTaxableBenefits" xlink:to="lab_H6460J968H94_trmd_EmployeeTaxableBenefits"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_EmployeeAnnualPerformanceBonus" xlink:label="loc_IF21F453I7K897H8F732_trmd_EmployeeAnnualPerformanceBonus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_EmployeeAnnualPerformanceBonus" xml:lang="en-US">Employee Annual Performance Bonus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_EmployeeAnnualPerformanceBonus" xml:lang="en-US">Annual performance bonus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_EmployeeAnnualPerformanceBonus" xml:lang="en-US">Represents a compensation beyond normal wages and is typically awarded after a performance appraisal and analysis of projects completed by the employee over a specific period of time.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_EmployeeAnnualPerformanceBonus" xlink:to="lab_KH43H675K9M019J0H954_trmd_EmployeeAnnualPerformanceBonus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DirectorsRemunerationExpense" xlink:label="loc_F4248H746F72_ifrs-full_DirectorsRemunerationExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DirectorsRemunerationExpense" xml:lang="en-US">Directors' remuneration expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DirectorsRemunerationExpense" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DirectorsRemunerationExpense" xlink:to="lab_H6460J968H94_ifrs-full_DirectorsRemunerationExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:label="loc_F4248H746F72_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xml:lang="en-US">Types of share-based payment arrangements [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:to="lab_H6460J968H94_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SharebasedPaymentArrangementsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_SharebasedPaymentArrangementsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_SharebasedPaymentArrangementsMember" xml:lang="en-US">Share-based payment arrangements [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_SharebasedPaymentArrangementsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_SharebasedPaymentArrangementsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_LongTermIncentivePlanMember" xlink:label="loc_F4248H746F72_trmd_LongTermIncentivePlanMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_LongTermIncentivePlanMember" xml:lang="en-US">Long Term Incentive Plan [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_LongTermIncentivePlanMember" xml:lang="en-US">Long term incentive plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_LongTermIncentivePlanMember" xml:lang="en-US">Represents a Long-Term Incentive Plan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_LongTermIncentivePlanMember" xlink:to="lab_H6460J968H94_trmd_LongTermIncentivePlanMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:label="loc_F4248H746F72_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xml:lang="en-US">Number of other equity instruments granted in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xml:lang="en-US">RSU LTIP grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xml:lang="en-US">Number of RSUs granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xml:lang="en-US">Granted during the period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:to="lab_H6460J968H94_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement" xlink:label="loc_IF21F453I7K897H8F732_trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement" xml:lang="en-US">Exercise Price Per Share Of Other Equity Instruments Granted In Share Based Payment Arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement" xml:lang="en-US">Exercise price per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement" xml:lang="en-US">Exercise price of RSU</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement" xml:lang="en-US">Represents the exercise price per share of other equity instruments (ie other than share options) in share-based payment arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement" xlink:to="lab_KH43H675K9M019J0H954_trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ValueOfOtherEquityInstrumentsGranted" xlink:label="loc_F4248H746F72_trmd_ValueOfOtherEquityInstrumentsGranted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ValueOfOtherEquityInstrumentsGranted" xml:lang="en-US">Value Of Other Equity Instruments Granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ValueOfOtherEquityInstrumentsGranted" xml:lang="en-US">RSU grant value assuming 100% vesting</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ValueOfOtherEquityInstrumentsGranted" xml:lang="en-US">Value of RSUs grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ValueOfOtherEquityInstrumentsGranted" xml:lang="en-US">Represents the value of other equity instruments (ie other than share options) granted in share-based payment arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ValueOfOtherEquityInstrumentsGranted" xlink:to="lab_H6460J968H94_trmd_ValueOfOtherEquityInstrumentsGranted"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xml:lang="en-US">Number of other equity instruments outstanding in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xml:lang="en-US">Number of RSUs outstanding as of date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xml:lang="en-US">Outstanding 1 January</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xml:lang="en-US">Outstanding 31 December</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:label="loc_F4248H746F72_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xml:lang="en-US">Number of other equity instruments exercised or vested in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xml:lang="en-US">Exercised during the period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement" xlink:to="lab_H6460J968H94_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" xml:lang="en-US">Number of other equity instruments expired in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" xml:lang="en-US">Expired during the period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" xml:lang="en-US">Expired during the period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xlink:label="loc_F4248H746F72_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xml:lang="en-US">Number of other equity instruments forfeited in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xml:lang="en-US">Forfeited during the period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xml:lang="en-US">Forfeited during the period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement" xlink:to="lab_H6460J968H94_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement" xml:lang="en-US">Number of other equity instruments exercisable in share-based payment arrangement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement" xml:lang="en-US">Exercisable 31 December</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:label="loc_F4248H746F72_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xml:lang="en-US">Key management personnel of entity or parent [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xml:lang="en-US">Key management personnel of entity or parent</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:to="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ChiefExecutiveOfficerCEOMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_ChiefExecutiveOfficerCEOMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChiefExecutiveOfficerCEOMember" xml:lang="en-US">Chief Executive Officer Ceo [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChiefExecutiveOfficerCEOMember" xml:lang="en-US">Chief executive officer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChiefExecutiveOfficerCEOMember" xml:lang="en-US">Represents a chief executive officer (CEO).</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ChiefExecutiveOfficerCEOMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_ChiefExecutiveOfficerCEOMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_EmployeeMember" xlink:label="loc_F4248H746F72_trmd_EmployeeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_EmployeeMember" xml:lang="en-US">Employee [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_EmployeeMember" xml:lang="en-US">This member stands for employee.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_EmployeeMember" xlink:to="lab_H6460J968H94_trmd_EmployeeMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ExecutiveDirectorMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_ExecutiveDirectorMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExecutiveDirectorMember" xml:lang="en-US">Executive Director [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExecutiveDirectorMember" xml:lang="en-US">This member stands for executive director.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ExecutiveDirectorMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_ExecutiveDirectorMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses" xlink:label="loc_F4248H746F72_trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses" xml:lang="en-US">Number Of Seafarer Employees For Which Staff Costs Included In Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses" xml:lang="en-US">Number of seafarers for which staff costs included in operating expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses" xml:lang="en-US">The number of seafarer employees for which staff costs included in operating expenses.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses" xlink:to="lab_H6460J968H94_trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_KeyManagementPersonnelCompensation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_KeyManagementPersonnelCompensation" xml:lang="en-US">Key management personnel compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_KeyManagementPersonnelCompensation" xml:lang="en-US">Agreegate compensation paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_KeyManagementPersonnelCompensation" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_KeyManagementPersonnelCompensation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:label="loc_F4248H746F72_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xml:lang="en-US">Key management personnel compensation, post-employment benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xml:lang="en-US">Agrergate compensation paid for pensions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:to="lab_H6460J968H94_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VestingPeriodOfOtherEquityInstrumentsGranted" xlink:label="loc_IF21F453I7K897H8F732_trmd_VestingPeriodOfOtherEquityInstrumentsGranted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_VestingPeriodOfOtherEquityInstrumentsGranted" xml:lang="en-US">Vesting Period Of Other Equity Instruments Granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VestingPeriodOfOtherEquityInstrumentsGranted" xml:lang="en-US">Vesting period of RSUs granted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VestingPeriodOfOtherEquityInstrumentsGranted" xml:lang="en-US">Vesting period of RSUs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_VestingPeriodOfOtherEquityInstrumentsGranted" xml:lang="en-US">Represents the vesting perid of other equity instruments (ie other than share options) in share-based payment arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_VestingPeriodOfOtherEquityInstrumentsGranted" xlink:to="lab_KH43H675K9M019J0H954_trmd_VestingPeriodOfOtherEquityInstrumentsGranted"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_InstallmentOfGrantAmountVestingAtEachAnniversary" xlink:label="loc_F4248H746F72_trmd_InstallmentOfGrantAmountVestingAtEachAnniversary"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_InstallmentOfGrantAmountVestingAtEachAnniversary" xml:lang="en-US">Installment Of Grant Amount Vesting At Each Anniversary</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_InstallmentOfGrantAmountVestingAtEachAnniversary" xml:lang="en-US">Installment of RSUs vesting at each anniversary date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_InstallmentOfGrantAmountVestingAtEachAnniversary" xml:lang="en-US">Represents installment of the grant amount vesting at each anniversary date of other equity instruments (ie other than share options) in share-based payment arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_InstallmentOfGrantAmountVestingAtEachAnniversary" xlink:to="lab_H6460J968H94_trmd_InstallmentOfGrantAmountVestingAtEachAnniversary"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments" xml:lang="en-US">Number Of Shares Vested At First Anniversary Other Equity Instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments" xml:lang="en-US">Number of one fifth units vested in share-based payment arrangement.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments" xml:lang="en-US">The number of one fifth grant other equity instruments (ie other than share options) vested in share-based payment arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfOtherEquityInstrumentsVesting" xlink:label="loc_F4248H746F72_trmd_PercentageOfOtherEquityInstrumentsVesting"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfOtherEquityInstrumentsVesting" xml:lang="en-US">Percentage Of Other Equity Instruments Vesting</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfOtherEquityInstrumentsVesting" xml:lang="en-US">Vesting percentage of RSU grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfOtherEquityInstrumentsVesting" xml:lang="en-US">Vesting percentage of RSU grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfOtherEquityInstrumentsVesting" xml:lang="en-US">Percentage Of Other Equity Instruments Vesting.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfOtherEquityInstrumentsVesting" xlink:to="lab_H6460J968H94_trmd_PercentageOfOtherEquityInstrumentsVesting"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MarketPricePerShare" xlink:label="loc_IF21F453I7K897H8F732_trmd_MarketPricePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_MarketPricePerShare" xml:lang="en-US">Market Price Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_MarketPricePerShare" xml:lang="en-US">Market value of one share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_MarketPricePerShare" xml:lang="en-US">Represents the market price per share of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_MarketPricePerShare" xlink:to="lab_KH43H675K9M019J0H954_trmd_MarketPricePerShare"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VestingPeriodOfOtherEquityInstrumentsExercised" xlink:label="loc_F4248H746F72_trmd_VestingPeriodOfOtherEquityInstrumentsExercised"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_VestingPeriodOfOtherEquityInstrumentsExercised" xml:lang="en-US">Vesting Period Of Other Equity Instruments Exercised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_VestingPeriodOfOtherEquityInstrumentsExercised" xml:lang="en-US">Vesting perid of other equity instruments exercised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_VestingPeriodOfOtherEquityInstrumentsExercised" xml:lang="en-US">Represents the vesting perid of other equity instruments exercised.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_VestingPeriodOfOtherEquityInstrumentsExercised" xlink:to="lab_H6460J968H94_trmd_VestingPeriodOfOtherEquityInstrumentsExercised"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfOtherEquityInstrumentsNonVested" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfOtherEquityInstrumentsNonVested"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfOtherEquityInstrumentsNonVested" xml:lang="en-US">Percentage Of Other Equity Instruments Non Vested</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfOtherEquityInstrumentsNonVested" xml:lang="en-US">Percentage of non-vested RSU</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfOtherEquityInstrumentsNonVested" xml:lang="en-US">Represents the percentage of non-vested RSU.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfOtherEquityInstrumentsNonVested" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfOtherEquityInstrumentsNonVested"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice" xlink:label="loc_F4248H746F72_trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice" xml:lang="en-US">Percentage Of Premium On Average Price To Determine Exercise Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice" xml:lang="en-US">Percentage of premium on average price to determine exercise price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice" xml:lang="en-US">Represents the percentage of premium on average price to determine exercise price.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice" xlink:to="lab_H6460J968H94_trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate" xlink:label="loc_IF21F453I7K897H8F732_trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate" xml:lang="en-US">Exercise Price Of Other Equity Instruments After Vesting Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate" xml:lang="en-US">Exercise price of RSUs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate" xml:lang="en-US">Represents exercise price of other equity instruments (ie other than share options) after vesting date in a share-based payment arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate" xlink:to="lab_KH43H675K9M019J0H954_trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate" xlink:label="loc_F4248H746F72_trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate" xml:lang="en-US">Exercise Period Of Other Equity Instruments After Vesting Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate" xml:lang="en-US">Exercise period of RSUs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate" xml:lang="en-US">Represents exercise period of other equity instruments (ie other than share options) after vesting date in a share-based payment arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate" xlink:to="lab_H6460J968H94_trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AverageRemainingContractualLife" xlink:label="loc_IF21F453I7K897H8F732_trmd_AverageRemainingContractualLife"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AverageRemainingContractualLife" xml:lang="en-US">Average Remaining Contractual Life</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AverageRemainingContractualLife" xml:lang="en-US">Average remaining contractual life</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AverageRemainingContractualLife" xml:lang="en-US">Represents period of average remaining contractual life for the restricted shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AverageRemainingContractualLife" xlink:to="lab_KH43H675K9M019J0H954_trmd_AverageRemainingContractualLife"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AuditFeesAbstract" xlink:label="loc_F4248H746F72_trmd_AuditFeesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AuditFeesAbstract" xml:lang="en-US">Audit Fees [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_AuditFeesAbstract" xml:lang="en-US">Audit fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AuditFeesAbstract" xml:lang="en-US">Represents audit fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AuditFeesAbstract" xlink:to="lab_H6460J968H94_trmd_AuditFeesAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AuditFeesForAuditOfAnnualAccounts" xlink:label="loc_IF21F453I7K897H8F732_trmd_AuditFeesForAuditOfAnnualAccounts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AuditFeesForAuditOfAnnualAccounts" xml:lang="en-US">Audit Fees For Audit Of Annual Accounts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AuditFeesForAuditOfAnnualAccounts" xml:lang="en-US">Fees payable to the Company's auditor for the audit of the Company's annual accounts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AuditFeesForAuditOfAnnualAccounts" xml:lang="en-US">The amount of fees paid or payable for the audit of the company's annual accounts.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AuditFeesForAuditOfAnnualAccounts" xlink:to="lab_KH43H675K9M019J0H954_trmd_AuditFeesForAuditOfAnnualAccounts"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation" xlink:label="loc_F4248H746F72_trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation" xml:lang="en-US">Audit Fees For Audit Of Subsidiaries Pursuant To Legislation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation" xml:lang="en-US">Audit of the Company's subsidiaries pursuant to legislation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation" xml:lang="en-US">The amount of fees paid or payable for the audit of the company's subsidiaries pursuant to legislation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation" xlink:to="lab_H6460J968H94_trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AuditFees" xlink:label="loc_IF21F453I7K897H8F732_trmd_AuditFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AuditFees" xml:lang="en-US">Audit Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AuditFees" xml:lang="en-US">Total audit fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AuditFees" xml:lang="en-US">Total audit fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AuditFees" xml:lang="en-US">The amount of expense relating to audit fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AuditFees" xlink:to="lab_KH43H675K9M019J0H954_trmd_AuditFees"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NonAuditFeesAbstract" xlink:label="loc_F4248H746F72_trmd_NonAuditFeesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NonAuditFeesAbstract" xml:lang="en-US">Non Audit Fees [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_NonAuditFeesAbstract" xml:lang="en-US">Non-audit fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NonAuditFeesAbstract" xml:lang="en-US">Represents non audit fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NonAuditFeesAbstract" xlink:to="lab_H6460J968H94_trmd_NonAuditFeesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AuditorsRemunerationForAuditServices" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AuditorsRemunerationForAuditServices"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemunerationForAuditServices" xml:lang="en-US">Auditor's remuneration for audit services</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemunerationForAuditServices" xml:lang="en-US">Audit-related services</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AuditorsRemunerationForAuditServices" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemunerationForAuditServices"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AuditorsRemunerationForTaxServices" xlink:label="loc_F4248H746F72_ifrs-full_AuditorsRemunerationForTaxServices"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AuditorsRemunerationForTaxServices" xml:lang="en-US">Auditor's remuneration for tax services</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AuditorsRemunerationForTaxServices" xml:lang="en-US">Tax services</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AuditorsRemunerationForTaxServices" xlink:to="lab_H6460J968H94_ifrs-full_AuditorsRemunerationForTaxServices"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AuditorsRemunerationForOtherServices" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AuditorsRemunerationForOtherServices"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemunerationForOtherServices" xml:lang="en-US">Auditor's remuneration for other services</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemunerationForOtherServices" xml:lang="en-US">Other services</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AuditorsRemunerationForOtherServices" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemunerationForOtherServices"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NonAuditFees" xlink:label="loc_F4248H746F72_trmd_NonAuditFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NonAuditFees" xml:lang="en-US">Non Audit Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_trmd_NonAuditFees" xml:lang="en-US">Total non-audit fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NonAuditFees" xml:lang="en-US">The amount of expense relating to non-audit fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NonAuditFees" xlink:to="lab_H6460J968H94_trmd_NonAuditFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AuditorsRemuneration" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AuditorsRemuneration"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemuneration" xml:lang="en-US">Auditor's remuneration</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemuneration" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AuditorsRemuneration" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AuditorsRemuneration"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CarryingAmountMember" xlink:label="loc_F4248H746F72_ifrs-full_CarryingAmountMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CarryingAmountMember" xml:lang="en-US">Carrying amount [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CarryingAmountMember" xlink:to="lab_H6460J968H94_ifrs-full_CarryingAmountMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_GrossCarryingAmountMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GrossCarryingAmountMember" xml:lang="en-US">Gross carrying amount [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GrossCarryingAmountMember" xml:lang="en-US">Gross</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_GrossCarryingAmountMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_GrossCarryingAmountMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AccumulatedImpairmentMember" xlink:label="loc_F4248H746F72_ifrs-full_AccumulatedImpairmentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AccumulatedImpairmentMember" xml:lang="en-US">Accumulated impairment [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AccumulatedImpairmentMember" xml:lang="en-US">Accumulated impairment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AccumulatedImpairmentMember" xml:lang="en-US">Provision for impairment of freight receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AccumulatedImpairmentMember" xlink:to="lab_H6460J968H94_ifrs-full_AccumulatedImpairmentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Goodwill" xlink:label="loc_F4248H746F72_ifrs-full_Goodwill"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_Goodwill" xml:lang="en-US">Goodwill</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_Goodwill" xml:lang="en-US">Carrying amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_Goodwill" xml:lang="en-US">Goodwill at begining of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_H6460J968H94_ifrs-full_Goodwill" xml:lang="en-US">Goodwill</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_H6460J968H94_ifrs-full_Goodwill" xml:lang="en-US">Goodwill at begining of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_H6460J968H94_ifrs-full_Goodwill" xml:lang="en-US">Goodwill at end of period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_Goodwill" xlink:to="lab_H6460J968H94_ifrs-full_Goodwill"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionalRecognitionGoodwill" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AdditionalRecognitionGoodwill"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdditionalRecognitionGoodwill" xml:lang="en-US">Additional recognition, goodwill</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdditionalRecognitionGoodwill" xml:lang="en-US">Additions during the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AdditionalRecognitionGoodwill" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AdditionalRecognitionGoodwill"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill" xml:lang="en-US">Adjustments for impairment loss recognised in profit or loss, goodwill</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill" xml:lang="en-US">Impairment losses for the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselsAndCapitalizedDryDockingMember" xlink:label="loc_F4248H746F72_trmd_VesselsAndCapitalizedDryDockingMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_VesselsAndCapitalizedDryDockingMember" xml:lang="en-US">Vessels And Capitalized Dry Docking [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_VesselsAndCapitalizedDryDockingMember" xml:lang="en-US">Vessels and capitalized dry docking</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_VesselsAndCapitalizedDryDockingMember" xml:lang="en-US">This member stands for vessels and capitalized dry docking representing property, plant and equipment that the entity does not separately disclose in the same statement or note.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_VesselsAndCapitalizedDryDockingMember" xlink:to="lab_H6460J968H94_trmd_VesselsAndCapitalizedDryDockingMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xml:lang="en-US">Accumulated depreciation, amortisation and impairment [member]</label>
<label xlink:type="resource" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Depreciation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:label="loc_F4248H746F72_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xml:lang="en-US">Property, plant and equipment by operating lease status [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis" xlink:to="lab_H6460J968H94_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xml:lang="en-US">Property, plant and equipment by operating lease status [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:label="loc_F4248H746F72_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xml:lang="en-US">Property, plant and equipment subject to operating leases [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xml:lang="en-US">Property, plant and equipment subject to operating leases</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember" xlink:to="lab_H6460J968H94_ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:label="loc_F4248H746F72_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xml:lang="en-US">Reconciliation of changes in property, plant and equipment [abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:to="lab_H6460J968H94_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US">Additions other than through business combinations, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US">Additions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="loc_F4248H746F72_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US">Acquisitions through business combinations, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US">Additions from business combinations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="lab_H6460J968H94_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisposalsPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisposalsPropertyPlantAndEquipment" xml:lang="en-US">Disposals, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisposalsPropertyPlantAndEquipment" xml:lang="en-US">Disposals</label>
<label xlink:type="resource" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Disposals</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisposalsPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="loc_F4248H746F72_ifrs-full_DepreciationPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DepreciationPropertyPlantAndEquipment" xml:lang="en-US">Depreciation, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DepreciationPropertyPlantAndEquipment" xml:lang="en-US">Depreciation for the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="lab_H6460J968H94_ifrs-full_DepreciationPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xml:lang="en-US">Impairment loss recognised in profit or loss, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xml:lang="en-US">Impairment losses on tangible fixed assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment" xlink:label="loc_F4248H746F72_ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment" xml:lang="en-US">Increase (decrease) through other changes, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment" xml:lang="en-US">Transferred to/from other items</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment" xlink:to="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xml:lang="en-US">Decrease through classified as held for sale, property, plant and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xml:lang="en-US">Transferred to assets held-for-sale</label>
<label xlink:type="resource" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Transferred to assets held-for-sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PrepaymentsOnVesselsAbstract" xlink:label="loc_F4248H746F72_trmd_PrepaymentsOnVesselsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PrepaymentsOnVesselsAbstract" xml:lang="en-US">Prepayments On Vessels [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PrepaymentsOnVesselsAbstract" xlink:to="lab_H6460J968H94_trmd_PrepaymentsOnVesselsAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PrepaymentsOnVesselsAdditions" xlink:label="loc_IF21F453I7K897H8F732_trmd_PrepaymentsOnVesselsAdditions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PrepaymentsOnVesselsAdditions" xml:lang="en-US">Prepayments On Vessels Additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PrepaymentsOnVesselsAdditions" xml:lang="en-US">Additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PrepaymentsOnVesselsAdditions" xml:lang="en-US">The amount of additions to prepayments on vessels.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PrepaymentsOnVesselsAdditions" xlink:to="lab_KH43H675K9M019J0H954_trmd_PrepaymentsOnVesselsAdditions"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PrepaymentsOnVesselsTransferredToFromOtherItems" xlink:label="loc_F4248H746F72_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems" xml:lang="en-US">Prepayments On Vessels Transferred To From Other Items</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems" xml:lang="en-US">Transferred to/from other items</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems" xml:lang="en-US">The amount of transferred to from other items to prepayments on vessels.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems" xml:lang="en-US">Transferred to/from other items</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems" xlink:to="lab_H6460J968H94_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestCostsCapitalised" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_InterestCostsCapitalised"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestCostsCapitalised" xml:lang="en-US">Interest costs capitalised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestCostsCapitalised" xml:lang="en-US">Capitalized dry-docking costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_InterestCostsCapitalised" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_InterestCostsCapitalised"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates" xlink:label="loc_F4248H746F72_trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates" xml:lang="en-US">Period Over Which Adjusted Average Rates Are Considered For Estimating Future Freight Rates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates" xml:lang="en-US">Projected cash flows calculation period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates" xml:lang="en-US">Period over which adjusted average rates are considered for estimating future freight rates.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates" xlink:to="lab_H6460J968H94_trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed" xlink:label="loc_IF21F453I7K897H8F732_trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed" xml:lang="en-US">Impairment Loss In Case Clarkson Freight Rates Were Used</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed" xml:lang="en-US">Impairment charge arising in current year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed" xml:lang="en-US">The impairment charge for current year if clarkson's freight rates would have been used.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed" xlink:to="lab_KH43H675K9M019J0H954_trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:label="loc_F4248H746F72_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xml:lang="en-US">Discount rate used in current estimate of value in use</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xml:lang="en-US">Discount rate used in calculation based on a Weighted Average Cost of Capital (WACC)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse" xlink:to="lab_H6460J968H94_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitTable" xml:lang="en-US">Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitTable"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselClassAxis" xlink:label="loc_F4248H746F72_trmd_VesselClassAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_VesselClassAxis" xml:lang="en-US">Vessel Class [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_VesselClassAxis" xml:lang="en-US">Represents different classes of vessels.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_VesselClassAxis" xlink:to="lab_H6460J968H94_trmd_VesselClassAxis"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselClassDomain" xlink:label="loc_IF21F453I7K897H8F732_trmd_VesselClassDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassDomain" xml:lang="en-US">Vessel Class [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassDomain" xml:lang="en-US">Represents different classes of vessels.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_VesselClassDomain" xlink:to="lab_KH43H675K9M019J0H954_trmd_VesselClassDomain"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselClassLrTwoMember" xlink:label="loc_F4248H746F72_trmd_VesselClassLrTwoMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_VesselClassLrTwoMember" xml:lang="en-US">Vessel Class Lr Two [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_VesselClassLrTwoMember" xml:lang="en-US">LR2</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_VesselClassLrTwoMember" xml:lang="en-US">Vessel Class Lr Two [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_VesselClassLrTwoMember" xml:lang="en-US">Description of vessel class LR 2.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_VesselClassLrTwoMember" xlink:to="lab_H6460J968H94_trmd_VesselClassLrTwoMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselClassLrOneMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_VesselClassLrOneMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassLrOneMember" xml:lang="en-US">Vessel Class Lr One [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassLrOneMember" xml:lang="en-US">LR1</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassLrOneMember" xml:lang="en-US">LR1 Tanker</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassLrOneMember" xml:lang="en-US">Description of vessel class LR 1.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_VesselClassLrOneMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_VesselClassLrOneMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselClassMrMember" xlink:label="loc_F4248H746F72_trmd_VesselClassMrMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_VesselClassMrMember" xml:lang="en-US">Vessel Class Mr [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_VesselClassMrMember" xml:lang="en-US">MR</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_VesselClassMrMember" xml:lang="en-US">MR Tanker</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_VesselClassMrMember" xml:lang="en-US">Description of vessel class MR.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_VesselClassMrMember" xlink:to="lab_H6460J968H94_trmd_VesselClassMrMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselClassHandysizeMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_VesselClassHandysizeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassHandysizeMember" xml:lang="en-US">Vessel Class Handysize [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassHandysizeMember" xml:lang="en-US">Handysize</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassHandysizeMember" xml:lang="en-US">Handysize Tanker</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselClassHandysizeMember" xml:lang="en-US">Description of vessel class Handysize.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_VesselClassHandysizeMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_VesselClassHandysizeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems" xml:lang="en-US">Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation" xlink:label="loc_IF21F453I7K897H8F732_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation" xml:lang="en-US">Amended Historical Average Spot Freight Rate Per Day Used In Value In Use Calculation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation" xml:lang="en-US">Amended historical average spot rate used in per day freight rate calculation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation" xml:lang="en-US">Represents amount of amended historical average spot freight rates per day used in the calculation of value-in-use.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation" xlink:to="lab_KH43H675K9M019J0H954_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DescriptionOfHistoricalAverageSpotFreightRates" xlink:label="loc_F4248H746F72_trmd_DescriptionOfHistoricalAverageSpotFreightRates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DescriptionOfHistoricalAverageSpotFreightRates" xml:lang="en-US">Description Of Historical Average Spot Freight Rates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_DescriptionOfHistoricalAverageSpotFreightRates" xml:lang="en-US">Historical average spot freight rates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DescriptionOfHistoricalAverageSpotFreightRates" xml:lang="en-US">The description of historical information about average spot freight rates.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DescriptionOfHistoricalAverageSpotFreightRates" xlink:to="lab_H6460J968H94_trmd_DescriptionOfHistoricalAverageSpotFreightRates"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation" xml:lang="en-US">Percentage Of Adjustment Of Operating Expenses For Inflation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation" xml:lang="en-US">Adjustment of operating expenses for inflation, percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation" xml:lang="en-US">Represents percentage of adjustment of operating expenses for inflation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation" xlink:label="loc_F4248H746F72_trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation" xml:lang="en-US">Percentage Of Adjustment Of Administrative Expenses For Inflation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation" xml:lang="en-US">Adjustment of administrative expenses for inflation, percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation" xml:lang="en-US">Represents percentage of adjustment of administrative expenses for inflation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation" xlink:to="lab_H6460J968H94_trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod" xlink:label="loc_IF21F453I7K897H8F732_trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod" xml:lang="en-US">Expected To Generate Normal Income From Delivery From Shipyard Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod" xml:lang="en-US">Expected to generate normal income from delivery from shipyard</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod" xml:lang="en-US">Represents period expected to generate normal income from delivery from shipyard.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod" xlink:to="lab_KH43H675K9M019J0H954_trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AverageRemainingLifeOfTanker" xlink:label="loc_F4248H746F72_trmd_AverageRemainingLifeOfTanker"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AverageRemainingLifeOfTanker" xml:lang="en-US">Average Remaining Life Of Tanker</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_AverageRemainingLifeOfTanker" xml:lang="en-US">Average remaining life of tanker</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AverageRemainingLifeOfTanker" xml:lang="en-US">Represents term of average remaining life of tanker.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AverageRemainingLifeOfTanker" xlink:to="lab_H6460J968H94_trmd_AverageRemainingLifeOfTanker"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates" xml:lang="en-US">Sensitivity Analysis Of Value In Use Change In Key Assumption Per Day Freight Rates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates" xml:lang="en-US">Increase/decrease in tanker per day freight rates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates" xml:lang="en-US">Represents a specified rate variance in a specified key assumption freight rate in the determination of value in use.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates" xlink:label="loc_F4248H746F72_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates" xml:lang="en-US">Sensitivity Analysis Of Value In Use Impact Of Change In Key Assumption Per Day Freight Rates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates" xml:lang="en-US">Increase/decrease in value in use of freight rates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates" xml:lang="en-US">Represents the impact on value in use due to a specified change in the freight rates.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates" xlink:to="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital" xml:lang="en-US">Sensitivity Analysis Of Value In Use Change In Key Assumption Weighted Average Cost Of Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital" xml:lang="en-US">Increase/decrease in WACC percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital" xml:lang="en-US">Represents a specified rate variance in a specified key assumption weighted average cost of capital in the determination of value in use.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital" xlink:label="loc_F4248H746F72_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital" xml:lang="en-US">Sensitivity Analysis Of Value In Use Impact Of Change In Key Assumption Weighted Average Cost Of Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital" xml:lang="en-US">Decrease/increase in value in use of WACC</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital" xml:lang="en-US">Represents the impact on value in use due to a specified change in the weighted average cost of capital.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital" xlink:to="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses" xml:lang="en-US">Sensitivity Analysis Of Value In Use Change In Key Assumption Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses" xml:lang="en-US">Increase/decrease in operating expenses percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses" xml:lang="en-US">Represents a specified rate variance in a specified key assumption operating expense in the determination of value in use.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses" xlink:label="loc_F4248H746F72_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses" xml:lang="en-US">Sensitivity Analysis Of Value In Use Impact Of Change In Key Assumption Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses" xml:lang="en-US">Decrease/increase in value in use of operating expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses" xml:lang="en-US">Represents the impact on value in use due to a specified change in the operating expense.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses" xlink:to="lab_H6460J968H94_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xml:lang="en-US">Amount by which unit's recoverable amount exceeds its carrying amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xml:lang="en-US">Difference of market value and carrying amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount"/>





<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit" xml:lang="en-US">Recoverable amount of asset or cash-generating unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit" xml:lang="en-US">Market value based on broker values of vessels</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FinancialIncomeAbstract" xlink:label="loc_F4248H746F72_trmd_FinancialIncomeAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FinancialIncomeAbstract" xml:lang="en-US">Financial Income [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_FinancialIncomeAbstract" xml:lang="en-US">Financial income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FinancialIncomeAbstract" xml:lang="en-US">Represents financial income abstract.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FinancialIncomeAbstract" xlink:to="lab_H6460J968H94_trmd_FinancialIncomeAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestIncomeOnCashAndCashEquivalents" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_InterestIncomeOnCashAndCashEquivalents"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestIncomeOnCashAndCashEquivalents" xml:lang="en-US">Interest income on cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestIncomeOnCashAndCashEquivalents" xml:lang="en-US">Interest income from cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_InterestIncomeOnCashAndCashEquivalents" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_InterestIncomeOnCashAndCashEquivalents"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetForeignExchangeGain" xlink:label="loc_F4248H746F72_ifrs-full_NetForeignExchangeGain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NetForeignExchangeGain" xml:lang="en-US">Net foreign exchange gain</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NetForeignExchangeGain" xml:lang="en-US">Exchange rate adjustments, including gain from forward exchange rate contracts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NetForeignExchangeGain" xlink:to="lab_H6460J968H94_ifrs-full_NetForeignExchangeGain"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FinancialExpensesAbstract" xlink:label="loc_IF21F453I7K897H8F732_trmd_FinancialExpensesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_FinancialExpensesAbstract" xml:lang="en-US">Financial Expenses [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_FinancialExpensesAbstract" xml:lang="en-US">Financial expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_FinancialExpensesAbstract" xlink:to="lab_KH43H675K9M019J0H954_trmd_FinancialExpensesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestExpenseOnBorrowings" xlink:label="loc_F4248H746F72_ifrs-full_InterestExpenseOnBorrowings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_InterestExpenseOnBorrowings" xml:lang="en-US">Interest expense on borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_InterestExpenseOnBorrowings" xml:lang="en-US">Interest expenses on mortgage and bank debt</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_InterestExpenseOnBorrowings" xlink:to="lab_H6460J968H94_ifrs-full_InterestExpenseOnBorrowings"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetForeignExchangeLoss" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NetForeignExchangeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NetForeignExchangeLoss" xml:lang="en-US">Net foreign exchange loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NetForeignExchangeLoss" xml:lang="en-US">Exchange rate adjustments, including loss from forward exchange rate contracts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NetForeignExchangeLoss" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NetForeignExchangeLoss"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CommitmentFee" xlink:label="loc_F4248H746F72_trmd_CommitmentFee"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_CommitmentFee" xml:lang="en-US">Commitment Fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_CommitmentFee" xml:lang="en-US">Commitment fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_CommitmentFee" xml:lang="en-US">Represents fee charged by a lender to a borrower to compensate the lender for its commitment to lend.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_CommitmentFee" xlink:to="lab_H6460J968H94_trmd_CommitmentFee"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestExpenseOnOtherFinancialLiabilities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_InterestExpenseOnOtherFinancialLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestExpenseOnOtherFinancialLiabilities" xml:lang="en-US">Interest expense on other financial liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestExpenseOnOtherFinancialLiabilities" xml:lang="en-US">Other financial expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_InterestExpenseOnOtherFinancialLiabilities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_InterestExpenseOnOtherFinancialLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinanceIncomeCost" xlink:label="loc_F4248H746F72_ifrs-full_FinanceIncomeCost"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FinanceIncomeCost" xml:lang="en-US">Finance income (cost)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinanceIncomeCost" xml:lang="en-US">Total financial items</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinanceIncomeCost" xml:lang="en-US">Total financial items</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FinanceIncomeCost" xlink:to="lab_H6460J968H94_ifrs-full_FinanceIncomeCost"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xml:lang="en-US">Disclosure of financial assets that are either past due or impaired [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:label="loc_F4248H746F72_ifrs-full_ImpairmentOfFinancialAssetsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ImpairmentOfFinancialAssetsAxis" xml:lang="en-US">Impairment of financial assets [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:to="lab_H6460J968H94_ifrs-full_ImpairmentOfFinancialAssetsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xml:lang="en-US">Entity's total for impairment of financial assets [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember" xlink:label="loc_F4248H746F72_ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember" xml:lang="en-US">Financial assets neither past due nor impaired [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember" xml:lang="en-US">Financial assets neither past due nor impaired</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember" xlink:to="lab_H6460J968H94_ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsPastDueButNotImpairedMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinancialAssetsPastDueButNotImpairedMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsPastDueButNotImpairedMember" xml:lang="en-US">Financial assets past due but not impaired [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsPastDueButNotImpairedMember" xml:lang="en-US">Financial assets past due but not impaired</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinancialAssetsPastDueButNotImpairedMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsPastDueButNotImpairedMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FinancialAssetsPastDueAndImpairedMember" xlink:label="loc_F4248H746F72_trmd_FinancialAssetsPastDueAndImpairedMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FinancialAssetsPastDueAndImpairedMember" xml:lang="en-US">Financial Assets Past Due And Impaired [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_FinancialAssetsPastDueAndImpairedMember" xml:lang="en-US">Financial assets past due and impaired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FinancialAssetsPastDueAndImpairedMember" xml:lang="en-US">This member stands for financial assets that are past due and impaired. A financial asset is past due when a counterparty has failed to make a payment when contractually due.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FinancialAssetsPastDueAndImpairedMember" xlink:to="lab_H6460J968H94_trmd_FinancialAssetsPastDueAndImpairedMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PastDueStatusAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PastDueStatusAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PastDueStatusAxis" xml:lang="en-US">Past due status [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PastDueStatusAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PastDueStatusAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PastDueStatusMember" xlink:label="loc_F4248H746F72_ifrs-full_PastDueStatusMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_PastDueStatusMember" xml:lang="en-US">Past due status [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_PastDueStatusMember" xlink:to="lab_H6460J968H94_ifrs-full_PastDueStatusMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentMember" xml:lang="en-US">Current [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentMember" xml:lang="en-US">Due before 30 days</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember" xlink:label="loc_F4248H746F72_ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember" xml:lang="en-US">Later than one month and not later than six months [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember" xml:lang="en-US">Due between 30 and 180 days</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember" xlink:to="lab_H6460J968H94_ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanSixMonthsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_LaterThanSixMonthsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanSixMonthsMember" xml:lang="en-US">Later than six months [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanSixMonthsMember" xml:lang="en-US">Due after 180 days</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_LaterThanSixMonthsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanSixMonthsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xml:lang="en-US">Disclosure of financial assets that are either past due or impaired [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeReceivables" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_TradeReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeReceivables" xml:lang="en-US">Trade receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeReceivables" xml:lang="en-US">Total net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeReceivables" xml:lang="en-US">Receivables individually determined to be impaired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeReceivables" xml:lang="en-US">Balance at begining of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeReceivables" xml:lang="en-US">Balance at end of period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_TradeReceivables" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_TradeReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialAssetsTable" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfFinancialAssetsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialAssetsTable" xml:lang="en-US">Disclosure of financial assets [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfFinancialAssetsTable" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialAssetsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinancialAssetsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinancialAssetsLineItems" xml:lang="en-US">Disclosure of financial assets [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinancialAssetsLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables" xlink:label="loc_F4248H746F72_trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables" xml:lang="en-US">Acquisitions Through Business Combinations Trade Receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables" xml:lang="en-US">Provisions for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables" xml:lang="en-US">Represents the increase in trade receivables, resulting from acquisitions through business combinations.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables" xlink:to="lab_H6460J968H94_trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xml:lang="en-US">Impairment loss recognised in profit or loss, trade receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xml:lang="en-US">Provisions reversed during the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:label="loc_F4248H746F72_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xml:lang="en-US">Reversal of impairment loss recognised in profit or loss, trade receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xml:lang="en-US">Provisions utilized during the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables" xlink:to="lab_H6460J968H94_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember" xml:lang="en-US">Financial assets individually assessed for credit losses [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember" xml:lang="en-US">Financial assets individually assessed for credit losses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FreightReceivablesIncludedReceivables" xlink:label="loc_F4248H746F72_trmd_FreightReceivablesIncludedReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FreightReceivablesIncludedReceivables" xml:lang="en-US">Freight Receivables Included Receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_FreightReceivablesIncludedReceivables" xml:lang="en-US">Freight receivables included receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FreightReceivablesIncludedReceivables" xml:lang="en-US">The amount of receivables is incluede in freight receivables.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FreightReceivablesIncludedReceivables" xlink:to="lab_H6460J968H94_trmd_FreightReceivablesIncludedReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentDerivativeFinancialAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentDerivativeFinancialAssets" xml:lang="en-US">Current derivative financial assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentDerivativeFinancialAssets" xml:lang="en-US">Derivative financial instruments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentDerivativeFinancialAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="loc_F4248H746F72_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xml:lang="en-US">Current receivables from taxes other than income tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xml:lang="en-US">Tax receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="lab_H6460J968H94_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MiscelleneousOtherCurrentReceivables" xlink:label="loc_IF21F453I7K897H8F732_trmd_MiscelleneousOtherCurrentReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_MiscelleneousOtherCurrentReceivables" xml:lang="en-US">Miscelleneous Other Current Receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_MiscelleneousOtherCurrentReceivables" xml:lang="en-US">Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_MiscelleneousOtherCurrentReceivables" xml:lang="en-US">Represents the amount related to miscelleneous other current receivables of the entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_MiscelleneousOtherCurrentReceivables" xlink:to="lab_KH43H675K9M019J0H954_trmd_MiscelleneousOtherCurrentReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="loc_F4248H746F72_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xml:lang="en-US">Major components of tax expense (income) [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xml:lang="en-US">Tax for the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="lab_H6460J968H94_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xml:lang="en-US">Current tax expense (income) and adjustments for current tax of prior periods [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xml:lang="en-US">Tax for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xml:lang="en-US">Current tax for the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="loc_F4248H746F72_ifrs-full_CurrentTaxExpenseIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CurrentTaxExpenseIncome" xml:lang="en-US">Current tax expense (income)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentTaxExpenseIncome" xml:lang="en-US">Current tax for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentTaxExpenseIncome" xml:lang="en-US">Adjustments related to previous years</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CurrentTaxExpenseIncome" xlink:to="lab_H6460J968H94_ifrs-full_CurrentTaxExpenseIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xml:lang="en-US">Adjustments for current tax of prior periods</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xml:lang="en-US">Adjustments related to previous years</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xml:lang="en-US">Adjustments for deferred tax of prior periods</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xml:lang="en-US">Adjustment of deferred tax asset</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract" xml:lang="en-US">Changes in deferred tax liability (asset) [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract" xml:lang="en-US">Deferred tax liability</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="loc_F4248H746F72_ifrs-full_DeferredTaxLiabilityAsset"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilityAsset" xml:lang="en-US">Deferred tax liability (asset)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilityAsset" xml:lang="en-US">Balance as of 1 January</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilityAsset" xml:lang="en-US">Balance as of 31 December</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DeferredTaxLiabilityAsset" xlink:to="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilityAsset"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xml:lang="en-US">Increase (decrease) through business combinations, deferred tax liability (asset)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xml:lang="en-US">Addition from business combination</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:label="loc_F4248H746F72_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xml:lang="en-US">Increase (decrease) in deferred tax liability (asset)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xml:lang="en-US">Deferred tax for the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:to="lab_H6460J968H94_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ApplicableTaxRate" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ApplicableTaxRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ApplicableTaxRate" xml:lang="en-US">Applicable tax rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ApplicableTaxRate" xml:lang="en-US">Effective tax rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ApplicableTaxRate" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ApplicableTaxRate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CommonSharesTreasurySharesAbstract" xlink:label="loc_F4248H746F72_trmd_CommonSharesTreasurySharesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_CommonSharesTreasurySharesAbstract" xml:lang="en-US">Common Shares &amp; Treasury Shares [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_CommonSharesTreasurySharesAbstract" xlink:to="lab_H6460J968H94_trmd_CommonSharesTreasurySharesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfClassesOfShareCapitalTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xml:lang="en-US">Disclosure of classes of share capital [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfClassesOfShareCapitalTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="loc_F4248H746F72_ifrs-full_ClassesOfShareCapitalAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ClassesOfShareCapitalAxis" xml:lang="en-US">Classes of share capital [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ClassesOfShareCapitalAxis" xlink:to="lab_H6460J968H94_ifrs-full_ClassesOfShareCapitalAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ClassesOfShareCapitalMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ClassesOfShareCapitalMember" xml:lang="en-US">Share capital [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ClassesOfShareCapitalMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ClassesOfShareCapitalMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CommonClassASharesMember" xlink:label="loc_F4248H746F72_trmd_CommonClassASharesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_CommonClassASharesMember" xml:lang="en-US">Common Class A Shares [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_CommonClassASharesMember" xml:lang="en-US">Common class A shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_CommonClassASharesMember" xml:lang="en-US">Represents a common class A shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_CommonClassASharesMember" xlink:to="lab_H6460J968H94_trmd_CommonClassASharesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CommonClassBSharesMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_CommonClassBSharesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CommonClassBSharesMember" xml:lang="en-US">Common Class B Shares [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CommonClassBSharesMember" xml:lang="en-US">Common class B shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CommonClassBSharesMember" xml:lang="en-US">Represents a common class B shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CommonClassBSharesMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_CommonClassBSharesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CommonClassCSharesMember" xlink:label="loc_F4248H746F72_trmd_CommonClassCSharesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_CommonClassCSharesMember" xml:lang="en-US">Common Class C Shares [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_CommonClassCSharesMember" xml:lang="en-US">Common class C shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_CommonClassCSharesMember" xml:lang="en-US">Represents a common class C shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_CommonClassCSharesMember" xlink:to="lab_H6460J968H94_trmd_CommonClassCSharesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xml:lang="en-US">Disclosure of classes of share capital [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="loc_F4248H746F72_ifrs-full_NumberOfSharesIssued"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfSharesIssued" xml:lang="en-US">Number of shares issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NumberOfSharesIssued" xml:lang="en-US">Number of shares issued</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NumberOfSharesIssued" xlink:to="lab_H6460J968H94_ifrs-full_NumberOfSharesIssued"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfTreasurySharesHeld" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfTreasurySharesHeld"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfTreasurySharesHeld" xml:lang="en-US">Number Of Treasury Shares Held</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfTreasurySharesHeld" xml:lang="en-US">Number of treasury shares held</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfTreasurySharesHeld" xml:lang="en-US">Balance as of 1 January</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfTreasurySharesHeld" xml:lang="en-US">Balance as of 31 December</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfTreasurySharesHeld" xml:lang="en-US">Represents the number of treasury shares held as of date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfTreasurySharesHeld" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfTreasurySharesHeld"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares" xlink:label="loc_F4248H746F72_trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares" xml:lang="en-US">Increase In Number Of Treasury Shares Due To Repurchase Of Own Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares" xml:lang="en-US">Additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares" xml:lang="en-US">Represents increase in number of treasury shares due to repurchase of own shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares" xlink:to="lab_H6460J968H94_trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares" xlink:label="loc_IF21F453I7K897H8F732_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares" xml:lang="en-US">Decrease In Number Of Treasury Shares Due To Cancellation Of Treasury Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares" xml:lang="en-US">Cancellations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares" xml:lang="en-US">Represents decrease in number of treasury shares due to cancellation of treasury shares.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares" xml:lang="en-US">Cancellations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares" xlink:to="lab_KH43H675K9M019J0H954_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares" xlink:label="loc_F4248H746F72_trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares" xml:lang="en-US">Decrease In Number Of Treasury Shares Due To Sale Of Treasury Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares" xml:lang="en-US">Disposals</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares" xml:lang="en-US">Represents decrease in number of treasury shares due to sale of treasury shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares" xlink:to="lab_H6460J968H94_trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NominalValueOfTreasurySharesHeld" xlink:label="loc_IF21F453I7K897H8F732_trmd_NominalValueOfTreasurySharesHeld"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NominalValueOfTreasurySharesHeld" xml:lang="en-US">Nominal Value Of Treasury Shares Held</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NominalValueOfTreasurySharesHeld" xml:lang="en-US">Nominal value of treasury shares held</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NominalValueOfTreasurySharesHeld" xml:lang="en-US">Balance as of 1 January</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NominalValueOfTreasurySharesHeld" xml:lang="en-US">Balance as of 31 December</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NominalValueOfTreasurySharesHeld" xml:lang="en-US">Represents the amount related to nominal value of treasury shares held.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NominalValueOfTreasurySharesHeld" xlink:to="lab_KH43H675K9M019J0H954_trmd_NominalValueOfTreasurySharesHeld"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares" xlink:label="loc_F4248H746F72_trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares" xml:lang="en-US">Increase In Value Of Share Capital Due To Repurchase Of Own Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares" xml:lang="en-US">Additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares" xml:lang="en-US">Represents the amount of additions related to nominal value of treasury shares held.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares" xlink:to="lab_H6460J968H94_trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CancellationOfTreasuryShares" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CancellationOfTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CancellationOfTreasuryShares" xml:lang="en-US">Cancellation of treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CancellationOfTreasuryShares" xml:lang="en-US">Cancellations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CancellationOfTreasuryShares" xml:lang="en-US">Cancellations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CancellationOfTreasuryShares" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CancellationOfTreasuryShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SaleOrIssueOfTreasuryShares" xlink:label="loc_F4248H746F72_ifrs-full_SaleOrIssueOfTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_SaleOrIssueOfTreasuryShares" xml:lang="en-US">Sale or issue of treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_SaleOrIssueOfTreasuryShares" xml:lang="en-US">Disposals</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_SaleOrIssueOfTreasuryShares" xlink:to="lab_H6460J968H94_ifrs-full_SaleOrIssueOfTreasuryShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfShareCapitalAsTreasurySharesHeld" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfShareCapitalAsTreasurySharesHeld"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfShareCapitalAsTreasurySharesHeld" xml:lang="en-US">Percentage Of Share Capital As Treasury Shares Held</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfShareCapitalAsTreasurySharesHeld" xml:lang="en-US">Balance as of 1 January</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfShareCapitalAsTreasurySharesHeld" xml:lang="en-US">Balance as of 31 December</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfShareCapitalAsTreasurySharesHeld" xml:lang="en-US">Represents the percentage of share capital as treasury shares held.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfShareCapitalAsTreasurySharesHeld" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfShareCapitalAsTreasurySharesHeld"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares" xlink:label="loc_F4248H746F72_trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares" xml:lang="en-US">Increase In Percentage Of Share Capital Due To Repurchase Of Own Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares" xml:lang="en-US">Additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares" xml:lang="en-US">Represents increase in share capital due to repurchase of own shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares" xlink:to="lab_H6460J968H94_trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares" xlink:label="loc_IF21F453I7K897H8F732_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares" xml:lang="en-US">Decrease In Percentage Of Share Capital Due To Cancellation Of Treasury Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares" xml:lang="en-US">Cancellations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares" xml:lang="en-US">Represents decrease in share capital due to cancellation of treasury shares.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares" xml:lang="en-US">Cancellations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares" xlink:to="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares" xlink:label="loc_F4248H746F72_trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares" xml:lang="en-US">Decrease In Percentage Of Share Capital Due To Sale Of Treasury Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares" xml:lang="en-US">Disposals</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares" xml:lang="en-US">Represents decrease in share capital due to sale of treasury shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares" xlink:to="lab_H6460J968H94_trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases" xlink:label="loc_IF21F453I7K897H8F732_trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases" xml:lang="en-US">Decrease In Percentage Of Share Capital Due To Dilution Due To Capital Increases</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases" xml:lang="en-US">Dilution, due to capital increases</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases" xml:lang="en-US">Represents decrease in share capital due to dilution due to capital increases.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases" xlink:to="lab_KH43H675K9M019J0H954_trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ShareCapitalIssuedFromPrivatePlacement" xlink:label="loc_F4248H746F72_trmd_ShareCapitalIssuedFromPrivatePlacement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ShareCapitalIssuedFromPrivatePlacement" xml:lang="en-US">Share Capital Issued From Private Placement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ShareCapitalIssuedFromPrivatePlacement" xml:lang="en-US">Share capital issued from private placement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ShareCapitalIssuedFromPrivatePlacement" xml:lang="en-US">Represent nominal value of capital issued.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ShareCapitalIssuedFromPrivatePlacement" xlink:to="lab_H6460J968H94_trmd_ShareCapitalIssuedFromPrivatePlacement"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfVotesInShareCapital" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfVotesInShareCapital"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVotesInShareCapital" xml:lang="en-US">Number Of Votes In Share Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVotesInShareCapital" xml:lang="en-US">Number of votes in share capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVotesInShareCapital" xml:lang="en-US">Represents the number of votes in share capital.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfVotesInShareCapital" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfVotesInShareCapital"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification" xlink:label="loc_F4248H746F72_trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification" xml:lang="en-US">Maximum Portion Of Agreegate Issued And Outstanding Shares For Holding Rights As Per Written Notification</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification" xml:lang="en-US">Maximum portion of agreegate issued and outstanding shares for holding rights as per written notification</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification" xml:lang="en-US">Represents maximum portion of agreegate issued and outstanding shares for holding rights as per written notification.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification" xlink:to="lab_H6460J968H94_trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt" xml:lang="en-US">Number Of Days Elapsed From Written Notice Of Board Of Directors Receipt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt" xml:lang="en-US">Number of days elapsed from written notice of Board of Directors receipt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt" xml:lang="en-US">Represents the number of days elapsed from written notice of Board of Directors receipt.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice" xlink:label="loc_F4248H746F72_trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice" xml:lang="en-US">Minimum Number Of Board Members Confirming Written Notice</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice" xml:lang="en-US">Minimum number of board members confirming written notice</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice" xml:lang="en-US">Represents the minimum number of board members confirming written notice.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice" xlink:to="lab_H6460J968H94_trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ParValuePerTreasuryShares" xlink:label="loc_IF21F453I7K897H8F732_trmd_ParValuePerTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ParValuePerTreasuryShares" xml:lang="en-US">Par Value Per Treasury Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ParValuePerTreasuryShares" xml:lang="en-US">Nominal value per treasury share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ParValuePerTreasuryShares" xml:lang="en-US">The nominal value per treasury shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ParValuePerTreasuryShares" xlink:to="lab_KH43H675K9M019J0H954_trmd_ParValuePerTreasuryShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MarketValueOfTreasurySharesHeld" xlink:label="loc_F4248H746F72_trmd_MarketValueOfTreasurySharesHeld"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_MarketValueOfTreasurySharesHeld" xml:lang="en-US">Market Value Of Treasury Shares Held</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_MarketValueOfTreasurySharesHeld" xml:lang="en-US">Market value of treasury shares held</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_MarketValueOfTreasurySharesHeld" xml:lang="en-US">Represents the amount related to market value of treasury shares held.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_MarketValueOfTreasurySharesHeld" xlink:to="lab_H6460J968H94_trmd_MarketValueOfTreasurySharesHeld"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureForOtherLiabilitiesAbstract" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureForOtherLiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureForOtherLiabilitiesAbstract" xml:lang="en-US">Disclosure For Other Liabilities [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureForOtherLiabilitiesAbstract" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureForOtherLiabilitiesAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PartnersAndCommercialManagements" xlink:label="loc_F4248H746F72_trmd_PartnersAndCommercialManagements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PartnersAndCommercialManagements" xml:lang="en-US">Partners And Commercial Managements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PartnersAndCommercialManagements" xml:lang="en-US">Partners and commercial managements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PartnersAndCommercialManagements" xml:lang="en-US">The amount of Partners and commercial managements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PartnersAndCommercialManagements" xlink:to="lab_H6460J968H94_trmd_PartnersAndCommercialManagements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AccrualsClassifiedAsCurrent" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AccrualsClassifiedAsCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AccrualsClassifiedAsCurrent" xml:lang="en-US">Accruals classified as current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AccrualsClassifiedAsCurrent" xml:lang="en-US">Accrued operating expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AccrualsClassifiedAsCurrent" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AccrualsClassifiedAsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentInterestPayable" xlink:label="loc_F4248H746F72_ifrs-full_CurrentInterestPayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CurrentInterestPayable" xml:lang="en-US">Current interest payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentInterestPayable" xml:lang="en-US">Accrued interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CurrentInterestPayable" xlink:to="lab_H6460J968H94_ifrs-full_CurrentInterestPayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProvisionsForEmployeeBenefits" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ProvisionsForEmployeeBenefits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProvisionsForEmployeeBenefits" xml:lang="en-US">Provisions for employee benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProvisionsForEmployeeBenefits" xml:lang="en-US">Wages and social expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProvisionsForEmployeeBenefits" xml:lang="en-US">Wages and social expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ProvisionsForEmployeeBenefits" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ProvisionsForEmployeeBenefits"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="loc_F4248H746F72_ifrs-full_CurrentDerivativeFinancialLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CurrentDerivativeFinancialLiabilities" xml:lang="en-US">Current derivative financial liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentDerivativeFinancialLiabilities" xml:lang="en-US">Derivative financial instruments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="lab_H6460J968H94_ifrs-full_CurrentDerivativeFinancialLiabilities"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CurrentPayablesToJointVentures" xlink:label="loc_IF21F453I7K897H8F732_trmd_CurrentPayablesToJointVentures"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CurrentPayablesToJointVentures" xml:lang="en-US">Current Payables To Joint Ventures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CurrentPayablesToJointVentures" xml:lang="en-US">Payables to joint ventures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CurrentPayablesToJointVentures" xml:lang="en-US">Represents the amount of current payables to joint ventures.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CurrentPayablesToJointVentures" xlink:to="lab_KH43H675K9M019J0H954_trmd_CurrentPayablesToJointVentures"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherMiscellneousCurrentLiabilities" xlink:label="loc_F4248H746F72_trmd_OtherMiscellneousCurrentLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OtherMiscellneousCurrentLiabilities" xml:lang="en-US">Other Miscellneous Current Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OtherMiscellneousCurrentLiabilities" xml:lang="en-US">Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OtherMiscellneousCurrentLiabilities" xml:lang="en-US">Represents the amount related to miscelleneous current liabilities that the entity does not separately disclose in the same statement or note.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OtherMiscellneousCurrentLiabilities" xlink:to="lab_H6460J968H94_trmd_OtherMiscellneousCurrentLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="loc_F4248H746F72_ifrs-full_TypesOfInterestRatesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_TypesOfInterestRatesAxis" xml:lang="en-US">Types of interest rates [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_TypesOfInterestRatesAxis" xlink:to="lab_H6460J968H94_ifrs-full_TypesOfInterestRatesAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestRateTypesMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_InterestRateTypesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestRateTypesMember" xml:lang="en-US">Interest rate types [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_InterestRateTypesMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_InterestRateTypesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FloatingInterestRateMember" xlink:label="loc_F4248H746F72_ifrs-full_FloatingInterestRateMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FloatingInterestRateMember" xml:lang="en-US">Floating interest rate [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FloatingInterestRateMember" xml:lang="en-US">Floating interest rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FloatingInterestRateMember" xlink:to="lab_H6460J968H94_ifrs-full_FloatingInterestRateMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DsfFacilityMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_DsfFacilityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DsfFacilityMember" xml:lang="en-US">Dsf Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DsfFacilityMember" xml:lang="en-US">DSF Facility 1</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DsfFacilityMember" xml:lang="en-US">Represent a DSF facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DsfFacilityMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_DsfFacilityMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TermFacilityMember" xlink:label="loc_F4248H746F72_trmd_TermFacilityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_TermFacilityMember" xml:lang="en-US">Term Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_TermFacilityMember" xml:lang="en-US">TFA Facility 1</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_TermFacilityMember" xml:lang="en-US">Term Facility</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_TermFacilityMember" xml:lang="en-US">Represents a Term Facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_TermFacilityMember" xlink:to="lab_H6460J968H94_trmd_TermFacilityMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DsfFacilityTwoMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_DsfFacilityTwoMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DsfFacilityTwoMember" xml:lang="en-US">Dsf Facility Two [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DsfFacilityTwoMember" xml:lang="en-US">DSF Facility 2</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DsfFacilityTwoMember" xml:lang="en-US">Represent a DSF facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DsfFacilityTwoMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_DsfFacilityTwoMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DsfFacilityThreeMember" xlink:label="loc_F4248H746F72_trmd_DsfFacilityThreeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DsfFacilityThreeMember" xml:lang="en-US">Dsf Facility Three [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DsfFacilityThreeMember" xml:lang="en-US">DSF Facility 3</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DsfFacilityThreeMember" xml:lang="en-US">Represent a DSF facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DsfFacilityThreeMember" xlink:to="lab_H6460J968H94_trmd_DsfFacilityThreeMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TermFacilityTwoMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_TermFacilityTwoMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_TermFacilityTwoMember" xml:lang="en-US">Term Facility Two [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_TermFacilityTwoMember" xml:lang="en-US">TFA Facility 2</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_TermFacilityTwoMember" xml:lang="en-US">Represent a Term Facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_TermFacilityTwoMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_TermFacilityTwoMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_IngFacilityMember" xlink:label="loc_F4248H746F72_trmd_IngFacilityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_IngFacilityMember" xml:lang="en-US">Ing Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_IngFacilityMember" xml:lang="en-US">ING</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_IngFacilityMember" xml:lang="en-US">Represent ING Facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_IngFacilityMember" xlink:to="lab_H6460J968H94_trmd_IngFacilityMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CeximFacilityMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_CeximFacilityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CeximFacilityMember" xml:lang="en-US">Cexim Facility [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CeximFacilityMember" xml:lang="en-US">CEXIM</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CeximFacilityMember" xml:lang="en-US">Represent CEXIM facility.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CeximFacilityMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_CeximFacilityMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_BorrowingsInterestRateBasis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingsInterestRateBasis" xml:lang="en-US">Borrowings, interest rate basis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingsInterestRateBasis" xml:lang="en-US">Fixed/floating</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_BorrowingsInterestRateBasis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingsInterestRateBasis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsMaturity" xlink:label="loc_F4248H746F72_ifrs-full_BorrowingsMaturity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_BorrowingsMaturity" xml:lang="en-US">Borrowings, maturity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_BorrowingsMaturity" xml:lang="en-US">Maturity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_BorrowingsMaturity" xlink:to="lab_H6460J968H94_ifrs-full_BorrowingsMaturity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_BorrowingsInterestRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingsInterestRate" xml:lang="en-US">Borrowings, interest rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingsInterestRate" xml:lang="en-US">Effective interest rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_BorrowingsInterestRate" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingsInterestRate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ShorttermBorrowings" xlink:label="loc_F4248H746F72_ifrs-full_ShorttermBorrowings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ShorttermBorrowings" xml:lang="en-US">Current borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ShorttermBorrowings" xml:lang="en-US">Hereof current</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ShorttermBorrowings" xlink:to="lab_H6460J968H94_ifrs-full_ShorttermBorrowings"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity" xlink:label="loc_IF21F453I7K897H8F732_trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity" xml:lang="en-US">Carrying Amount Of Vessels For Collateral Held As Security</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity" xml:lang="en-US">Carrying amount for vessels as collateral security</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity" xml:lang="en-US">Represents the carrying amount of vessels for collateral held as security.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity" xlink:to="lab_KH43H675K9M019J0H954_trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract" xlink:label="loc_F4248H746F72_trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract" xml:lang="en-US">Guarantee Commitments And Contingent Liabilities [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract" xlink:to="lab_H6460J968H94_trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions" xml:lang="en-US">Commitments made by entity, related party transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions" xml:lang="en-US">Guarantee commitments of the Group to Danish Shipowners' Association</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ContractualObligationsTable" xlink:label="loc_F4248H746F72_trmd_ContractualObligationsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ContractualObligationsTable" xml:lang="en-US">Contractual Obligations [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ContractualObligationsTable" xml:lang="en-US">Represents the tabular information associated to contractual obligation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ContractualObligationsTable" xlink:to="lab_H6460J968H94_trmd_ContractualObligationsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MaturityAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_MaturityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_MaturityAxis" xml:lang="en-US">Maturity [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_MaturityAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_MaturityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="loc_F4248H746F72_ifrs-full_AggregatedTimeBandsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AggregatedTimeBandsMember" xml:lang="en-US">Aggregated time bands [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AggregatedTimeBandsMember" xlink:to="lab_H6460J968H94_ifrs-full_AggregatedTimeBandsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NotLaterThanOneYearMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NotLaterThanOneYearMember" xml:lang="en-US">Not later than one year [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NotLaterThanOneYearMember" xml:lang="en-US">2019</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NotLaterThanOneYearMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NotLaterThanOneYearMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="loc_F4248H746F72_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US">Later than one year and not later than two years [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US">2020</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="lab_H6460J968H94_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US">Later than two years and not later than three years [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US">2021</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="loc_F4248H746F72_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US">Later than three years and not later than four years [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US">2022</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="lab_H6460J968H94_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US">Later than four years and not later than five years [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US">2023</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:label="loc_F4248H746F72_ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xml:lang="en-US">Later than five years and not later than ten years [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xml:lang="en-US">Thereafter</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:to="lab_H6460J968H94_ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ContractualObligationsLineItems" xlink:label="loc_IF21F453I7K897H8F732_trmd_ContractualObligationsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ContractualObligationsLineItems" xml:lang="en-US">Contractual Obligations [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ContractualObligationsLineItems" xml:lang="en-US">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ContractualObligationsLineItems" xlink:to="lab_KH43H675K9M019J0H954_trmd_ContractualObligationsLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MortgageDebtAndBankBorrowings" xlink:label="loc_F4248H746F72_trmd_MortgageDebtAndBankBorrowings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_MortgageDebtAndBankBorrowings" xml:lang="en-US">Mortgage Debt And Bank Borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_MortgageDebtAndBankBorrowings" xml:lang="en-US">Mortgage debt and bank loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_MortgageDebtAndBankBorrowings" xml:lang="en-US">Represents the amount related to mortgage debt and bank borrowings.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_MortgageDebtAndBankBorrowings" xlink:to="lab_H6460J968H94_trmd_MortgageDebtAndBankBorrowings"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_InterestPaymentsForScheduledInterestFixing" xlink:label="loc_IF21F453I7K897H8F732_trmd_InterestPaymentsForScheduledInterestFixing"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_InterestPaymentsForScheduledInterestFixing" xml:lang="en-US">Interest Payments For Scheduled Interest Fixing</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_InterestPaymentsForScheduledInterestFixing" xml:lang="en-US">Interest payments related to scheduled interest fixing</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_InterestPaymentsForScheduledInterestFixing" xml:lang="en-US">Represents the amount of interest payments for scheduled interest fixing.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_InterestPaymentsForScheduledInterestFixing" xlink:to="lab_KH43H675K9M019J0H954_trmd_InterestPaymentsForScheduledInterestFixing"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_EstimatedVariableInterestPayments" xlink:label="loc_F4248H746F72_trmd_EstimatedVariableInterestPayments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_EstimatedVariableInterestPayments" xml:lang="en-US">Estimated Variable Interest Payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_EstimatedVariableInterestPayments" xml:lang="en-US">Estimated variable interest payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_EstimatedVariableInterestPayments" xml:lang="en-US">Represents the amount related to estimated variable interest payments.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_EstimatedVariableInterestPayments" xlink:to="lab_H6460J968H94_trmd_EstimatedVariableInterestPayments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinanceLeaseLiabilities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinanceLeaseLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinanceLeaseLiabilities" xml:lang="en-US">Finance lease liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinanceLeaseLiabilities" xml:lang="en-US">Finance lease liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinanceLeaseLiabilities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinanceLeaseLiabilities"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_InterestPayableOnFinanceLeaseObligation" xlink:label="loc_F4248H746F72_trmd_InterestPayableOnFinanceLeaseObligation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_InterestPayableOnFinanceLeaseObligation" xml:lang="en-US">Interest Payable On Finance Lease Obligation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_InterestPayableOnFinanceLeaseObligation" xml:lang="en-US">Interest element regarding finance lease</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_InterestPayableOnFinanceLeaseObligation" xml:lang="en-US">Represents the amount related to accrued interest on finance lease obligation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_InterestPayableOnFinanceLeaseObligation" xlink:to="lab_H6460J968H94_trmd_InterestPayableOnFinanceLeaseObligation"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NewbuildingInstallments" xlink:label="loc_IF21F453I7K897H8F732_trmd_NewbuildingInstallments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NewbuildingInstallments" xml:lang="en-US">Newbuilding Installments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NewbuildingInstallments" xml:lang="en-US">Newbuilding installments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NewbuildingInstallments" xml:lang="en-US">Represents the amount related to newbuilding installments.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NewbuildingInstallments" xlink:to="lab_KH43H675K9M019J0H954_trmd_NewbuildingInstallments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="loc_F4248H746F72_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xml:lang="en-US">Minimum lease payments payable under non-cancellable operating lease</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xml:lang="en-US">Committed scrubber installations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="lab_H6460J968H94_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherOperatingLeaseObligation" xlink:label="loc_IF21F453I7K897H8F732_trmd_OtherOperatingLeaseObligation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherOperatingLeaseObligation" xml:lang="en-US">Other Operating Lease Obligation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherOperatingLeaseObligation" xml:lang="en-US">Other operating leases</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherOperatingLeaseObligation" xml:lang="en-US">Represents the amount of other operating lease payments obligation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OtherOperatingLeaseObligation" xlink:to="lab_KH43H675K9M019J0H954_trmd_OtherOperatingLeaseObligation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherPayables" xlink:label="loc_F4248H746F72_ifrs-full_TradeAndOtherPayables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_TradeAndOtherPayables" xml:lang="en-US">Trade and other payables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_TradeAndOtherPayables" xml:lang="en-US">Trade payables and other obligations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_TradeAndOtherPayables" xlink:to="lab_H6460J968H94_ifrs-full_TradeAndOtherPayables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ContractualCapitalCommitments" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ContractualCapitalCommitments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ContractualCapitalCommitments" xml:lang="en-US">Contractual capital commitments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ContractualCapitalCommitments" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ContractualCapitalCommitments" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ContractualCapitalCommitments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xml:lang="en-US">Liabilities arising from financing activities [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:label="loc_F4248H746F72_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xml:lang="en-US">Liabilities arising from financing activities [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember" xlink:to="lab_H6460J968H94_ifrs-full_LiabilitiesArisingFromFinancingActivitiesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LongtermBorrowingsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_LongtermBorrowingsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LongtermBorrowingsMember" xml:lang="en-US">Long-term borrowings [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LongtermBorrowingsMember" xml:lang="en-US">Mortgage debt</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_LongtermBorrowingsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_LongtermBorrowingsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LeaseLiabilitiesMember" xlink:label="loc_F4248H746F72_ifrs-full_LeaseLiabilitiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_LeaseLiabilitiesMember" xml:lang="en-US">Lease liabilities [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_LeaseLiabilitiesMember" xml:lang="en-US">Finance lease liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_LeaseLiabilitiesMember" xml:lang="en-US">Financial lease</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_LeaseLiabilitiesMember" xlink:to="lab_H6460J968H94_ifrs-full_LeaseLiabilitiesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AssetsHeldToHedgeLiabilitiesArisingFromFinancingActivitiesMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AssetsHeldToHedgeLiabilitiesArisingFromFinancingActivitiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AssetsHeldToHedgeLiabilitiesArisingFromFinancingActivitiesMember" xml:lang="en-US">Assets held to hedge liabilities arising from financing activities [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AssetsHeldToHedgeLiabilitiesArisingFromFinancingActivitiesMember" xml:lang="en-US">Swaps, fair value hedging</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AssetsHeldToHedgeLiabilitiesArisingFromFinancingActivitiesMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AssetsHeldToHedgeLiabilitiesArisingFromFinancingActivitiesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xml:lang="en-US">Disclosure of reconciliation of liabilities arising from financing activities [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_LiabilitiesArisingFromFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Liabilities arising from financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Opening balance as of 1 January 2017</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Opening balance as of 1 January 2018</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_LiabilitiesArisingFromFinancingActivities" xml:lang="en-US">End balance as of 31 December 2018</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_LiabilitiesArisingFromFinancingActivities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_LiabilitiesArisingFromFinancingActivities"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities" xlink:label="loc_F4248H746F72_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities" xml:lang="en-US">Increase (Decrease) Through Borrowings Arising From Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities" xml:lang="en-US">Cash - Borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities" xml:lang="en-US">The increase (decrease) in liabilities arising from financing activities resulting from borrowings.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities" xlink:to="lab_H6460J968H94_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Increase (decrease) through financing cash flows, liabilities arising from financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Cash - Repayments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities" xlink:label="loc_F4248H746F72_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Increase (decrease) through changes in fair values, liabilities arising from financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Non-Cash - Changes in fair value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities" xlink:to="lab_H6460J968H94_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Increase (decrease) through other changes, liabilities arising from financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xml:lang="en-US">Non-Cash - Other changes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xml:lang="en-US">Disclosure of finance lease and operating lease by lessor [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ClassesOfAssetsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ClassesOfAssetsAxis" xml:lang="en-US">Classes of assets [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ClassesOfAssetsAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ClassesOfAssetsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfAssetsMember" xlink:label="loc_F4248H746F72_ifrs-full_ClassesOfAssetsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ClassesOfAssetsMember" xml:lang="en-US">Assets [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ClassesOfAssetsMember" xlink:to="lab_H6460J968H94_ifrs-full_ClassesOfAssetsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_VesselMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselMember" xml:lang="en-US">Vessel [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselMember" xml:lang="en-US">Vessel</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselMember" xml:lang="en-US">Represents a ship or large boat.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_VesselMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_VesselMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xml:lang="en-US">Disclosure of finance lease and operating lease by lessor [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xml:lang="en-US">Minimum lease payments receivable under non-cancellable operating lease</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xml:lang="en-US">Charter hire income for vessels</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DirectIssuanceCostForBorrowings" xlink:label="loc_F4248H746F72_trmd_DirectIssuanceCostForBorrowings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DirectIssuanceCostForBorrowings" xml:lang="en-US">Direct Issuance Cost For Borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_DirectIssuanceCostForBorrowings" xml:lang="en-US">Direct issuance costs for borrowings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DirectIssuanceCostForBorrowings" xml:lang="en-US">Represents the amount related to direct issuance cost for borrowings.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DirectIssuanceCostForBorrowings" xlink:to="lab_H6460J968H94_trmd_DirectIssuanceCostForBorrowings"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BorrowingCostsCapitalised" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_BorrowingCostsCapitalised"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingCostsCapitalised" xml:lang="en-US">Borrowing costs capitalised</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingCostsCapitalised" xml:lang="en-US">Borrowing costs capitalized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_BorrowingCostsCapitalised" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_BorrowingCostsCapitalised"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ExpectedNumberOfNewbuildingsToBeDelivered" xlink:label="loc_F4248H746F72_trmd_ExpectedNumberOfNewbuildingsToBeDelivered"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ExpectedNumberOfNewbuildingsToBeDelivered" xml:lang="en-US">Expected Number Of Newbuildings To Be Delivered</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ExpectedNumberOfNewbuildingsToBeDelivered" xml:lang="en-US">Expected number of newbuildings to be delivered during 2019-2020</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ExpectedNumberOfNewbuildingsToBeDelivered" xml:lang="en-US">Represents the expected number of newbuildings to be delivered.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ExpectedNumberOfNewbuildingsToBeDelivered" xlink:to="lab_H6460J968H94_trmd_ExpectedNumberOfNewbuildingsToBeDelivered"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherOperatingLeaseExpense" xlink:label="loc_IF21F453I7K897H8F732_trmd_OtherOperatingLeaseExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherOperatingLeaseExpense" xml:lang="en-US">Other Operating Lease Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherOperatingLeaseExpense" xml:lang="en-US">Other operating lease expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherOperatingLeaseExpense" xml:lang="en-US">Represents the amount related to expense for other operating lease payments.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OtherOperatingLeaseExpense" xlink:to="lab_KH43H675K9M019J0H954_trmd_OtherOperatingLeaseExpense"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor" xlink:label="loc_F4248H746F72_trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor" xml:lang="en-US">Average Period Of Redelivery Of Vessels In Operating Lease By Lessor</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor" xml:lang="en-US">Average period until redelivery of the vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor" xml:lang="en-US">Represents the average period of redelivery of vessels in operating lease by lessor.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor" xlink:to="lab_H6460J968H94_trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinancialInstrumentsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinancialInstrumentsTable" xml:lang="en-US">Disclosure of detailed information about financial instruments [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfFinancialInstrumentsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="loc_F4248H746F72_ifrs-full_ClassesOfFinancialInstrumentsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ClassesOfFinancialInstrumentsAxis" xml:lang="en-US">Classes of financial instruments [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="lab_H6460J968H94_ifrs-full_ClassesOfFinancialInstrumentsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ClassesOfFinancialInstrumentsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ClassesOfFinancialInstrumentsMember" xml:lang="en-US">Financial instruments, class [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ClassesOfFinancialInstrumentsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ForwardFreightAgreementsMember" xlink:label="loc_F4248H746F72_trmd_ForwardFreightAgreementsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ForwardFreightAgreementsMember" xml:lang="en-US">Forward Freight Agreements [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ForwardFreightAgreementsMember" xml:lang="en-US">Forward freight agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ForwardFreightAgreementsMember" xml:lang="en-US">This member stands for a contract between two parties for the freight at a specified future date for a settlement price determined in advance.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ForwardFreightAgreementsMember" xlink:to="lab_H6460J968H94_trmd_ForwardFreightAgreementsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_SwapContractMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_SwapContractMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_SwapContractMember" xml:lang="en-US">Swap contract [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_SwapContractMember" xml:lang="en-US">Bunker swaps</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_SwapContractMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_SwapContractMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ForwardContractMember" xlink:label="loc_F4248H746F72_ifrs-full_ForwardContractMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ForwardContractMember" xml:lang="en-US">Forward contract [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ForwardContractMember" xml:lang="en-US">Forward exchange contracts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ForwardContractMember" xlink:to="lab_H6460J968H94_ifrs-full_ForwardContractMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_InterestRateSwapContractMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_InterestRateSwapContractMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestRateSwapContractMember" xml:lang="en-US">Interest rate swap contract [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_InterestRateSwapContractMember" xml:lang="en-US">Interest rate swaps</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_InterestRateSwapContractMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_InterestRateSwapContractMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfFinancialInstrumentsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xml:lang="en-US">Disclosure of detailed information about financial instruments [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfFinancialInstrumentsLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" xml:lang="en-US">Financial instruments designated as hedging instruments, at fair value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" xml:lang="en-US">Fair value of derivatives</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" xml:lang="en-US">Fair value of derivatives as of 31 December</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract" xlink:label="loc_F4248H746F72_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract" xml:lang="en-US">Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract" xml:lang="en-US">Financial?assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract" xlink:to="lab_H6460J968H94_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Gross financial assets subject to offsetting, enforceable master netting arrangements or similar agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Gross amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="loc_F4248H746F72_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Gross financial liabilities set off against financial assets subject to offsetting, enforceable master netting arrangements or similar agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Offsetting amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Offsetting amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="lab_H6460J968H94_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xml:lang="en-US">Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xml:lang="en-US">Net amount presented in the statement of financial position</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract" xlink:label="loc_F4248H746F72_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract" xml:lang="en-US">Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position [abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract" xml:lang="en-US">Financial liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract" xlink:to="lab_H6460J968H94_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Gross amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:label="loc_F4248H746F72_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Gross financial assets set off against financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Offsetting amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_H6460J968H94_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xml:lang="en-US">Offsetting amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements" xlink:to="lab_H6460J968H94_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xml:lang="en-US">Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xml:lang="en-US">Net amount presented in the statement of financial position</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_BunkerSwapContractMember" xlink:label="loc_F4248H746F72_trmd_BunkerSwapContractMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_BunkerSwapContractMember" xml:lang="en-US">Bunker Swap Contract [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_BunkerSwapContractMember" xml:lang="en-US">Bunker swaps</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_BunkerSwapContractMember" xml:lang="en-US">This member stands for a Bunker swap contract.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_BunkerSwapContractMember" xlink:to="lab_H6460J968H94_trmd_BunkerSwapContractMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ForwardExchangeContractMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_ForwardExchangeContractMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ForwardExchangeContractMember" xml:lang="en-US">Forward Exchange Contract [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ForwardExchangeContractMember" xml:lang="en-US">Forward exchange contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ForwardExchangeContractMember" xml:lang="en-US">This member stands for a contract between two parties for exchange at a specified future date for a settlement price determined in advance.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ForwardExchangeContractMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_ForwardExchangeContractMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_RevenueMember" xlink:label="loc_F4248H746F72_trmd_RevenueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_RevenueMember" xml:lang="en-US">Revenue [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_RevenueMember" xml:lang="en-US">Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_RevenueMember" xml:lang="en-US">Represents location of prot or loss statement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_RevenueMember" xlink:to="lab_H6460J968H94_trmd_RevenueMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PortExpensesBunkersAndCommissionsMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_PortExpensesBunkersAndCommissionsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PortExpensesBunkersAndCommissionsMember" xml:lang="en-US">Port Expenses Bunkers And Commissions [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PortExpensesBunkersAndCommissionsMember" xml:lang="en-US">Port expenses, bunkers and commissions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PortExpensesBunkersAndCommissionsMember" xml:lang="en-US">Represents location of prot or loss statement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PortExpensesBunkersAndCommissionsMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_PortExpensesBunkersAndCommissionsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FinancialItemMember" xlink:label="loc_F4248H746F72_trmd_FinancialItemMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FinancialItemMember" xml:lang="en-US">Financial Item [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_FinancialItemMember" xml:lang="en-US">Financial items</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FinancialItemMember" xml:lang="en-US">Represents location of prot or loss statement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FinancialItemMember" xlink:to="lab_H6460J968H94_trmd_FinancialItemMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_HedgingReserveMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_HedgingReserveMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_HedgingReserveMember" xml:lang="en-US">Hedging Reserve [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_HedgingReserveMember" xml:lang="en-US">Hedging reserves</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_HedgingReserveMember" xml:lang="en-US">Represents location of equity statement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_HedgingReserveMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_HedgingReserveMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements" xlink:label="loc_F4248H746F72_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements" xml:lang="en-US">Fair Value Adjustments Of Derivative Financial Instruments Designated As Hedge Recognized In Income Statements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements" xml:lang="en-US">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements" xml:lang="en-US">Represents the amount related to fair value adjustments of derivative financial instruments designated as hedge recognized in the income statements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements" xlink:to="lab_H6460J968H94_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity" xlink:label="loc_IF21F453I7K897H8F732_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity" xml:lang="en-US">Fair Value Adjustments Of Derivative Financial Instruments Designated As Hedge Recognized In Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity" xml:lang="en-US">Fair value adjustments of derivative financial instruments designated as hedge recognized in equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity" xml:lang="en-US">Represents the amount related to fair value adjustments of derivative financial instruments designated as hedge recognized in equity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity" xlink:to="lab_KH43H675K9M019J0H954_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge" xlink:label="loc_F4248H746F72_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge" xml:lang="en-US">Financial Instruments Designated As Hedge At Fair Value Net Gain Loss Of Previously Fixed Hedge</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge" xml:lang="en-US">Fair value of derivatives net gain (loss) of a previously fixed hedge</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge" xml:lang="en-US">Represents the fair value of financial instruments designated as hedging instruments net gain (loss)of previously fixed hedge.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge" xlink:to="lab_H6460J968H94_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NotionalAmount" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NotionalAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NotionalAmount" xml:lang="en-US">Notional amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NotionalAmount" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NotionalAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets" xlink:label="loc_F4248H746F72_ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets" xml:lang="en-US">Cash collateral received subject to enforceable master netting arrangement or similar agreement not set off against financial assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets" xml:lang="en-US">Cash collateral</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets" xlink:to="lab_H6460J968H94_ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisTable" xlink:label="loc_IF21F453I7K897H8F732_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisTable" xml:lang="en-US">Changes In Methods And Assumptions Used In Preparing Sensitivity Analysis [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisTable" xml:lang="en-US">Schedule disclosing information related to changes in preparing sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisTable" xlink:to="lab_KH43H675K9M019J0H954_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisTable"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ChangesInFreightRatesMember" xlink:label="loc_F4248H746F72_trmd_ChangesInFreightRatesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ChangesInFreightRatesMember" xml:lang="en-US">Changes In Freight Rates [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_ChangesInFreightRatesMember" xml:lang="en-US">SENSITIVITY TO CHANGES</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ChangesInFreightRatesMember" xml:lang="en-US">This member stands for changes in freight rates.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ChangesInFreightRatesMember" xlink:to="lab_H6460J968H94_trmd_ChangesInFreightRatesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisLineItems" xlink:label="loc_IF21F453I7K897H8F732_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisLineItems" xml:lang="en-US">Changes In Methods And Assumptions Used In Preparing Sensitivity Analysis [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisLineItems" xml:lang="en-US">Line items represent changes in preparing sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisLineItems" xlink:to="lab_KH43H675K9M019J0H954_trmd_ChangesInMethodsAndAssumptionsUsedInPreparingSensitivityAnalysisLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityToChangesInFreightRatesAbstract" xlink:label="loc_F4248H746F72_trmd_SensitivityToChangesInFreightRatesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityToChangesInFreightRatesAbstract" xml:lang="en-US">Sensitivity To Changes In Freight Rates [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityToChangesInFreightRatesAbstract" xml:lang="en-US">Decrease in freight rates of USD/day 1,000:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityToChangesInFreightRatesAbstract" xlink:to="lab_H6460J968H94_trmd_SensitivityToChangesInFreightRatesAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax" xml:lang="en-US">Sensitivity Analysis For Changes In Freight Rates Increase Decrease In Profit Before Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax" xml:lang="en-US">Changes in profit before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax" xml:lang="en-US">Represents the amount related to increase (decrease) in equity in sensitivity analysis for changes in freight rates.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity" xlink:label="loc_F4248H746F72_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity" xml:lang="en-US">Sensitivity Analysis For Changes In Freight Rates Increase Decrease In Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity" xml:lang="en-US">Changes in equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity" xml:lang="en-US">Represents the amount related to increase (decrease) in equity in sensitivity analysis for changes in freight rates.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity" xlink:to="lab_H6460J968H94_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityToChangesInTheBunkerPricesAbstract" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityToChangesInTheBunkerPricesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityToChangesInTheBunkerPricesAbstract" xml:lang="en-US">Sensitivity To Changes In The Bunker Prices [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityToChangesInTheBunkerPricesAbstract" xml:lang="en-US">Increase in the bunker prices of 10% per ton:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityToChangesInTheBunkerPricesAbstract" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityToChangesInTheBunkerPricesAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax" xlink:label="loc_F4248H746F72_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax" xml:lang="en-US">Sensitivity Analysis Impact Of Ten Percent Per Ton Increase In Bunker Prices Change In Profit Before Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax" xml:lang="en-US">Changes in profit before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax" xml:lang="en-US">Represents the amount of changes in profit before tax as impact of increase in the bunker prices of 10% per ton in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax" xlink:to="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity" xml:lang="en-US">Sensitivity Analysis Impact Of Ten Percent Per Ton Increase In Bunker Prices Change In Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity" xml:lang="en-US">Changes in equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity" xml:lang="en-US">Represents the amount of changes in equity as impact of increase in the bunker prices of 10% per ton in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityToChangesInCurrencyExchangeRateAbstract" xlink:label="loc_F4248H746F72_trmd_SensitivityToChangesInCurrencyExchangeRateAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityToChangesInCurrencyExchangeRateAbstract" xml:lang="en-US">Sensitivity To Changes In Currency Exchange Rate [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityToChangesInCurrencyExchangeRateAbstract" xml:lang="en-US">Effect of a 10% increase of DKK and EUR:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityToChangesInCurrencyExchangeRateAbstract" xlink:to="lab_H6460J968H94_trmd_SensitivityToChangesInCurrencyExchangeRateAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax" xml:lang="en-US">Sensitivity Analysis Impact Of Ten Percent Change In Exchange Rate Change In Profit Before Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax" xml:lang="en-US">Changes in profit before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax" xml:lang="en-US">Represents the amount of changes in profit before tax as impact of 10% change in exchange rate in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity" xlink:label="loc_F4248H746F72_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity" xml:lang="en-US">Sensitivity Analysis Impact Of Ten Percent Change In Exchange Rate Change In Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity" xml:lang="en-US">Changes in equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity" xml:lang="en-US">Represents the amount of changes in equity as impact of 10% change in exchange rate in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity" xlink:to="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityToChangesInInterestRatesAbstract" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityToChangesInInterestRatesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityToChangesInInterestRatesAbstract" xml:lang="en-US">Sensitivity To Changes In Interest Rates [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityToChangesInInterestRatesAbstract" xml:lang="en-US">Effect of a 1%-point increase in interest rates:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityToChangesInInterestRatesAbstract" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityToChangesInInterestRatesAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax" xlink:label="loc_F4248H746F72_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax" xml:lang="en-US">Sensitivity Analysis Impact Of One Percent Point Increase In Interest Rate Change In Profit Before Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax" xml:lang="en-US">Changes in profit before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax" xml:lang="en-US">Represents the amount of changes in profit before tax as impact of 1% point increase in exchange rate in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax" xlink:to="lab_H6460J968H94_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity" xlink:label="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity" xml:lang="en-US">Sensitivity Analysis Impact Of One Percent Point Increase In Interest Rate Change In Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity" xml:lang="en-US">Changes in equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity" xml:lang="en-US">Represents the amount of changes in equity as impact of 1% point increase in exchange rate in sensitivity analysis.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity" xlink:to="lab_KH43H675K9M019J0H954_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xml:lang="en-US">Disclosure of nature and extent of risks arising from financial instruments [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsTable"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AgreementAxis" xlink:label="loc_IF21F453I7K897H8F732_trmd_AgreementAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AgreementAxis" xml:lang="en-US">Agreement [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AgreementAxis" xml:lang="en-US">Represents the different types of agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AgreementAxis" xlink:to="lab_KH43H675K9M019J0H954_trmd_AgreementAxis"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AgreementDomain" xlink:label="loc_F4248H746F72_trmd_AgreementDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AgreementDomain" xml:lang="en-US">Agreement [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AgreementDomain" xml:lang="en-US">Represents the different types of agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AgreementDomain" xlink:to="lab_H6460J968H94_trmd_AgreementDomain"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CargoContractsAndTimeCharteRagreementsMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_CargoContractsAndTimeCharteRagreementsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CargoContractsAndTimeCharteRagreementsMember" xml:lang="en-US">Cargo Contracts And Time Charte Ragreements [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CargoContractsAndTimeCharteRagreementsMember" xml:lang="en-US">Cargo contracts and time charte ragreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CargoContractsAndTimeCharteRagreementsMember" xml:lang="en-US">Represents cargo contracts and time charter agreements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CargoContractsAndTimeCharteRagreementsMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_CargoContractsAndTimeCharteRagreementsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PositionTypeAxis" xlink:label="loc_F4248H746F72_trmd_PositionTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PositionTypeAxis" xml:lang="en-US">Position Type [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PositionTypeAxis" xml:lang="en-US">Information by position taken for a derivative.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PositionTypeAxis" xlink:to="lab_H6460J968H94_trmd_PositionTypeAxis"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PositionTypeDomain" xlink:label="loc_IF21F453I7K897H8F732_trmd_PositionTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PositionTypeDomain" xml:lang="en-US">Position Type [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PositionTypeDomain" xml:lang="en-US">Information by position taken for a derivative.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PositionTypeDomain" xlink:to="lab_KH43H675K9M019J0H954_trmd_PositionTypeDomain"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_LongPositionMember" xlink:label="loc_F4248H746F72_trmd_LongPositionMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_LongPositionMember" xml:lang="en-US">Long Position [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_LongPositionMember" xml:lang="en-US">Long Position</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_LongPositionMember" xml:lang="en-US">Indicates an ownership position in, or purchase of, a security.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_LongPositionMember" xlink:to="lab_H6460J968H94_trmd_LongPositionMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ShortPositionMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_ShortPositionMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ShortPositionMember" xml:lang="en-US">Short Position [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ShortPositionMember" xml:lang="en-US">Short Position</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_ShortPositionMember" xml:lang="en-US">Indicates the sale of a borrowed security or written option.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ShortPositionMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_ShortPositionMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RangeAxis" xlink:label="loc_F4248H746F72_ifrs-full_RangeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_RangeAxis" xml:lang="en-US">Range [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_RangeAxis" xlink:to="lab_H6460J968H94_ifrs-full_RangeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RangesMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_RangesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_RangesMember" xml:lang="en-US">Ranges [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_RangesMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_RangesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BottomOfRangeMember" xlink:label="loc_F4248H746F72_ifrs-full_BottomOfRangeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_BottomOfRangeMember" xml:lang="en-US">Bottom of range [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_BottomOfRangeMember" xml:lang="en-US">Bottom of range</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_BottomOfRangeMember" xlink:to="lab_H6460J968H94_ifrs-full_BottomOfRangeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TopOfRangeMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_TopOfRangeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TopOfRangeMember" xml:lang="en-US">Top of range [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TopOfRangeMember" xml:lang="en-US">Top of range</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_TopOfRangeMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_TopOfRangeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xml:lang="en-US">Disclosure of nature and extent of risks arising from financial instruments [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CoveragePeriodUnderAgreement" xlink:label="loc_IF21F453I7K897H8F732_trmd_CoveragePeriodUnderAgreement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CoveragePeriodUnderAgreement" xml:lang="en-US">Coverage Period Under Agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CoveragePeriodUnderAgreement" xml:lang="en-US">Coverage period under agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CoveragePeriodUnderAgreement" xml:lang="en-US">Represents the coverage period under the agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CoveragePeriodUnderAgreement" xlink:to="lab_KH43H675K9M019J0H954_trmd_CoveragePeriodUnderAgreement"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements" xlink:label="loc_F4248H746F72_trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements" xml:lang="en-US">Percentage Of Freight Earnings Derived From Tankers Secured By Agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements" xml:lang="en-US">Percentage of freight earnings derived from tankers secured by agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements" xml:lang="en-US">Represents the percentage of freight earnings derived from tankers which were secured by physcial and forward agreements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements" xlink:to="lab_H6460J968H94_trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging" xml:lang="en-US">Percentage Of Physical Time Charter Contracts Accounted For Overall Hedging</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging" xml:lang="en-US">Percentage of physical time charter contracts accounted for overall hedging</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging" xml:lang="en-US">Represents the percentage of physical time charter contracts accounted for overall hedging.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DerivativeNotionalContractValue" xlink:label="loc_F4248H746F72_trmd_DerivativeNotionalContractValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DerivativeNotionalContractValue" xml:lang="en-US">Derivative Notional Contract Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_DerivativeNotionalContractValue" xml:lang="en-US">Notional contract value of derivative</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DerivativeNotionalContractValue" xml:lang="en-US">Represents the percentage of physical time charter contracts accounted for overall hedging.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DerivativeNotionalContractValue" xlink:to="lab_H6460J968H94_trmd_DerivativeNotionalContractValue"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DerivativesNonmonetaryNotionalAmountVolume" xlink:label="loc_IF21F453I7K897H8F732_trmd_DerivativesNonmonetaryNotionalAmountVolume"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DerivativesNonmonetaryNotionalAmountVolume" xml:lang="en-US">Derivatives Nonmonetary Notional Amount Volume</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DerivativesNonmonetaryNotionalAmountVolume" xml:lang="en-US">Notional contract volume</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DerivativesNonmonetaryNotionalAmountVolume" xml:lang="en-US">Derivatives Nonmonetary Notional Amount Volume</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DerivativesNonmonetaryNotionalAmountVolume" xml:lang="en-US">Represents nominal volume used to calculate payments on a derivative instrument.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DerivativesNonmonetaryNotionalAmountVolume" xlink:to="lab_KH43H675K9M019J0H954_trmd_DerivativesNonmonetaryNotionalAmountVolume"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfCoverage" xlink:label="loc_F4248H746F72_trmd_PercentageOfCoverage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfCoverage" xml:lang="en-US">Percentage Of Coverage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfCoverage" xml:lang="en-US">Percentage of coverage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfCoverage" xml:lang="en-US">Represents the percentage of coverage.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfCoverage" xlink:to="lab_H6460J968H94_trmd_PercentageOfCoverage"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_RevolvingCreditFacilitiesMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_RevolvingCreditFacilitiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_RevolvingCreditFacilitiesMember" xml:lang="en-US">Revolving Credit Facilities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_RevolvingCreditFacilitiesMember" xml:lang="en-US">Revolving Credit Facilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_RevolvingCreditFacilitiesMember" xml:lang="en-US">Arrangement in which loan proceeds can continuously be obtained following repayments, but the total amount borrowed cannot exceed a specified maximum amount.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_RevolvingCreditFacilitiesMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_RevolvingCreditFacilitiesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_InterestBearingDebtMember" xlink:label="loc_F4248H746F72_trmd_InterestBearingDebtMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_InterestBearingDebtMember" xml:lang="en-US">Interest Bearing Debt [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_InterestBearingDebtMember" xml:lang="en-US">Interest bearing debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_InterestBearingDebtMember" xml:lang="en-US">Represents the borrowings of the entity that require the payment of interest.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_InterestBearingDebtMember" xlink:to="lab_H6460J968H94_trmd_InterestBearingDebtMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CarryingValueOfFleet" xlink:label="loc_IF21F453I7K897H8F732_trmd_CarryingValueOfFleet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CarryingValueOfFleet" xml:lang="en-US">Carrying Value Of Fleet</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CarryingValueOfFleet" xml:lang="en-US">Carrying value of fleet</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CarryingValueOfFleet" xml:lang="en-US">Represents the carrying value of fleet.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CarryingValueOfFleet" xlink:to="lab_KH43H675K9M019J0H954_trmd_CarryingValueOfFleet"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings" xlink:label="loc_F4248H746F72_trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings" xml:lang="en-US">Market Value Of Fleet Excluding Unde Livered New Buildings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings" xml:lang="en-US">Market value of fleet (excluding undelivered newbuildings)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings" xml:lang="en-US">Represents the market value of fleet excluding undeliverd newbuildings.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings" xlink:to="lab_H6460J968H94_trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfTankerSold" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfTankerSold"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfTankerSold" xml:lang="en-US">Number Of Tanker Sold</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfTankerSold" xml:lang="en-US">Number of tanker sold</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfTankerSold" xml:lang="en-US">Represents the number of tanker sold during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfTankerSold" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfTankerSold"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfTankerPurchased" xlink:label="loc_F4248H746F72_trmd_NumberOfTankerPurchased"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NumberOfTankerPurchased" xml:lang="en-US">Number Of Tanker Purchased</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_NumberOfTankerPurchased" xml:lang="en-US">Number of tanker purchased</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NumberOfTankerPurchased" xml:lang="en-US">Represents the number of tanker purchased during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NumberOfTankerPurchased" xlink:to="lab_H6460J968H94_trmd_NumberOfTankerPurchased"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears" xml:lang="en-US">Number Of Vessels On Order For Delivery In Next Two Fiscal Years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears" xml:lang="en-US">Number of vessels on order for delivery in 2019-2020</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears" xml:lang="en-US">Represents the number of vessels on order for delivery in next two fiscal years.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfAdditionalTankerThatCanBePurchased" xlink:label="loc_F4248H746F72_trmd_NumberOfAdditionalTankerThatCanBePurchased"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NumberOfAdditionalTankerThatCanBePurchased" xml:lang="en-US">Number Of Additional Tanker Purchased That Can Be Purchased</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_NumberOfAdditionalTankerThatCanBePurchased" xml:lang="en-US">Number of additional tanker purchased</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NumberOfAdditionalTankerThatCanBePurchased" xml:lang="en-US">Represents the number of additional tanker that can be purchased during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NumberOfAdditionalTankerThatCanBePurchased" xlink:to="lab_H6460J968H94_trmd_NumberOfAdditionalTankerThatCanBePurchased"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels" xml:lang="en-US">Percentage Of Total Voyage Costs As Cost Of Fuel Oil Consumed By Vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels" xml:lang="en-US">Threshold percentage of total voyage costs as cost of fuel oil consumed by vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels" xml:lang="en-US">Represents the percentage of total voyage costs as cost of fuel oil consumed by vessels.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfBunkerConsumptionHedged" xlink:label="loc_F4248H746F72_trmd_PercentageOfBunkerConsumptionHedged"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfBunkerConsumptionHedged" xml:lang="en-US">Percentage Of Bunker Consumption Hedged</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfBunkerConsumptionHedged" xml:lang="en-US">Percentage of bunker consumption hedged</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfBunkerConsumptionHedged" xml:lang="en-US">Represents the percentage of bunker consumption hedged through bunker hedging contracts.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfBunkerConsumptionHedged" xlink:to="lab_H6460J968H94_trmd_PercentageOfBunkerConsumptionHedged"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfBunkerRequirementsForHedgingInstruments" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfBunkerRequirementsForHedgingInstruments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfBunkerRequirementsForHedgingInstruments" xml:lang="en-US">Percentage Of Bunker Requirements For Hedging Instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfBunkerRequirementsForHedgingInstruments" xml:lang="en-US">Percentage of bunker requirements for hedging instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfBunkerRequirementsForHedgingInstruments" xml:lang="en-US">Represents the percentage of bunker requirements for hedging instruments.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfBunkerRequirementsForHedgingInstruments" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfBunkerRequirementsForHedgingInstruments"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfCompaniesToDiversifyRisk" xlink:label="loc_F4248H746F72_trmd_NumberOfCompaniesToDiversifyRisk"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NumberOfCompaniesToDiversifyRisk" xml:lang="en-US">Number Of Companies To Diversify Risk</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_NumberOfCompaniesToDiversifyRisk" xml:lang="en-US">Number of companies to diversify risk</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NumberOfCompaniesToDiversifyRisk" xml:lang="en-US">Represents the number of companies to diversify risk.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NumberOfCompaniesToDiversifyRisk" xlink:to="lab_H6460J968H94_trmd_NumberOfCompaniesToDiversifyRisk"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk" xml:lang="en-US">Number Of Protection And Indemnity Clubto Diversify Risk</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk" xml:lang="en-US">Number of Protection and Indemnity club</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk" xml:lang="en-US">Represents the number of Protection and Indemnity club to diversify risk.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfBanksHavingLoanPortfolio" xlink:label="loc_F4248H746F72_trmd_NumberOfBanksHavingLoanPortfolio"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NumberOfBanksHavingLoanPortfolio" xml:lang="en-US">Number Of Banks Having Loan Portfolio</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_NumberOfBanksHavingLoanPortfolio" xml:lang="en-US">Number of banks having loan portfolio</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NumberOfBanksHavingLoanPortfolio" xml:lang="en-US">Represents the number banks having loan portfolio.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NumberOfBanksHavingLoanPortfolio" xlink:to="lab_H6460J968H94_trmd_NumberOfBanksHavingLoanPortfolio"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels" xlink:label="loc_IF21F453I7K897H8F732_trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels" xml:lang="en-US">Aggregate Insured Value Of Hul Land Machinery And Interest For Owned Vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels" xml:lang="en-US">Aggregate insured value of hull and machinery and interest for TORM's owned vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels" xml:lang="en-US">Represents the aggregate insured value of hull and machinery and interest for owned vessels.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels" xlink:to="lab_KH43H675K9M019J0H954_trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfConcerntrationRisk" xlink:label="loc_F4248H746F72_trmd_PercentageOfConcerntrationRisk"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfConcerntrationRisk" xml:lang="en-US">Percentage Of Concerntration Risk</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfConcerntrationRisk" xml:lang="en-US">Percentage of frieght revenues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfConcerntrationRisk" xml:lang="en-US">For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfConcerntrationRisk" xlink:to="lab_H6460J968H94_trmd_PercentageOfConcerntrationRisk"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AveragePercentageOfDemurrageRevenueCollection" xlink:label="loc_IF21F453I7K897H8F732_trmd_AveragePercentageOfDemurrageRevenueCollection"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AveragePercentageOfDemurrageRevenueCollection" xml:lang="en-US">Average Percentage Of Demurrage Revenue Collection</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AveragePercentageOfDemurrageRevenueCollection" xml:lang="en-US">Average percentage of demurrage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AveragePercentageOfDemurrageRevenueCollection" xml:lang="en-US">Represents the average percentage of demurrage revenue collection.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AveragePercentageOfDemurrageRevenueCollection" xlink:to="lab_KH43H675K9M019J0H954_trmd_AveragePercentageOfDemurrageRevenueCollection"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfTotalFreightRevenuesAsDemurrage" xlink:label="loc_F4248H746F72_trmd_PercentageOfTotalFreightRevenuesAsDemurrage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfTotalFreightRevenuesAsDemurrage" xml:lang="en-US">Percentage Of Total Freight Revenues As Demurrage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfTotalFreightRevenuesAsDemurrage" xml:lang="en-US">Percentage of total freight revenues as demurrage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfTotalFreightRevenuesAsDemurrage" xml:lang="en-US">Represents the percentage of total freight revenues as demurrage.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfTotalFreightRevenuesAsDemurrage" xlink:to="lab_H6460J968H94_trmd_PercentageOfTotalFreightRevenuesAsDemurrage"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk" xml:lang="en-US">Percentage Of Derivative Instruments Cleared Through Stock Exchange Reducing Counterparty Risk</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk" xml:lang="en-US">Percentage of forward freight agreements (FFAs) and fuel swaps</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk" xml:lang="en-US">Represents the percentage of derivative instruments cleared through stock exchange reducing counterparty risk.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency" xlink:label="loc_F4248H746F72_trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency" xml:lang="en-US">Percentage Of Administrative Expenses Denominated In Other Than Functional Currency</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency" xml:lang="en-US">Percentage of administrative expenses denominated in currencies other than USD</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency" xml:lang="en-US">Represents the percentage of administrative expenses denominated in other than functional currency.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency" xlink:to="lab_H6460J968H94_trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency" xml:lang="en-US">Percentage Of Operating Expenses Denominated In Other Than Functional Currency</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency" xml:lang="en-US">Percentage of operating expenses denominated in currencies other than USD</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency" xml:lang="en-US">Represents the percentage of operating expenses denominated in other than functional currency.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged" xlink:label="loc_F4248H746F72_trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged" xml:lang="en-US">Percentage Of Administrative And Operating Expenses Denominated In Other Than Functional Currency Hedged</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged" xml:lang="en-US">Percentage of administrative and operating expenses denominated in currencies in DKK and EUR</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged" xml:lang="en-US">Represents the percentage of administrative and operating expenses denominated in other than functional currency hedged.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged" xlink:to="lab_H6460J968H94_trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PercentageOfExposureToInterestRateRisk" xlink:label="loc_IF21F453I7K897H8F732_trmd_PercentageOfExposureToInterestRateRisk"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfExposureToInterestRateRisk" xml:lang="en-US">Percentage Of Exposure To Interest Rate Risk</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfExposureToInterestRateRisk" xml:lang="en-US">Percentage of exposure to interest rate risk</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_PercentageOfExposureToInterestRateRisk" xml:lang="en-US">Represents the percentage of exposure to interest rate risk.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_PercentageOfExposureToInterestRateRisk" xlink:to="lab_KH43H675K9M019J0H954_trmd_PercentageOfExposureToInterestRateRisk"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FloatingRateLoansDescriptionOfVariableRateBasis" xlink:label="loc_F4248H746F72_trmd_FloatingRateLoansDescriptionOfVariableRateBasis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FloatingRateLoansDescriptionOfVariableRateBasis" xml:lang="en-US">Floating Rate Loans Description Of Variable Rate Basis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_FloatingRateLoansDescriptionOfVariableRateBasis" xml:lang="en-US">Floating rate loans description of variable rate basis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FloatingRateLoansDescriptionOfVariableRateBasis" xml:lang="en-US">Represents the description of basis of variable rate of floating rate loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FloatingRateLoansDescriptionOfVariableRateBasis" xlink:to="lab_H6460J968H94_trmd_FloatingRateLoansDescriptionOfVariableRateBasis"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_IncreaseDecreaseInInterestBearingDebt" xlink:label="loc_IF21F453I7K897H8F732_trmd_IncreaseDecreaseInInterestBearingDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_IncreaseDecreaseInInterestBearingDebt" xml:lang="en-US">Increase (Decrease) In Interest Bearing Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_IncreaseDecreaseInInterestBearingDebt" xml:lang="en-US">Increase (decrease) in interest-bearing debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_IncreaseDecreaseInInterestBearingDebt" xml:lang="en-US">Represents the amount related to increase (decrease) in the carrying amount of the debt instrument for the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_IncreaseDecreaseInInterestBearingDebt" xlink:to="lab_KH43H675K9M019J0H954_trmd_IncreaseDecreaseInInterestBearingDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="loc_F4248H746F72_ifrs-full_LevelsOfFairValueHierarchyAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_LevelsOfFairValueHierarchyAxis" xml:lang="en-US">Levels of fair value hierarchy [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="lab_H6460J968H94_ifrs-full_LevelsOfFairValueHierarchyAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AllLevelsOfFairValueHierarchyMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AllLevelsOfFairValueHierarchyMember" xml:lang="en-US">All levels of fair value hierarchy [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AllLevelsOfFairValueHierarchyMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="loc_F4248H746F72_ifrs-full_Level1OfFairValueHierarchyMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_Level1OfFairValueHierarchyMember" xml:lang="en-US">Level 1 of fair value hierarchy [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_Level1OfFairValueHierarchyMember" xml:lang="en-US">Level 1</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="lab_H6460J968H94_ifrs-full_Level1OfFairValueHierarchyMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_Level2OfFairValueHierarchyMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Level2OfFairValueHierarchyMember" xml:lang="en-US">Level 2 of fair value hierarchy [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_Level2OfFairValueHierarchyMember" xml:lang="en-US">Level 2</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_Level2OfFairValueHierarchyMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_Level3OfFairValueHierarchyMember" xlink:label="loc_F4248H746F72_ifrs-full_Level3OfFairValueHierarchyMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_Level3OfFairValueHierarchyMember" xml:lang="en-US">Level 3 of fair value hierarchy [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_Level3OfFairValueHierarchyMember" xml:lang="en-US">Level 3</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_Level3OfFairValueHierarchyMember" xlink:to="lab_H6460J968H94_ifrs-full_Level3OfFairValueHierarchyMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CategoriesOfFinancialAssetsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CategoriesOfFinancialAssetsAxis" xml:lang="en-US">Categories of financial assets [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CategoriesOfFinancialAssetsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsCategoryMember" xlink:label="loc_F4248H746F72_ifrs-full_FinancialAssetsCategoryMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FinancialAssetsCategoryMember" xml:lang="en-US">Financial assets, category [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FinancialAssetsCategoryMember" xlink:to="lab_H6460J968H94_ifrs-full_FinancialAssetsCategoryMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FreightReceivablesMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_FreightReceivablesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_FreightReceivablesMember" xml:lang="en-US">Freight Receivables [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_FreightReceivablesMember" xml:lang="en-US">Freight receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_FreightReceivablesMember" xml:lang="en-US">This member stands for the Freight receivables category.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_FreightReceivablesMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_FreightReceivablesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherReceivablesMember" xlink:label="loc_F4248H746F72_trmd_OtherReceivablesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OtherReceivablesMember" xml:lang="en-US">Other Receivables [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OtherReceivablesMember" xml:lang="en-US">Other receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OtherReceivablesMember" xml:lang="en-US">This member stands for the other receivables category.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OtherReceivablesMember" xlink:to="lab_H6460J968H94_trmd_OtherReceivablesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_CashAndCashEquivalentMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_CashAndCashEquivalentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_CashAndCashEquivalentMember" xml:lang="en-US">Cash And Cash Equivalent [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_CashAndCashEquivalentMember" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_CashAndCashEquivalentMember" xml:lang="en-US">This member stands for Cash and cash equivalents category.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_CashAndCashEquivalentMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_CashAndCashEquivalentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:label="loc_F4248H746F72_ifrs-full_CategoriesOfFinancialLiabilitiesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xml:lang="en-US">Categories of financial liabilities [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:to="lab_H6460J968H94_ifrs-full_CategoriesOfFinancialLiabilitiesAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilitiesCategoryMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinancialLiabilitiesCategoryMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialLiabilitiesCategoryMember" xml:lang="en-US">Financial liabilities, category [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinancialLiabilitiesCategoryMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinancialLiabilitiesCategoryMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MortgageDebtAndBankLoansMember" xlink:label="loc_F4248H746F72_trmd_MortgageDebtAndBankLoansMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_MortgageDebtAndBankLoansMember" xml:lang="en-US">Mortgage Debt And Bank Loans [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_MortgageDebtAndBankLoansMember" xml:lang="en-US">Mortgage debt and bank loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_MortgageDebtAndBankLoansMember" xml:lang="en-US">This member stands for the Mortgage debt and bank loans category.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_MortgageDebtAndBankLoansMember" xlink:to="lab_H6460J968H94_trmd_MortgageDebtAndBankLoansMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TradePayablesMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_TradePayablesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_TradePayablesMember" xml:lang="en-US">Trade Payables [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_TradePayablesMember" xml:lang="en-US">Trade payables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_TradePayablesMember" xml:lang="en-US">This member stands for the trade payables category.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_TradePayablesMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_TradePayablesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherLiabilityMember" xlink:label="loc_F4248H746F72_trmd_OtherLiabilityMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OtherLiabilityMember" xml:lang="en-US">Other Liability [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OtherLiabilityMember" xml:lang="en-US">Other liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OtherLiabilityMember" xml:lang="en-US">This member stands for the Other liabilities category.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OtherLiabilityMember" xlink:to="lab_H6460J968H94_trmd_OtherLiabilityMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsAtFairValue" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinancialAssetsAtFairValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsAtFairValue" xml:lang="en-US">Financial assets, at fair value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsAtFairValue" xml:lang="en-US">Financial assets, at fair value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinancialAssetsAtFairValue" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssetsAtFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsAtAmortisedCost" xlink:label="loc_F4248H746F72_ifrs-full_FinancialAssetsAtAmortisedCost"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FinancialAssetsAtAmortisedCost" xml:lang="en-US">Financial assets at amortised cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinancialAssetsAtAmortisedCost" xml:lang="en-US">Financial assets at amortised cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FinancialAssetsAtAmortisedCost" xlink:to="lab_H6460J968H94_ifrs-full_FinancialAssetsAtAmortisedCost"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssets" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinancialAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssets" xml:lang="en-US">Financial assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssets" xml:lang="en-US">Financial assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinancialAssets" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinancialAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="loc_F4248H746F72_ifrs-full_FinancialLiabilitiesAtFairValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FinancialLiabilitiesAtFairValue" xml:lang="en-US">Financial liabilities, at fair value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinancialLiabilitiesAtFairValue" xml:lang="en-US">Financial liabilities, at fair value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="lab_H6460J968H94_ifrs-full_FinancialLiabilitiesAtFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_FinancialLiabilitiesAtAmortisedCost"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialLiabilitiesAtAmortisedCost" xml:lang="en-US">Financial liabilities at amortised cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_FinancialLiabilitiesAtAmortisedCost" xml:lang="en-US">Financial liabilities at amortised cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_FinancialLiabilitiesAtAmortisedCost"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialLiabilities" xlink:label="loc_F4248H746F72_ifrs-full_FinancialLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FinancialLiabilities" xml:lang="en-US">Financial liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinancialLiabilities" xml:lang="en-US">Financial liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FinancialLiabilities" xlink:to="lab_H6460J968H94_ifrs-full_FinancialLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NameOfUltimateParentOfGroup" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_NameOfUltimateParentOfGroup"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NameOfUltimateParentOfGroup" xml:lang="en-US">Name of ultimate parent of group</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_NameOfUltimateParentOfGroup" xml:lang="en-US">Name of ultimate parent of group</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_NameOfUltimateParentOfGroup" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_NameOfUltimateParentOfGroup"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ReceivedFeesOnBackstoppingTransaction" xlink:label="loc_F4248H746F72_trmd_ReceivedFeesOnBackstoppingTransaction"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ReceivedFeesOnBackstoppingTransaction" xml:lang="en-US">Received Fees On Backstopping Transaction</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ReceivedFeesOnBackstoppingTransaction" xml:lang="en-US">Received fees on backstopping transaction</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ReceivedFeesOnBackstoppingTransaction" xml:lang="en-US">Represents received fees on backstopping transaction.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ReceivedFeesOnBackstoppingTransaction" xlink:to="lab_H6460J968H94_trmd_ReceivedFeesOnBackstoppingTransaction"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleTable" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleTable" xml:lang="en-US">Disclosure Of Information About Non Current Assets Held For Sale [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleTable" xml:lang="en-US">Schedule disclosing information related to non-current assets held for sale.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleTable" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NoncurrentAssetsHeldForSaleMember" xlink:label="loc_F4248H746F72_ifrs-full_NoncurrentAssetsHeldForSaleMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentAssetsHeldForSaleMember" xml:lang="en-US">Non-current assets held for sale [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_NoncurrentAssetsHeldForSaleMember" xml:lang="en-US">Non-current assets held for sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NoncurrentAssetsHeldForSaleMember" xlink:to="lab_H6460J968H94_ifrs-full_NoncurrentAssetsHeldForSaleMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems" xml:lang="en-US">Disclosure Of Information About Non Current Assets Held For Sale [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems" xml:lang="en-US">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfVesselsSold" xlink:label="loc_F4248H746F72_trmd_NumberOfVesselsSold"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NumberOfVesselsSold" xml:lang="en-US">Number Of Vessels Sold</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_NumberOfVesselsSold" xml:lang="en-US">Number of vessels sold</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NumberOfVesselsSold" xml:lang="en-US">The number of vessels sold.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NumberOfVesselsSold" xlink:to="lab_H6460J968H94_trmd_NumberOfVesselsSold"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfVesselsDeliveredToNewOwner" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfVesselsDeliveredToNewOwner"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVesselsDeliveredToNewOwner" xml:lang="en-US">Number Of Vessels Delivered To New Owner</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVesselsDeliveredToNewOwner" xml:lang="en-US">Number of vessels delivered to new owner</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfVesselsDeliveredToNewOwner" xml:lang="en-US">The number of vessels delivered to new owner.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfVesselsDeliveredToNewOwner" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfVesselsDeliveredToNewOwner"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfVesselsExpectedToBeDelivered" xlink:label="loc_F4248H746F72_trmd_NumberOfVesselsExpectedToBeDelivered"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_NumberOfVesselsExpectedToBeDelivered" xml:lang="en-US">Number Of Vessels Expected To Be Delivered</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_NumberOfVesselsExpectedToBeDelivered" xml:lang="en-US">Number of vessels expected to be delivered in Q1</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_NumberOfVesselsExpectedToBeDelivered" xml:lang="en-US">The number of vessels expected to be delivered.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_NumberOfVesselsExpectedToBeDelivered" xlink:to="lab_H6460J968H94_trmd_NumberOfVesselsExpectedToBeDelivered"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfRemainingVesselsSold" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfRemainingVesselsSold"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfRemainingVesselsSold" xml:lang="en-US">Number Of Remaining Vessels Sold</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfRemainingVesselsSold" xml:lang="en-US">Number of remaining vessels sold</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfRemainingVesselsSold" xml:lang="en-US">The number of remaining vessels sold.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfRemainingVesselsSold" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfRemainingVesselsSold"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets" xlink:label="loc_F4248H746F72_trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets" xml:lang="en-US">Impairment Loss Recognised In Profit Or Loss, Tangible And Intangible Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets" xml:lang="en-US">Impairment on sold or held-for-sale vessels</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets" xml:lang="en-US">Represents the amount of impairment loss recognised in profit or loss for tangible and intangible assets.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets" xlink:to="lab_H6460J968H94_trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_ReversalOfOtherNonCashMovementsAbstract" xlink:label="loc_IF21F453I7K897H8F732_trmd_ReversalOfOtherNonCashMovementsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_ReversalOfOtherNonCashMovementsAbstract" xml:lang="en-US">Reversal Of Other Non Cash Movements [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_ReversalOfOtherNonCashMovementsAbstract" xml:lang="en-US">Reversal of other non-cash movements:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_ReversalOfOtherNonCashMovementsAbstract" xlink:to="lab_KH43H675K9M019J0H954_trmd_ReversalOfOtherNonCashMovementsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForAmortisationExpense" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForAmortisationExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForAmortisationExpense" xml:lang="en-US">Adjustments for amortisation expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForAmortisationExpense" xml:lang="en-US">Amortization of acquired assets and liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForAmortisationExpense" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForAmortisationExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xml:lang="en-US">Adjustments for unrealised foreign exchange losses (gains)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xml:lang="en-US">Exchange rate adjustments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForSharebasedPayments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForSharebasedPayments" xml:lang="en-US">Adjustments for share-based payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForSharebasedPayments" xml:lang="en-US">Share-based payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForSharebasedPayments"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization" xlink:label="loc_IF21F453I7K897H8F732_trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization" xml:lang="en-US">Adjustments For Equity Transactions Expensed Related To Corporate Reorganization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization" xml:lang="en-US">Equity transactions expensed in relation to the Corporate Reorganization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization" xml:lang="en-US">Represents adjustments for equity transactions expensed related to corporate reorganization to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization" xlink:to="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AdjustmentsForOtherNoncashItems" xlink:label="loc_F4248H746F72_trmd_AdjustmentsForOtherNoncashItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AdjustmentsForOtherNoncashItems" xml:lang="en-US">Adjustments For Other Noncash Items</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_AdjustmentsForOtherNoncashItems" xml:lang="en-US">Other adjustments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AdjustmentsForOtherNoncashItems" xml:lang="en-US">Represents the amount of adjustments for non-cash items.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AdjustmentsForOtherNoncashItems" xlink:to="lab_H6460J968H94_trmd_AdjustmentsForOtherNoncashItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_OtherAdjustmentsForNoncashItems" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_OtherAdjustmentsForNoncashItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherAdjustmentsForNoncashItems" xml:lang="en-US">Other adjustments for non-cash items</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_OtherAdjustmentsForNoncashItems" xml:lang="en-US">Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_OtherAdjustmentsForNoncashItems" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_OtherAdjustmentsForNoncashItems"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract" xlink:label="loc_F4248H746F72_trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract" xml:lang="en-US">Adjustments For Decrease (Increase) In Trade Accounts Receivables And Payables For Bunkers [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract" xml:lang="en-US">Change in bunkers, receivables and payables:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract" xlink:to="lab_H6460J968H94_trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AdjustmentsForIncreaseDecreaseInBunkers" xlink:label="loc_IF21F453I7K897H8F732_trmd_AdjustmentsForIncreaseDecreaseInBunkers"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForIncreaseDecreaseInBunkers" xml:lang="en-US">Adjustments For Increase Decrease In Bunkers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForIncreaseDecreaseInBunkers" xml:lang="en-US">Change in bunkers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForIncreaseDecreaseInBunkers" xml:lang="en-US">Represents adjustments for increase (decrease) in bunkers to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AdjustmentsForIncreaseDecreaseInBunkers" xlink:to="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForIncreaseDecreaseInBunkers"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xml:lang="en-US">Adjustments for decrease (increase) in trade and other receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xml:lang="en-US">Change in receivables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AdjustmentsForIncreaseDecreaseInPrepayments" xlink:label="loc_IF21F453I7K897H8F732_trmd_AdjustmentsForIncreaseDecreaseInPrepayments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForIncreaseDecreaseInPrepayments" xml:lang="en-US">Adjustments For Increase Decrease In Prepayments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForIncreaseDecreaseInPrepayments" xml:lang="en-US">Change in prepayments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForIncreaseDecreaseInPrepayments" xml:lang="en-US">Adjustments for increase (decrease) in prepayments to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_AdjustmentsForIncreaseDecreaseInPrepayments" xlink:to="lab_KH43H675K9M019J0H954_trmd_AdjustmentsForIncreaseDecreaseInPrepayments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:label="loc_F4248H746F72_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xml:lang="en-US">Adjustments for increase (decrease) in trade and other payables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xml:lang="en-US">Change in trade payables and other liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" xlink:to="lab_H6460J968H94_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherChanges" xlink:label="loc_IF21F453I7K897H8F732_trmd_OtherChanges"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherChanges" xml:lang="en-US">Other Changes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherChanges" xml:lang="en-US">Other changes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherChanges" xml:lang="en-US">Represents the amount of other changes for receivables and payables.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OtherChanges" xlink:to="lab_KH43H675K9M019J0H954_trmd_OtherChanges"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments" xlink:label="loc_F4248H746F72_trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments" xml:lang="en-US">Adjustments For Fair Value Changes Of Derivative Financial Instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments" xml:lang="en-US">Adjusted for fair value changes of derivative financial instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments" xml:lang="en-US">Adjustments for increase (decrease) in fair value changes of derivative financial instruments to reconcile profit (loss) to net cash flow from (used in) operating activities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments" xlink:to="lab_H6460J968H94_trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xml:lang="en-US">Disclosure of subsidiaries [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DkVesselHoldcoGpApsMember" xlink:label="loc_F4248H746F72_trmd_DkVesselHoldcoGpApsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DkVesselHoldcoGpApsMember" xml:lang="en-US">Dk Vessel Holdco Gp Aps [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_DkVesselHoldcoGpApsMember" xml:lang="en-US">DK Vessel HoldCo GP ApS</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DkVesselHoldcoGpApsMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DkVesselHoldcoGpApsMember" xlink:to="lab_H6460J968H94_trmd_DkVesselHoldcoGpApsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DkVesselHoldcoKSMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_DkVesselHoldcoKSMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DkVesselHoldcoKSMember" xml:lang="en-US">Dk Vessel Holdco K/S [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DkVesselHoldcoKSMember" xml:lang="en-US">DK Vessel HoldCo K/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DkVesselHoldcoKSMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DkVesselHoldcoKSMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_DkVesselHoldcoKSMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmGibraltarNjordMidcoLtdMember" xlink:label="loc_F4248H746F72_trmd_OcmGibraltarNjordMidcoLtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmGibraltarNjordMidcoLtdMember" xml:lang="en-US">Ocm (Gibraltar) Njord Midco Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmGibraltarNjordMidcoLtdMember" xml:lang="en-US">OCM (Gibraltar) Njord Midco Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmGibraltarNjordMidcoLtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmGibraltarNjordMidcoLtdMember" xlink:to="lab_H6460J968H94_trmd_OcmGibraltarNjordMidcoLtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordCharteringIncMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmNjordCharteringIncMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordCharteringIncMember" xml:lang="en-US">Ocm Njord Chartering Inc [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordCharteringIncMember" xml:lang="en-US">OCM Njord Chartering Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordCharteringIncMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmNjordCharteringIncMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmNjordCharteringIncMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Agnes, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Agnes, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Alice, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Alice, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Almena, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Almena, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Amalie, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Amalie, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Aslaug, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Aslaug, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Hardrada, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Hardrada, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings St.Michaelis Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings St.Michaelis Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings St. Gabriel Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings St. Gabriel Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Harald Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Harald Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Gorm Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Gorm Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Knut Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Knut Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Valdemar Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Valdemar Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Agnete, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Agnete, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Alexandra, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Alexandra, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Anabel, Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Anabel, Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Arawa Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Arawa Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember" xlink:label="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Leif Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Leif Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember" xlink:to="lab_H6460J968H94_trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember" xml:lang="en-US">Ocm Singapore Njord Holdings Rolf Pte. Ltd [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember" xml:lang="en-US">OCM Singapore Njord Holdings Rolf Pte. Ltd</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmHoldingsMrsInc.Member" xlink:label="loc_F4248H746F72_trmd_OcmHoldingsMrsInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmHoldingsMrsInc.Member" xml:lang="en-US">Ocm Holdings Mrs Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmHoldingsMrsInc.Member" xml:lang="en-US">OCM Holdings Mrs Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmHoldingsMrsInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmHoldingsMrsInc.Member" xlink:to="lab_H6460J968H94_trmd_OcmHoldingsMrsInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordAnneInc.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmNjordAnneInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordAnneInc.Member" xml:lang="en-US">Ocm Njord Anne Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordAnneInc.Member" xml:lang="en-US">OCM Njord Anne Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordAnneInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmNjordAnneInc.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmNjordAnneInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordFreyaInc.Member" xlink:label="loc_F4248H746F72_trmd_OcmNjordFreyaInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmNjordFreyaInc.Member" xml:lang="en-US">Ocm Njord Freya Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmNjordFreyaInc.Member" xml:lang="en-US">OCM Njord Freya Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmNjordFreyaInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmNjordFreyaInc.Member" xlink:to="lab_H6460J968H94_trmd_OcmNjordFreyaInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordGerdInc.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmNjordGerdInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordGerdInc.Member" xml:lang="en-US">Ocm Njord Gerd Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordGerdInc.Member" xml:lang="en-US">OCM Njord Gerd Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordGerdInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmNjordGerdInc.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmNjordGerdInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordGertrudInc.Member" xlink:label="loc_F4248H746F72_trmd_OcmNjordGertrudInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmNjordGertrudInc.Member" xml:lang="en-US">Ocm Njord Gertrud Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmNjordGertrudInc.Member" xml:lang="en-US">OCM Njord Gertrud Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmNjordGertrudInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmNjordGertrudInc.Member" xlink:to="lab_H6460J968H94_trmd_OcmNjordGertrudInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordGunhildInc.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmNjordGunhildInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordGunhildInc.Member" xml:lang="en-US">Ocm Njord Gunhild Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordGunhildInc.Member" xml:lang="en-US">OCM Njord Gunhild Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordGunhildInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmNjordGunhildInc.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmNjordGunhildInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordHeleneInc.Member" xlink:label="loc_F4248H746F72_trmd_OcmNjordHeleneInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmNjordHeleneInc.Member" xml:lang="en-US">Ocm Njord Helene Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmNjordHeleneInc.Member" xml:lang="en-US">OCM Njord Helene Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmNjordHeleneInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmNjordHeleneInc.Member" xlink:to="lab_H6460J968H94_trmd_OcmNjordHeleneInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordHelvigInc.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmNjordHelvigInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordHelvigInc.Member" xml:lang="en-US">Ocm Njord Helvig Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordHelvigInc.Member" xml:lang="en-US">OCM Njord Helvig Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordHelvigInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmNjordHelvigInc.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmNjordHelvigInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordIngeborgInc.Member" xlink:label="loc_F4248H746F72_trmd_OcmNjordIngeborgInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmNjordIngeborgInc.Member" xml:lang="en-US">Ocm Njord Ingeborg Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmNjordIngeborgInc.Member" xml:lang="en-US">OCM Njord Ingeborg Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmNjordIngeborgInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmNjordIngeborgInc.Member" xlink:to="lab_H6460J968H94_trmd_OcmNjordIngeborgInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordMaryInc.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmNjordMaryInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordMaryInc.Member" xml:lang="en-US">Ocm Njord Mary Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordMaryInc.Member" xml:lang="en-US">OCM Njord Mary Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordMaryInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmNjordMaryInc.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmNjordMaryInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordRagnhildInc.Member" xlink:label="loc_F4248H746F72_trmd_OcmNjordRagnhildInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmNjordRagnhildInc.Member" xml:lang="en-US">Ocm Njord Ragnhild Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmNjordRagnhildInc.Member" xml:lang="en-US">OCM Njord Ragnhild Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmNjordRagnhildInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmNjordRagnhildInc.Member" xlink:to="lab_H6460J968H94_trmd_OcmNjordRagnhildInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordThyraInc.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmNjordThyraInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordThyraInc.Member" xml:lang="en-US">Ocm Njord Thyra Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordThyraInc.Member" xml:lang="en-US">OCM Njord Thyra Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordThyraInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmNjordThyraInc.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmNjordThyraInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordValborgInc.Member" xlink:label="loc_F4248H746F72_trmd_OcmNjordValborgInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmNjordValborgInc.Member" xml:lang="en-US">Ocm Njord Valborg Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmNjordValborgInc.Member" xml:lang="en-US">OCM Njord Valborg Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmNjordValborgInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmNjordValborgInc.Member" xlink:to="lab_H6460J968H94_trmd_OcmNjordValborgInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordVitaInc.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_OcmNjordVitaInc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordVitaInc.Member" xml:lang="en-US">Ocm Njord Vita Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordVitaInc.Member" xml:lang="en-US">OCM Njord Vita Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OcmNjordVitaInc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OcmNjordVitaInc.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_OcmNjordVitaInc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OmiHoldingLtd.Member" xlink:label="loc_F4248H746F72_trmd_OmiHoldingLtd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OmiHoldingLtd.Member" xml:lang="en-US">Omi Holding Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OmiHoldingLtd.Member" xml:lang="en-US">OMI Holding Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OmiHoldingLtd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OmiHoldingLtd.Member" xlink:to="lab_H6460J968H94_trmd_OmiHoldingLtd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TorghattenTormShipowningApsMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_TorghattenTormShipowningApsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_TorghattenTormShipowningApsMember" xml:lang="en-US">Torghatten &amp; Torm Shipowning Aps [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_TorghattenTormShipowningApsMember" xml:lang="en-US">Torghatten &amp; TORM Shipowning ApS</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_TorghattenTormShipowningApsMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_TorghattenTormShipowningApsMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_TorghattenTormShipowningApsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TormCrewingServiceLtd.Member" xlink:label="loc_F4248H746F72_trmd_TormCrewingServiceLtd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_TormCrewingServiceLtd.Member" xml:lang="en-US">Torm Crewing Service Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_TormCrewingServiceLtd.Member" xml:lang="en-US">TORM Crewing Service Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_TormCrewingServiceLtd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_TormCrewingServiceLtd.Member" xlink:to="lab_H6460J968H94_trmd_TormCrewingServiceLtd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TormShippingIndiaPrivateLimitedMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_TormShippingIndiaPrivateLimitedMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_TormShippingIndiaPrivateLimitedMember" xml:lang="en-US">Torm Shipping India Private Limited [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_TormShippingIndiaPrivateLimitedMember" xml:lang="en-US">TORM Shipping India Private Limited</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_TormShippingIndiaPrivateLimitedMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_TormShippingIndiaPrivateLimitedMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_TormShippingIndiaPrivateLimitedMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TormSingaporePte.Ltd.Member" xlink:label="loc_F4248H746F72_trmd_TormSingaporePte.Ltd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_TormSingaporePte.Ltd.Member" xml:lang="en-US">Torm Singapore Pte. Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_TormSingaporePte.Ltd.Member" xml:lang="en-US">TORM Singapore Pte. Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_TormSingaporePte.Ltd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_TormSingaporePte.Ltd.Member" xlink:to="lab_H6460J968H94_trmd_TormSingaporePte.Ltd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TormUsaLlcMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_TormUsaLlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_TormUsaLlcMember" xml:lang="en-US">Torm Usa Llc [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_TormUsaLlcMember" xml:lang="en-US">TORM USA LLC</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_TormUsaLlcMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_TormUsaLlcMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_TormUsaLlcMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TtShipowningKSMember" xlink:label="loc_F4248H746F72_trmd_TtShipowningKSMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_TtShipowningKSMember" xml:lang="en-US">Tt Shipowning K/S [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_TtShipowningKSMember" xml:lang="en-US">TT Shipowning K/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_TtShipowningKSMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_TtShipowningKSMember" xlink:to="lab_H6460J968H94_trmd_TtShipowningKSMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco1KSMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_Vesselco1KSMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco1KSMember" xml:lang="en-US">Vesselco 1 K/S [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco1KSMember" xml:lang="en-US">VesselCo 1 K/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco1KSMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_Vesselco1KSMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_Vesselco1KSMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco3KSMember" xlink:label="loc_F4248H746F72_trmd_Vesselco3KSMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_Vesselco3KSMember" xml:lang="en-US">Vesselco 3 K/S [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_Vesselco3KSMember" xml:lang="en-US">VesselCo 3 K/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_Vesselco3KSMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_Vesselco3KSMember" xlink:to="lab_H6460J968H94_trmd_Vesselco3KSMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco5KSMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_Vesselco5KSMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco5KSMember" xml:lang="en-US">Vesselco 5 K/S [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco5KSMember" xml:lang="en-US">VesselCo 5 K/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco5KSMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_Vesselco5KSMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_Vesselco5KSMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco6KSMember" xlink:label="loc_F4248H746F72_trmd_Vesselco6KSMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_Vesselco6KSMember" xml:lang="en-US">Vesselco 6 K/S [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_Vesselco6KSMember" xml:lang="en-US">Vesselco 6 K/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_Vesselco6KSMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_Vesselco6KSMember" xlink:to="lab_H6460J968H94_trmd_Vesselco6KSMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco6Pte.Ltd.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_Vesselco6Pte.Ltd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco6Pte.Ltd.Member" xml:lang="en-US">Vesselco 6 Pte. Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco6Pte.Ltd.Member" xml:lang="en-US">VesselCo 6 Pte. Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco6Pte.Ltd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_Vesselco6Pte.Ltd.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_Vesselco6Pte.Ltd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco7Pte.Ltd.Member" xlink:label="loc_F4248H746F72_trmd_Vesselco7Pte.Ltd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_Vesselco7Pte.Ltd.Member" xml:lang="en-US">Vesselco 7 Pte. Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_Vesselco7Pte.Ltd.Member" xml:lang="en-US">VesselCo 7 Pte. Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_Vesselco7Pte.Ltd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_Vesselco7Pte.Ltd.Member" xlink:to="lab_H6460J968H94_trmd_Vesselco7Pte.Ltd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco8Pte.Ltd.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_Vesselco8Pte.Ltd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco8Pte.Ltd.Member" xml:lang="en-US">Vesselco 8 Pte. Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco8Pte.Ltd.Member" xml:lang="en-US">VesselCo 8 Pte. Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco8Pte.Ltd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_Vesselco8Pte.Ltd.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_Vesselco8Pte.Ltd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco9Pte.Ltd.Member" xlink:label="loc_F4248H746F72_trmd_Vesselco9Pte.Ltd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_Vesselco9Pte.Ltd.Member" xml:lang="en-US">Vesselco 9 Pte. Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_Vesselco9Pte.Ltd.Member" xml:lang="en-US">VesselCo 9 Pte. Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_Vesselco9Pte.Ltd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_Vesselco9Pte.Ltd.Member" xlink:to="lab_H6460J968H94_trmd_Vesselco9Pte.Ltd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco10Pte.Ltd.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_Vesselco10Pte.Ltd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco10Pte.Ltd.Member" xml:lang="en-US">Vesselco 10 Pte. Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco10Pte.Ltd.Member" xml:lang="en-US">VesselCo 10 Pte. Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco10Pte.Ltd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_Vesselco10Pte.Ltd.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_Vesselco10Pte.Ltd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco11Pte.Ltd.Member" xlink:label="loc_F4248H746F72_trmd_Vesselco11Pte.Ltd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_Vesselco11Pte.Ltd.Member" xml:lang="en-US">Vesselco 11 Pte. Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_Vesselco11Pte.Ltd.Member" xml:lang="en-US">VesselCo 11 Pte. Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_Vesselco11Pte.Ltd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_Vesselco11Pte.Ltd.Member" xlink:to="lab_H6460J968H94_trmd_Vesselco11Pte.Ltd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Vesselco12Pte.Ltd.Member" xlink:label="loc_IF21F453I7K897H8F732_trmd_Vesselco12Pte.Ltd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco12Pte.Ltd.Member" xml:lang="en-US">Vesselco 12 Pte. Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco12Pte.Ltd.Member" xml:lang="en-US">VesselCo 12 Pte. Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_Vesselco12Pte.Ltd.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_Vesselco12Pte.Ltd.Member" xlink:to="lab_KH43H675K9M019J0H954_trmd_Vesselco12Pte.Ltd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TormShippingPhils.Inc.Member" xlink:label="loc_F4248H746F72_trmd_TormShippingPhils.Inc.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_TormShippingPhils.Inc.Member" xml:lang="en-US">Torm Shipping (Phils.), Inc. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_TormShippingPhils.Inc.Member" xml:lang="en-US">TORM Shipping (Phils.), Inc.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_TormShippingPhils.Inc.Member" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_TormShippingPhils.Inc.Member" xlink:to="lab_H6460J968H94_trmd_TormShippingPhils.Inc.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselcoAApsMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_VesselcoAApsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselcoAApsMember" xml:lang="en-US">Vesselco A Aps [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselcoAApsMember" xml:lang="en-US">VesselCo A ApS</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselcoAApsMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_VesselcoAApsMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_VesselcoAApsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselcoCApsMember" xlink:label="loc_F4248H746F72_trmd_VesselcoCApsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_VesselcoCApsMember" xml:lang="en-US">Vesselco C Aps [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_VesselcoCApsMember" xml:lang="en-US">VesselCo C ApS</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_VesselcoCApsMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_VesselcoCApsMember" xlink:to="lab_H6460J968H94_trmd_VesselcoCApsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselcoEApsMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_VesselcoEApsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselcoEApsMember" xml:lang="en-US">Vesselco E Aps [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselcoEApsMember" xml:lang="en-US">VesselCo E ApS</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_VesselcoEApsMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_VesselcoEApsMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_VesselcoEApsMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_VesselcoFApsMember" xlink:label="loc_F4248H746F72_trmd_VesselcoFApsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_VesselcoFApsMember" xml:lang="en-US">Vesselco F Aps [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_VesselcoFApsMember" xml:lang="en-US">Vesselco F ApS</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_VesselcoFApsMember" xml:lang="en-US">This member stands for entities that are controlled by another entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_VesselcoFApsMember" xlink:to="lab_H6460J968H94_trmd_VesselcoFApsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xml:lang="en-US">Disclosure of subsidiaries [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NameOfParentEntity" xlink:label="loc_F4248H746F72_ifrs-full_NameOfParentEntity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NameOfParentEntity" xml:lang="en-US">Name of parent entity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NameOfParentEntity" xlink:to="lab_H6460J968H94_ifrs-full_NameOfParentEntity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CountryOfIncorporation" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CountryOfIncorporation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CountryOfIncorporation" xml:lang="en-US">Country of incorporation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CountryOfIncorporation" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CountryOfIncorporation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_NameOfSubsidiary" xlink:label="loc_F4248H746F72_ifrs-full_NameOfSubsidiary"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_NameOfSubsidiary" xml:lang="en-US">Name of subsidiary</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_NameOfSubsidiary" xlink:to="lab_H6460J968H94_ifrs-full_NameOfSubsidiary"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xml:lang="en-US">Country of incorporation of subsidiary</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="loc_F4248H746F72_ifrs-full_ProportionOfOwnershipInterestInSubsidiary"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xml:lang="en-US">Proportion of ownership interest in subsidiary</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="lab_H6460J968H94_ifrs-full_ProportionOfOwnershipInterestInSubsidiary"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEntitiesTable" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEntitiesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEntitiesTable" xml:lang="en-US">Disclosure Of Entities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEntitiesTable" xml:lang="en-US">Schedule disclosing information related to entities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEntitiesTable" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEntitiesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_JointVenturesAxis" xlink:label="loc_F4248H746F72_ifrs-full_JointVenturesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_JointVenturesAxis" xml:lang="en-US">Joint ventures [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_JointVenturesAxis" xlink:to="lab_H6460J968H94_ifrs-full_JointVenturesAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForJointVenturesMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_EntitysTotalForJointVenturesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_EntitysTotalForJointVenturesMember" xml:lang="en-US">Entity's total for joint ventures [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_EntitysTotalForJointVenturesMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_EntitysTotalForJointVenturesMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_LongRange2ASMember" xlink:label="loc_F4248H746F72_trmd_LongRange2ASMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_LongRange2ASMember" xml:lang="en-US">Long Range 2 A/S [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_LongRange2ASMember" xml:lang="en-US">Long Range 2 A/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_LongRange2ASMember" xml:lang="en-US">This member stands for joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_LongRange2ASMember" xlink:to="lab_H6460J968H94_trmd_LongRange2ASMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_Lr2ManagementKSMember" xlink:label="loc_IF21F453I7K897H8F732_trmd_Lr2ManagementKSMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_Lr2ManagementKSMember" xml:lang="en-US">Lr2 Management K/S [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_Lr2ManagementKSMember" xml:lang="en-US">LR2 Management K/S</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_Lr2ManagementKSMember" xml:lang="en-US">This member stands for joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_Lr2ManagementKSMember" xlink:to="lab_KH43H675K9M019J0H954_trmd_Lr2ManagementKSMember"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MarineExhaustTechnologyLtd.Member" xlink:label="loc_F4248H746F72_trmd_MarineExhaustTechnologyLtd.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_MarineExhaustTechnologyLtd.Member" xml:lang="en-US">Marine Exhaust Technology Ltd. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_MarineExhaustTechnologyLtd.Member" xml:lang="en-US">Marine Exhaust Technology Ltd.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_MarineExhaustTechnologyLtd.Member" xml:lang="en-US">This member stands for joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_MarineExhaustTechnologyLtd.Member" xlink:to="lab_H6460J968H94_trmd_MarineExhaustTechnologyLtd.Member"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DisclosureOfEntitiesLineItems" xlink:label="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEntitiesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEntitiesLineItems" xml:lang="en-US">Disclosure Of Entities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEntitiesLineItems" xml:lang="en-US">Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DisclosureOfEntitiesLineItems" xlink:to="lab_KH43H675K9M019J0H954_trmd_DisclosureOfEntitiesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CountryOfIncorporationOfJointVenture" xlink:label="loc_F4248H746F72_ifrs-full_CountryOfIncorporationOfJointVenture"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CountryOfIncorporationOfJointVenture" xml:lang="en-US">Country of incorporation of joint venture</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CountryOfIncorporationOfJointVenture" xml:lang="en-US">Country</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CountryOfIncorporationOfJointVenture" xlink:to="lab_H6460J968H94_ifrs-full_CountryOfIncorporationOfJointVenture"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ProportionOfOwnershipInterestInJointVenture"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProportionOfOwnershipInterestInJointVenture" xml:lang="en-US">Proportion of ownership interest in joint venture</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProportionOfOwnershipInterestInJointVenture" xml:lang="en-US">% Control</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ProportionOfOwnershipInterestInJointVenture"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProportionOfVotingPowerHeldInSubsidiary" xlink:label="loc_F4248H746F72_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary" xml:lang="en-US">Proportion of voting rights held in subsidiary</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary" xml:lang="en-US">Percentage of voting rights held in subsidiaries</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary" xlink:to="lab_H6460J968H94_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLoss" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_ProfitLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProfitLoss" xml:lang="en-US">Profit (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProfitLoss" xml:lang="en-US">Net profit/(loss) for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_ProfitLoss" xml:lang="en-US">Net profit/(loss) for the year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_ProfitLoss" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_ProfitLoss"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_WeightedAverageNumberOfSharesIssued" xlink:label="loc_F4248H746F72_trmd_WeightedAverageNumberOfSharesIssued"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_WeightedAverageNumberOfSharesIssued" xml:lang="en-US">Weighted Average Number Of Shares Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_WeightedAverageNumberOfSharesIssued" xml:lang="en-US">Weighted average number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_WeightedAverageNumberOfSharesIssued" xml:lang="en-US">Represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_WeightedAverageNumberOfSharesIssued" xlink:to="lab_H6460J968H94_trmd_WeightedAverageNumberOfSharesIssued"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_WeightedAverageNumberOfSharesTreasuryShares" xlink:label="loc_IF21F453I7K897H8F732_trmd_WeightedAverageNumberOfSharesTreasuryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_WeightedAverageNumberOfSharesTreasuryShares" xml:lang="en-US">Weighted Average Number Of Shares Treasury Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_WeightedAverageNumberOfSharesTreasuryShares" xml:lang="en-US">Average number of treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_WeightedAverageNumberOfSharesTreasuryShares" xml:lang="en-US">Number of shares of treasury shares determined by relating the portion of time within a reporting period that treasury shares have been outstanding to the total time in that period. Treasury stock is stock that the Entity has issued but subsequently reacquired.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_WeightedAverageNumberOfSharesTreasuryShares" xml:lang="en-US">Weighted average number of treasury shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_WeightedAverageNumberOfSharesTreasuryShares" xlink:to="lab_KH43H675K9M019J0H954_trmd_WeightedAverageNumberOfSharesTreasuryShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_WeightedAverageShares" xlink:label="loc_F4248H746F72_ifrs-full_WeightedAverageShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_WeightedAverageShares" xml:lang="en-US">Weighted average number of ordinary shares outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_WeightedAverageShares" xml:lang="en-US">Weighted average number of shares outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_WeightedAverageShares" xlink:to="lab_H6460J968H94_ifrs-full_WeightedAverageShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xml:lang="en-US">Dilutive effect of share options on number of ordinary shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xml:lang="en-US">Dilutive effect of outstanding share options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AdjustedWeightedAverageShares" xlink:label="loc_F4248H746F72_ifrs-full_AdjustedWeightedAverageShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AdjustedWeightedAverageShares" xml:lang="en-US">Adjusted weighted average number of ordinary shares outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_ifrs-full_AdjustedWeightedAverageShares" xml:lang="en-US">Weighted average number of shares outstanding incl. dilutive effect of share options</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AdjustedWeightedAverageShares" xlink:to="lab_H6460J968H94_ifrs-full_AdjustedWeightedAverageShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DividendPerShareAbstract" xlink:label="loc_IF21F453I7K897H8F732_trmd_DividendPerShareAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_DividendPerShareAbstract" xml:lang="en-US">Dividend Per Share [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_DividendPerShareAbstract" xml:lang="en-US">DIVIDEND PER SHARE</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_DividendPerShareAbstract" xlink:to="lab_KH43H675K9M019J0H954_trmd_DividendPerShareAbstract"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DividendPaidOnShares" xlink:label="loc_F4248H746F72_trmd_DividendPaidOnShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DividendPaidOnShares" xml:lang="en-US">Dividend Paid On Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_DividendPaidOnShares" xml:lang="en-US">Dividend for the year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DividendPaidOnShares" xml:lang="en-US">Represents the amount related to dividend paid on shares during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DividendPaidOnShares" xlink:to="lab_H6460J968H94_trmd_DividendPaidOnShares"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NumberOfSharesOnWhichDividendPaid" xlink:label="loc_IF21F453I7K897H8F732_trmd_NumberOfSharesOnWhichDividendPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfSharesOnWhichDividendPaid" xml:lang="en-US">Number Of Shares On Which Dividend Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfSharesOnWhichDividendPaid" xml:lang="en-US">Number of shares, end of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_NumberOfSharesOnWhichDividendPaid" xml:lang="en-US">Represents the number of shares on which dividend paid.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_NumberOfSharesOnWhichDividendPaid" xlink:to="lab_KH43H675K9M019J0H954_trmd_NumberOfSharesOnWhichDividendPaid"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_DividendPerShare" xlink:label="loc_F4248H746F72_trmd_DividendPerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_DividendPerShare" xml:lang="en-US">Dividend Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_H6460J968H94_trmd_DividendPerShare" xml:lang="en-US">Dividend per share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_DividendPerShare" xml:lang="en-US">Represents the per share amount of dividend.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_DividendPerShare" xlink:to="lab_H6460J968H94_trmd_DividendPerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xml:lang="en-US">Property, plant and equipment recognised as of acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xml:lang="en-US">Tangible fixed assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_InvestmentInJointVenturesRecognisedAsOfAcquisitionDate" xlink:label="loc_F4248H746F72_trmd_InvestmentInJointVenturesRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_InvestmentInJointVenturesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Investment In Joint Ventures Recognised As Of Acquisition Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_InvestmentInJointVenturesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Investment in joint ventures</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_InvestmentInJointVenturesRecognisedAsOfAcquisitionDate" xml:lang="en-US">The amount recognised as of the acquisition date for investment in joint ventures in a business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_InvestmentInJointVenturesRecognisedAsOfAcquisitionDate" xlink:to="lab_H6460J968H94_trmd_InvestmentInJointVenturesRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_BunkersRecognisedAsOfAcquisitionDate" xlink:label="loc_IF21F453I7K897H8F732_trmd_BunkersRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_BunkersRecognisedAsOfAcquisitionDate" xml:lang="en-US">Bunkers Recognised As Of Acquisition Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_BunkersRecognisedAsOfAcquisitionDate" xml:lang="en-US">Bunkers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_BunkersRecognisedAsOfAcquisitionDate" xml:lang="en-US">The amount recognised as of the acquisition date for bunkers in a business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_BunkersRecognisedAsOfAcquisitionDate" xlink:to="lab_KH43H675K9M019J0H954_trmd_BunkersRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_FreightReceivablesRecognisedAsOfAcquisitionDate" xlink:label="loc_F4248H746F72_trmd_FreightReceivablesRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_FreightReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Freight Receivables Recognised As Of Acquisition Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_FreightReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Freight receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_FreightReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US">The amount recognised as of the acquisition date for freight receivables in a business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_FreightReceivablesRecognisedAsOfAcquisitionDate" xlink:to="lab_H6460J968H94_trmd_FreightReceivablesRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherReceivablesRecognisedAsOfAcquisitionDate" xlink:label="loc_IF21F453I7K897H8F732_trmd_OtherReceivablesRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Other Receivables Recognised As Of Acquisition Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Other receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherReceivablesRecognisedAsOfAcquisitionDate" xml:lang="en-US">The amount recognised as of the acquisition date for other receivables in a business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OtherReceivablesRecognisedAsOfAcquisitionDate" xlink:to="lab_KH43H675K9M019J0H954_trmd_OtherReceivablesRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_PrepaymentsRecognisedAsOfAcquisitionDate" xlink:label="loc_F4248H746F72_trmd_PrepaymentsRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_PrepaymentsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Prepayments Recognised As Of Acquisition Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_PrepaymentsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Prepayments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_PrepaymentsRecognisedAsOfAcquisitionDate" xml:lang="en-US">The amount recognised as of the acquisition date for prepayments in a business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_PrepaymentsRecognisedAsOfAcquisitionDate" xlink:to="lab_H6460J968H94_trmd_PrepaymentsRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Cash and cash equivalents recognised as of acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="loc_F4248H746F72_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Deferred tax liabilities recognised as of acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Deferred tax liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="lab_H6460J968H94_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate" xlink:label="loc_IF21F453I7K897H8F732_trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate" xml:lang="en-US">Mortgage Debt And Bank Loans Recognised As Of Acquisition Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate" xml:lang="en-US">Mortgage debt and bank loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate" xml:lang="en-US">The amount recognised as of the acquisition date for mortgage debt and bank loans in a business combination.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate" xml:lang="en-US">Mortgage debt and bank loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate" xlink:to="lab_KH43H675K9M019J0H954_trmd_MortgageDebtAndBankLoansRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ContingentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="loc_F4248H746F72_ifrs-full_ContingentLiabilitiesRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ContingentLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Contingent liabilities recognised as of acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ContingentLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Finance lease liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_ContingentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="lab_H6460J968H94_ifrs-full_ContingentLiabilitiesRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Trade and other payables recognised as of acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Trade payables</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="loc_F4248H746F72_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Current liabilities recognised as of acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Current tax liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="lab_H6460J968H94_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="loc_IF21F453I7K897H8F732_trmd_OtherLiabilitiesRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Other Liabilities Recognised As Of Acquisition Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">Other liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xml:lang="en-US">The amount recognised as of the acquisition date for other liabilities assumed in a business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="lab_KH43H675K9M019J0H954_trmd_OtherLiabilitiesRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TimeCharterContractsRecognisedAsOfAcquisitionDate" xlink:label="loc_F4248H746F72_trmd_TimeCharterContractsRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_TimeCharterContractsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Time Charter Contracts Recognised As Of Acquisition Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_TimeCharterContractsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Time charter contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_TimeCharterContractsRecognisedAsOfAcquisitionDate" xml:lang="en-US">The amount recognised as of the acquisition date for time charter contracts assumed in a business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_TimeCharterContractsRecognisedAsOfAcquisitionDate" xlink:to="lab_H6460J968H94_trmd_TimeCharterContractsRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DeferredIncomeRecognisedAsOfAcquisitionDate" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DeferredIncomeRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DeferredIncomeRecognisedAsOfAcquisitionDate" xml:lang="en-US">Deferred income recognised as of acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DeferredIncomeRecognisedAsOfAcquisitionDate" xml:lang="en-US">Deferred income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DeferredIncomeRecognisedAsOfAcquisitionDate" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DeferredIncomeRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:label="loc_F4248H746F72_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Financial assets recognised as of acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Net assets acquired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xml:lang="en-US">Net assets acquired</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate" xlink:to="lab_H6460J968H94_ifrs-full_FinancialAssetsRecognisedAsOfAcquisitionDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xml:lang="en-US">Identifiable assets acquired (liabilities assumed)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xml:lang="en-US">Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xml:lang="en-US">Consideration (purchase price)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xml:lang="en-US">Consideration (purchase price)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EquityInterestsOfAcquirer" xlink:label="loc_F4248H746F72_ifrs-full_EquityInterestsOfAcquirer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_EquityInterestsOfAcquirer" xml:lang="en-US">Equity interests of acquirer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_EquityInterestsOfAcquirer" xml:lang="en-US">Shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_EquityInterestsOfAcquirer" xlink:to="lab_H6460J968H94_ifrs-full_EquityInterestsOfAcquirer"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_WarrantsOfAcquirer" xlink:label="loc_IF21F453I7K897H8F732_trmd_WarrantsOfAcquirer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_trmd_WarrantsOfAcquirer" xml:lang="en-US">Warrants Of Acquirer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_trmd_WarrantsOfAcquirer" xml:lang="en-US">Warrants</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_KH43H675K9M019J0H954_trmd_WarrantsOfAcquirer" xml:lang="en-US">The fair value, at the acquisition date, of warrants of the acquirer transferred as consideration in a business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_trmd_WarrantsOfAcquirer" xlink:to="lab_KH43H675K9M019J0H954_trmd_WarrantsOfAcquirer"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:label="loc_F4248H746F72_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xml:lang="en-US">Consideration transferred, acquisition-date fair value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_H6460J968H94_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xml:lang="en-US">Total consideration transferred</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:to="lab_H6460J968H94_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationTable" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationTable" xml:lang="en-US">Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationTable" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationTable"/>
<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_OcmNjordHoldingsS..R.L.Member" xlink:label="loc_F4248H746F72_trmd_OcmNjordHoldingsS..R.L.Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_trmd_OcmNjordHoldingsS..R.L.Member" xml:lang="en-US">Ocm Njord Holdings S.a.R.L. [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_trmd_OcmNjordHoldingsS..R.L.Member" xml:lang="en-US">OCM Njord Holdings S.a.R.L.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_H6460J968H94_trmd_OcmNjordHoldingsS..R.L.Member" xml:lang="en-US">This member stands for related parties.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_trmd_OcmNjordHoldingsS..R.L.Member" xlink:to="lab_H6460J968H94_trmd_OcmNjordHoldingsS..R.L.Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BusinessCombinationsAxis" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_BusinessCombinationsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BusinessCombinationsAxis" xml:lang="en-US">Business combinations [axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_BusinessCombinationsAxis" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_BusinessCombinationsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:label="loc_F4248H746F72_ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_EntitysTotalForBusinessCombinationsMember" xml:lang="en-US">Entity's total for business combinations [member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_EntitysTotalForBusinessCombinationsMember" xlink:to="lab_H6460J968H94_ifrs-full_EntitysTotalForBusinessCombinationsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BusinessCombinationsMember" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_BusinessCombinationsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BusinessCombinationsMember" xml:lang="en-US">Business combinations [member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_BusinessCombinationsMember" xml:lang="en-US">Business combinations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_BusinessCombinationsMember" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_BusinessCombinationsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationLineItems" xlink:label="loc_F4248H746F72_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationLineItems" xml:lang="en-US">Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationLineItems" xlink:to="lab_H6460J968H94_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_PercentageOfVotingEquityInterestsAcquired"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xml:lang="en-US">Percentage of voting equity interests acquired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xml:lang="en-US">Percentage of voting rights</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xml:lang="en-US">Ownership percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_PercentageOfVotingEquityInterestsAcquired"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_FairValueOfAcquiredReceivables" xlink:label="loc_F4248H746F72_ifrs-full_FairValueOfAcquiredReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_FairValueOfAcquiredReceivables" xml:lang="en-US">Fair value of acquired receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_FairValueOfAcquiredReceivables" xml:lang="en-US">Freight and other receivables acquired</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_FairValueOfAcquiredReceivables" xlink:to="lab_H6460J968H94_ifrs-full_FairValueOfAcquiredReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xml:lang="en-US">Gross contractual amounts receivable for acquired receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xml:lang="en-US">Gross contractual amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xlink:label="loc_F4248H746F72_ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xml:lang="en-US">Best estimate at acquisition date of contractual cash flows not expected to be collected for acquired receivables</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xml:lang="en-US">Contractual cash flows not to expected to be collected</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_F4248H746F72_ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" xlink:to="lab_H6460J968H94_ifrs-full_BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_RevenueOfAcquiree" xlink:label="loc_IF21F453I7K897H8F732_ifrs-full_RevenueOfAcquiree"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_RevenueOfAcquiree" xml:lang="en-US">Revenue of acquiree since acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_KH43H675K9M019J0H954_ifrs-full_RevenueOfAcquiree" xml:lang="en-US">Revenue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_IF21F453I7K897H8F732_ifrs-full_RevenueOfAcquiree" xlink:to="lab_KH43H675K9M019J0H954_ifrs-full_RevenueOfAcquiree"/>
<loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2018-03-16/full_ifrs/full_ifrs-cor_2018-03-16.xsd#ifrs-full_ProfitLossOfAcquiree" xlink:label="loc_F4248H746F72_ifrs-full_ProfitLossOfAcquiree"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossOfAcquiree" xml:lang="en-US">Profit (loss) of acquiree since acquisition date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_H6460J968H94_ifrs-full_ProfitLossOfAcquiree" xml:lang="en-US">Profit for the period</label>
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<label xlink:type="resource" xlink:label="lab_trmd_InterestExpenseExposure" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Interest Expense Exposure</label>
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<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_NotionalValueInterestRateHedgesCovering" xlink:label="loc_trmd_NotionalValueInterestRateHedgesCovering_1"/>
<label xlink:type="resource" xlink:label="lab_trmd_NotionalValueInterestRateHedgesCovering" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Notional Value Interest Rate Hedges Covering</label>
<label xlink:type="resource" xlink:label="lab_trmd_NotionalValueInterestRateHedgesCovering" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Notional value of interest rate hedges covering</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_trmd_NotionalValueInterestRateHedgesCovering_1" xlink:to="lab_trmd_NotionalValueInterestRateHedgesCovering"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_trmd_NotionalValueInterestRateHedgesCovering" xml:lang="en-US">Notional value of interest rate hedges covering.</label>

<loc xlink:type="locator" xlink:href="trmd-20181231.xsd#trmd_TotalBalloonPayments" xlink:label="loc_trmd_TotalBalloonPayments_1"/>
<label xlink:type="resource" xlink:label="lab_trmd_TotalBalloonPayments" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Total Balloon Payments</label>
<label xlink:type="resource" xlink:label="lab_trmd_TotalBalloonPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Total balloon payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_trmd_TotalBalloonPayments_1" xlink:to="lab_trmd_TotalBalloonPayments"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_trmd_TotalBalloonPayments" xml:lang="en-US">Represents total balloon payments made.</label>

<loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2018/dei-2018-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_dei_EntityExTransitionPeriod"/>
<label xlink:type="resource" xlink:label="lab_dei_EntityExTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Entity Ex Transition Period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityExTransitionPeriod" xlink:to="lab_dei_EntityExTransitionPeriod"/>
</labelLink></linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>16
<FILENAME>trmd-20181231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6819784992">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DOCUMENT AND ENTITY INFORMATION - shares<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Feb. 25, 2019</div></th>
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<tr class="re">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2018<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">2018<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">false<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if company meets the shell company criteria: a company with no or nominal operations, and with no or nominal assets or assets consisting solely of cash and cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820214896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED INCOME STATEMENT - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>Profit or loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices', window );">Revenue</a></td>
<td class="nump">$ 635,366<span></span>
</td>
<td class="nump">$ 656,991<span></span>
</td>
<td class="nump">$ 680,143<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PortExpensesBunkersAndCommissions', window );">Port expenses, bunkers and commissions</a></td>
<td class="num">(283,018)<span></span>
</td>
<td class="num">(259,888)<span></span>
</td>
<td class="num">(221,859)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TransportationExpense', window );">Charter hire</a></td>
<td class="num">(2,506)<span></span>
</td>
<td class="num">(8,517)<span></span>
</td>
<td class="num">(21,498)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Operating expenses (Note 3)</a></td>
<td class="num">(180,443)<span></span>
</td>
<td class="num">(188,374)<span></span>
</td>
<td class="num">(195,249)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsOnDisposalsOfNoncurrentAssets', window );">Profit from sale of vessels (Note 22)</a></td>
<td class="nump">752<span></span>
</td>
<td class="nump">2,762<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses (Note 3,4)</a></td>
<td class="num">(47,826)<span></span>
</td>
<td class="num">(45,007)<span></span>
</td>
<td class="num">(41,406)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Other operating expenses</a></td>
<td class="num">(1,963)<span></span>
</td>
<td class="num">(418)<span></span>
</td>
<td class="num">(304)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod', window );">Share of profit/(loss) from joint ventures</a></td>
<td class="nump">189<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">176<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Impairment losses on tangible and intangible assets (Note 6,7,22)</a></td>
<td class="num">(3,249)<span></span>
</td>
<td class="num">(3,572)<span></span>
</td>
<td class="num">(185,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation (Note 6)</a></td>
<td class="num">(114,480)<span></span>
</td>
<td class="num">(114,451)<span></span>
</td>
<td class="num">(122,215)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Operating profit/(loss) (EBIT)</a></td>
<td class="nump">2,822<span></span>
</td>
<td class="nump">39,529<span></span>
</td>
<td class="num">(107,212)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income (Note 8)</a></td>
<td class="nump">3,302<span></span>
</td>
<td class="nump">4,255<span></span>
</td>
<td class="nump">2,814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses (Note 8)</a></td>
<td class="num">(39,345)<span></span>
</td>
<td class="num">(40,601)<span></span>
</td>
<td class="num">(37,333)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit/(loss) before tax</a></td>
<td class="num">(33,221)<span></span>
</td>
<td class="nump">3,184<span></span>
</td>
<td class="num">(141,731)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Tax (Note 11)</a></td>
<td class="num">(1,558)<span></span>
</td>
<td class="num">(777)<span></span>
</td>
<td class="num">(760)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Net profit/(loss) for the year</a></td>
<td class="num">$ (34,779)<span></span>
</td>
<td class="nump">$ 2,407<span></span>
</td>
<td class="num">$ (142,491)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>EARNINGS PER SHARE</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic earnings/(loss) per share (USD) (Note 25) (in dollars per share)</a></td>
<td class="num">$ (0.48)<span></span>
</td>
<td class="nump">$ 0.04<span></span>
</td>
<td class="num">$ (2.27)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Diluted earnings/(loss) per share (USD) (Note 25) (in dollars per share)</a></td>
<td class="num">$ (0.48)<span></span>
</td>
<td class="nump">$ 0.04<span></span>
</td>
<td class="num">$ (2.27)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsOnDisposalsOfNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gain on disposals of non-current assets. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsOnDisposalsOfNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss or reversal of impairment loss recognised in profit or loss. [Refer: Impairment loss recognised in profit or loss; Reversal of impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the rendering of cargo and mail transport services. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of joint ventures accounted for using the equity method. [Refer: Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TransportationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from transportation services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TransportationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PortExpensesBunkersAndCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses associated to port expenses, bunkers and commissions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PortExpensesBunkersAndCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6819964608">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>Statement of comprehensive income [abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Net profit/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (34,779)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2,407<span></span>
</td>
<td class="num">$ (142,491)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTaxAbstract', window );"><strong>Items that may be reclassified to profit or loss:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax', window );">Exchange rate adjustment arising from translation of entities using a functional currency different from USD</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(316)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">240<span></span>
</td>
<td class="num">(180)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges', window );">Fair value adjustment on hedging instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6,748)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">9,181<span></span>
</td>
<td class="num">(2,675)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax', window );">Fair value adjustment on hedging instruments transferred to income statement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(307)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(2,262)<span></span>
</td>
<td class="nump">1,665<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items that may not be reclassified to profit or loss:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Remeasurements of net pension and other post-retirement benefit liability or asset</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(48)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">120<span></span>
</td>
<td class="num">(60)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income/(loss) after tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(7,419)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">7,279<span></span>
</td>
<td class="num">(1,250)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (42,198)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 9,686<span></span>
</td>
<td class="num">$ (143,741)<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">No income tax was incurred relating to other comprehensive income/(loss) items.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Please refer to "Consolidated Statement of Comprehensive Income".</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTaxAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, before tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationBeforeTax</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income, before tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to cash flow hedges, before tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 92<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_23_d&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820274272">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEET - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipmentAbstract', window );"><strong>Tangible fixed assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VesselsAndCapitalizedDrydock', window );">Vessels and capitalized dry-docking (Note 6,7,15)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,396,558<span></span>
</td>
<td class="nump">$ 1,294,472<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Prepayments on vessels (Note 6)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">45,491<span></span>
</td>
<td class="nump">88,378<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherPropertyPlantAndEquipment', window );">Other plant and operating equipment (Note 6)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,973<span></span>
</td>
<td class="nump">1,945<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Total tangible fixed assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,445,022<span></span>
</td>
<td class="nump">1,384,795<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract', window );"><strong>Financial assets</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInJointVentures', window );">Investments in joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">71<span></span>
</td>
<td class="nump">324<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod', window );">Other investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialAssets', window );">Total financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">76<span></span>
</td>
<td class="nump">329<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,445,098<span></span>
</td>
<td class="nump">1,385,124<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InventoriesTotal', window );">Bunkers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,404<span></span>
</td>
<td class="nump">33,204<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Freight receivables (Note 9)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">85,997<span></span>
</td>
<td class="nump">71,281<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Other receivables (Note 10)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,488<span></span>
</td>
<td class="nump">11,787<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPrepayments', window );">Prepayments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,855<span></span>
</td>
<td class="nump">4,422<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CashAndCashEquivalentsIncludingRestrictedCash', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">127,361<span></span>
</td>
<td class="nump">134,207<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Current assets, excluding assets held-for-sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">263,105<span></span>
</td>
<td class="nump">254,901<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale', window );">Assets held-for-sale (Note 22)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,197<span></span>
</td>
<td class="nump">6,550<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">269,302<span></span>
</td>
<td class="nump">261,451<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,714,400<span></span>
</td>
<td class="nump">1,646,575<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>EQUITY</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Common shares (Note 12)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">742<span></span>
</td>
<td class="nump">623<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharePremium', window );">Share premium (Note 12)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">97,092<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Treasury shares (Note 12)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,887)<span></span>
</td>
<td class="num">(2,887)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfCashFlowHedges', window );">Hedging reserves</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">254<span></span>
</td>
<td class="nump">7,309<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads', window );">Translation reserves</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(96)<span></span>
</td>
<td class="nump">280<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Retained profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">752,106<span></span>
</td>
<td class="nump">785,725<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">847,211<span></span>
</td>
<td class="nump">791,050<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>NON-CURRENT LIABILITIES</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liability (Note 11)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">44,909<span></span>
</td>
<td class="nump">44,906<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Mortgage debt and bank loans (Note 2,14,15,17)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">633,026<span></span>
</td>
<td class="nump">629,198<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentFinanceLeaseLiabilities', window );">Finance lease liabilities (Note 17,22)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,138<span></span>
</td>
<td class="nump">25,294<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">700,073<span></span>
</td>
<td class="nump">699,398<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentPortionOfLongtermBorrowings', window );">Mortgage debt and bank loans (Note 2,14,15,17)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91,266<span></span>
</td>
<td class="nump">91,720<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentFinanceLeaseLiabilities', window );">Finance lease liabilities (Note 17,22)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,156<span></span>
</td>
<td class="nump">2,899<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers', window );">Trade payables (Note 17)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">35,122<span></span>
</td>
<td class="nump">26,150<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current tax liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,010<span></span>
</td>
<td class="nump">1,393<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other liabilities (Note 13,17)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">36,503<span></span>
</td>
<td class="nump">33,822<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredIncomeClassifiedAsCurrent', window );">Deferred income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">59<span></span>
</td>
<td class="nump">143<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">167,116<span></span>
</td>
<td class="nump">156,127<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">867,189<span></span>
</td>
<td class="nump">855,525<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL EQUITY AND LIABILITIES</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,714,400<span></span>
</td>
<td class="nump">$ 1,646,575<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfNoncurrentFinancialAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners. [Refer: Current assets; Disposal groups classified as held for sale [member]; Non-current assets or disposal groups classified as held for sale; Non-current assets or disposal groups classified as held for distribution to owners]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinanceLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current finance lease liabilities. [Refer: Finance lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-02&amp;anchor=para_55&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinanceLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPortionOfLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPortionOfLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredIncomeClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred income classified as current. [Refer: Deferred income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredIncomeClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InventoriesTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies to be consumed in the production process or in the rendering of services. Inventories encompass goods purchased and held for resale including, for example, merchandise purchased by a retailer and held for resale, or land and other property held for resale. Inventories also encompass finished goods produced, or work in progress being produced, by the entity and include materials and supplies awaiting use in the production process. [Refer: Current finished goods; Current merchandise; Current work in progress; Land]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InventoriesTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in joint ventures in an entity's separate financial statements. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets or disposal groups classified as held for sale. [Refer: Disposal groups classified as held for sale [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Paragraph 38<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=para_38&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentFinanceLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current finance lease liabilities. [Refer: Finance lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-02&amp;anchor=para_55&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentFinanceLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current investments other than investments accounted for using the equity method. [Refer: Investments accounted for using equity method; Non-current assets; Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of property, plant and equipment that the entity does not separately disclose in the same statement or note. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the accumulated portion of gain (loss) on a hedging instrument that is determined to be an effective hedge for cash flow hedges. [Refer: Cash flow hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 9<br> -IssueDate 2018-01-01<br> -Paragraph 6.5.11<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=9&amp;date=2018-03-01&amp;anchor=para_6.5.11&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the accumulated change in the value of foreign currency basis spreads of financial instruments when excluding them from the designation of these financial instruments as hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 9<br> -IssueDate 2018-01-01<br> -Paragraph 6.5.16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=9&amp;date=2018-03-01&amp;anchor=para_6.5.16&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReserveOfChangeInValueOfForeignCurrencyBasisSpreads</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharePremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount received or receivable from the issuance of the entity's shares in excess of nominal value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharePremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of payment due to suppliers for goods and services used in entity's business. [Refer: Current liabilities; Trade payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_70&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CashAndCashEquivalentsIncludingRestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent cash and cash equivalents including restricted cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CashAndCashEquivalentsIncludingRestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VesselsAndCapitalizedDrydock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represnts the amount of property, plant and equipment representing seafaring or other maritime vessels and capitalized dry-dock used in the entity's operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VesselsAndCapitalizedDrydock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6819694912">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Common shares</div></th>
<th class="th"><div>Share premium</div></th>
<th class="th" colspan="2"><div>Treasury shares</div></th>
<th class="th"><div>Hedging reserves</div></th>
<th class="th"><div>Translation reserves</div></th>
<th class="th"><div>Retained profit</div></th>
<th class="th" colspan="2"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity at Dec. 31, 2015</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 638<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (176)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,400<span></span>
</td>
<td class="nump">$ 160<span></span>
</td>
<td class="nump">$ 973,954<span></span>
</td>
<td class="nump">$ 975,976<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income/loss for the year:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Net profit/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(142,491)<span></span>
</td>
<td class="num">(142,491)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,010)<span></span>
</td>
<td class="num">(180)<span></span>
</td>
<td class="num">(60)<span></span>
</td>
<td class="num">(1,250)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(1,010)<span></span>
</td>
<td class="num">(180)<span></span>
</td>
<td class="num">(142,551)<span></span>
</td>
<td class="num">(143,741)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners', window );">Corporate Reorganization TORM plc</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,564)<span></span>
</td>
<td class="num">(6,564)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AcquisitionOfNonControllingInterest', window );">Acquisition of outstanding shares in TORM A/S, cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="num">(15)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">176<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,396)<span></span>
</td>
<td class="num">(19,235)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Acquisition of treasury shares, cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,887)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,887)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,029<span></span>
</td>
<td class="nump">2,029<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividend paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(25,000)<span></span>
</td>
<td class="num">(25,000)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInEquity', window );">Total changes in equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(15)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,711)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(1,010)<span></span>
</td>
<td class="num">(180)<span></span>
</td>
<td class="num">(191,482)<span></span>
</td>
<td class="num">(195,398)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity at Dec. 31, 2016</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,887)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">390<span></span>
</td>
<td class="num">(20)<span></span>
</td>
<td class="nump">782,472<span></span>
</td>
<td class="nump">780,578<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income/loss for the year:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Net profit/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,407<span></span>
</td>
<td class="nump">2,407<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,919<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="nump">120<span></span>
</td>
<td class="nump">7,279<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,919<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="nump">2,527<span></span>
</td>
<td class="nump">9,686<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners', window );">Corporate Reorganization TORM plc</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">146<span></span>
</td>
<td class="nump">146<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,880<span></span>
</td>
<td class="nump">1,880<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividend paid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,240)<span></span>
</td>
<td class="num">(1,240)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInEquity', window );">Total changes in equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">6,919<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="nump">3,313<span></span>
</td>
<td class="nump">10,472<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity at Dec. 31, 2017</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,887)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">7,309<span></span>
</td>
<td class="nump">220<span></span>
</td>
<td class="nump">784,907<span></span>
</td>
<td class="nump">791,050<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAbstract', window );"><strong>Comprehensive income/loss for the year:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Net profit/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(34,779)<span></span>
</td>
<td class="num">(34,779)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,055)<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(48)<span></span>
</td>
<td class="num">(7,419)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income/(loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,055)<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(34,827)<span></span>
</td>
<td class="num">(42,198)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Capital increase</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">119<span></span>
</td>
<td class="nump">$ 99,880<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">99,999<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareIssueRelatedCost', window );">Transaction costs capital increase</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,788)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,788)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions', window );">Share-based compensation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,026<span></span>
</td>
<td class="nump">2,026<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInEquity', window );">Total changes in equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">119<span></span>
</td>
<td class="nump">97,092<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="num">(7,055)<span></span>
</td>
<td class="num">(316)<span></span>
</td>
<td class="num">(32,801)<span></span>
</td>
<td class="nump">57,039<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Equity at Dec. 31, 2018</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">742<span></span>
</td>
<td class="nump">$ 97,092<span></span>
</td>
<td class="num">(2,887)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">254<span></span>
</td>
<td class="num">(96)<span></span>
</td>
<td class="nump">752,106<span></span>
</td>
<td class="nump">847,211<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ChangesInStockHoldersEquityRollForward', window );"><strong>Changes in Stockholders' Equity [Roll Forward]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EquityAfterEffectOfIfrsStandardsImplemented', window );">Adjusted equity as of 1 January 2018</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (2,887)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 7,309<span></span>
</td>
<td class="nump">$ 220<span></span>
</td>
<td class="nump">785,785<span></span>
</td>
<td class="nump">791,050<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EffectOfOfNewIfrsStandards', window );">Effect as of 1 January 2018 of new IFRS standards implemented</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (878)<span></span>
</td>
<td class="num">$ (878)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="11"></td></tr>
<tr><td colspan="11"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Please refer to note 12 for further information on treasury shares.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">No income tax was incurred relating to other comprehensive income/(loss) items.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Relates to the squeeze-out of remaining minority shareholders in TORM A/S.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Please refer to "Consolidated Statement of Comprehensive Income".</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Please refer to note 1 for description of new IFRS standards implemented.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from transactions with owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransactionsWithOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssueOfEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssueOfEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from the purchase of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareIssueRelatedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cost related to the issuance of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareIssueRelatedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AcquisitionOfNonControllingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the acquisition of remaining minority shareholders of subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AcquisitionOfNonControllingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ChangesInStockHoldersEquityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ChangesInStockHoldersEquityRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_EffectOfOfNewIfrsStandards">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect on the beginning balance of equity due to new IFRS standards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_EffectOfOfNewIfrsStandards</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_EquityAfterEffectOfIfrsStandardsImplemented">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value of equity before after of IFRS standards implemented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_EquityAfterEffectOfIfrsStandardsImplemented</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6810452384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED CASH FLOW STATEMENT - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOW FROM OPERATING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Net profit/(loss) for the year</a></td>
<td class="num">$ (34,779)<span></span>
</td>
<td class="nump">$ 2,407<span></span>
</td>
<td class="num">$ (142,491)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets', window );">Reversal of profit from sale of vessels</a></td>
<td class="num">(752)<span></span>
</td>
<td class="num">(2,762)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationExpense', window );">Reversal of depreciation (Note 6)</a></td>
<td class="nump">114,480<span></span>
</td>
<td class="nump">114,451<span></span>
</td>
<td class="nump">122,215<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss', window );">Reversal of impairment loss on tangible and intangible assets (Note 6,7,22)</a></td>
<td class="nump">3,249<span></span>
</td>
<td class="nump">3,572<span></span>
</td>
<td class="nump">185,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Reversal of share of profit/(loss) from joint ventures</a></td>
<td class="num">(189)<span></span>
</td>
<td class="num">(3)<span></span>
</td>
<td class="num">(176)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncome', window );">Reversal of financial income (Note 8)</a></td>
<td class="num">(3,302)<span></span>
</td>
<td class="num">(4,255)<span></span>
</td>
<td class="num">(2,814)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Reversal of financial expenses (Note 8)</a></td>
<td class="nump">39,345<span></span>
</td>
<td class="nump">40,601<span></span>
</td>
<td class="nump">37,333<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncomeTaxExpense', window );">Reversal of tax expenses (Note 11)</a></td>
<td class="nump">1,558<span></span>
</td>
<td class="nump">777<span></span>
</td>
<td class="nump">760<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherAdjustmentsForNon-CashItems', window );">Reversal of other non-cash movements (Note 23)</a></td>
<td class="nump">2,039<span></span>
</td>
<td class="nump">3,696<span></span>
</td>
<td class="num">(7,114)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities', window );">Dividends received from joint ventures</a></td>
<td class="nump">440<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">188<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities', window );">Interest received and realized exchange gains</a></td>
<td class="nump">2,720<span></span>
</td>
<td class="nump">1,641<span></span>
</td>
<td class="nump">2,735<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Interest paid and realized exchange losses</a></td>
<td class="num">(39,792)<span></span>
</td>
<td class="num">(36,698)<span></span>
</td>
<td class="num">(31,385)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities', window );">Income taxes paid</a></td>
<td class="num">(1,611)<span></span>
</td>
<td class="num">(586)<span></span>
</td>
<td class="num">(1,430)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Change in bunkers, receivables and payables, etc. (Note 23)</a></td>
<td class="num">(12,668)<span></span>
</td>
<td class="num">(12,996)<span></span>
</td>
<td class="nump">8,322<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash flow from operating activities</a></td>
<td class="nump">70,738<span></span>
</td>
<td class="nump">109,845<span></span>
</td>
<td class="nump">171,143<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOW FROM INVESTING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Investment in tangible fixed assets</a></td>
<td class="num">(202,439)<span></span>
</td>
<td class="num">(145,112)<span></span>
</td>
<td class="num">(119,408)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Sale of tangible fixed assets (Note 22)</a></td>
<td class="nump">26,847<span></span>
</td>
<td class="nump">31,382<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash flow from investing activities</a></td>
<td class="num">(175,592)<span></span>
</td>
<td class="num">(113,730)<span></span>
</td>
<td class="num">(119,408)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOW FROM FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Borrowing, mortgage debt</a></td>
<td class="nump">114,530<span></span>
</td>
<td class="nump">175,377<span></span>
</td>
<td class="nump">49,256<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProceedsFromSaleAndLeasebackTransactions', window );">Borrowing, sale and leaseback transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,195<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayment/redemption, mortgage debt</a></td>
<td class="num">(110,834)<span></span>
</td>
<td class="num">(125,487)<span></span>
</td>
<td class="num">(142,740)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Repayment/redemption, finance lease liabilities</a></td>
<td class="num">(2,899)<span></span>
</td>
<td class="num">(16,724)<span></span>
</td>
<td class="num">(3,410)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Dividend paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,240)<span></span>
</td>
<td class="num">(25,000)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_Acquisitionofnoncontrollinginterestofsubsidiary', window );">Acquisition of outstanding shares in TORM A/S</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,241)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssuingShares', window );">Capital increase</a></td>
<td class="nump">99,999<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsForShareIssueCosts', window );">Transaction costs share issue</a></td>
<td class="num">(2,788)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PurchaseOrIssueOFtreasuryShares', window );">Purchase/disposal of treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,887)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ChangeInRestrictedCashClassifiedAsFinancingActivities', window );">Change in restricted cash</a></td>
<td class="num">(2,014)<span></span>
</td>
<td class="nump">594<span></span>
</td>
<td class="num">(1,588)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash flow from financing activities</a></td>
<td class="nump">95,994<span></span>
</td>
<td class="nump">62,715<span></span>
</td>
<td class="num">(145,610)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">Net cash flow from operating, investing and financing activities</a></td>
<td class="num">(8,860)<span></span>
</td>
<td class="nump">58,830<span></span>
</td>
<td class="num">(93,875)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents as of 1 January</a></td>
<td class="nump">132,948<span></span>
</td>
<td class="nump">74,118<span></span>
</td>
<td class="nump">167,993<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents as of 31 December</a></td>
<td class="nump">124,088<span></span>
</td>
<td class="nump">132,948<span></span>
</td>
<td class="nump">74,118<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_RestrictedCashAmount', window );">Restricted cash as of 31 December</a></td>
<td class="nump">3,273<span></span>
</td>
<td class="nump">1,259<span></span>
</td>
<td class="nump">1,853<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CashAndCashEquivalentsIncludingRestrictedCash', window );">Cash and cash equivalents including restricted cash as of 31 December</a></td>
<td class="nump">$ 127,361<span></span>
</td>
<td class="nump">$ 134,207<span></span>
</td>
<td class="nump">$ 75,971<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationExpense</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance income to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for gain (loss) on disposals investments in subsidiaries, joint ventures and associates to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries, joint ventures and associates; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncomeTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncomeTaxExpense</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for losses (gains) on disposal of non-current assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Non-current assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 14<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_14&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsReceivedClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from dividends received, classified as operating activities. [Refer: Dividends received]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsReceivedClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for income taxes paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from interest received, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivedClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsForShareIssueCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for share issue costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsForShareIssueCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of finance lease liabilities, classified as financing activities. [Refer: Finance lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-02&amp;anchor=para_17_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfFinanceLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssuingShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuing shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssuingShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_Acquisitionofnoncontrollinginterestofsubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of cash outflow attributed to the acquisition of non-controlling interest of susbidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_Acquisitionofnoncontrollinginterestofsubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CashAndCashEquivalentsIncludingRestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent cash and cash equivalents including restricted cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CashAndCashEquivalentsIncludingRestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The change in restricted cash classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for non-cash items to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent Amount of restricted cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6816467632">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfAccountingPoliciesCriticalAccountingEstimatesAndJudgementsAbstract', window );"><strong>Disclosure Of Accounting Policies Critical Accounting Estimates And Judgements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory', window );">ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">NOTE 1 &#8211; ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">OVERVIEW OF BUSINESS</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">TORM plc is a shipping company, incorporated in the United Kingdom, which owns and operates a fleet of product tankers. Unless otherwise indicated, the terms "TORM plc," "we," "us," "our," the "Company" and the "Group" refer to TORM plc and its consolidated subsidiaries, which includes TORM A/S and its consolidated subsidiaries following the closing of the Exchange Offer (defined below). When used herein to describe events prior to the closing of the Exchange Offer, the terms &#8220;TORM A/S," "we," "us," "our," the "Company" and the "Group" refer to TORM A/S and its consolidated subsidiaries before such time.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">On 15 April 2016, a new corporate structure was established, whereby TORM plc effectively acquired all of the outstanding A-shares of TORM A/S (referred to herein as Danish A-shares) in exchange for TORM plc&#8217;s securities. A total of 97.6% of TORM A/S&#8217; shareholders exchanged their shareholdings to TORM plc, and TORM plc acquired the remaining 2.4% shares from TORM A/S&#8217; minority shareholders in a statutory squeeze-out transaction under the Danish Companies Act for a total cash consideration of USD 19.2m.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">In addition, and in connection with the exchange of the Danish A-shares in 2016, all TORM A/S warrant holders exchanged their warrants on a one-for-one basis for TORM plc warrants. We refer to these transactions collectively as the "Exchange Offer." On 19 April 2016, upon the closing of the Exchange Offer, TORM plc became the Group&#8217;s publicly-held parent company incorporated under the laws of England and Wales. We refer to this as the "Redomiciliation&#8221;. The Redomiciliation was accounted for as an internal reorganization of entities under common control and, therefore, the assets and liabilities of TORM A/S were accounted for at their historical cost basis and not revalued in the transaction.</font></p>
<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<div><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The impact on equity in 2016 reflected the accumulated deficit of TORM plc at that date and the squeeze-out transaction impact of USD 19.2m.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The consolidated financial statements for the TORM Group are presented in the legal name of TORM plc, but they are a continuation of the financial statements of TORM A/S with a retroactive adjustment of the legal capital of the legal parent (TORM plc). The consolidated financial results reflect the activities for TORM A/S only for the period from 1 January 2016 until 15 April 2016, whereas the remaining period of 2016 and going forward reflects the combined activity of TORM plc and TORM A/S.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">TORM plc is listed on the stock exchange Nasdaq in Copenhagen, Denmark and on Nasdaq in New York, United States.</font></p>
<div><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></div>
<p><font style="color: black; ; font-family: times new roman,times;" size="2">BASIS OF PREPARATION</font></p>
<div><font style="color: black; ; font-family: times new roman,times;" size="2">The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (&#8220;IFRS&#8221;) as adopted by the EU and as issued by the International Accounting Standards Board (&#8220;IASB&#8221;).</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention except where fair value accounting is specifically required by IFRS.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The functional currency is USD, and the Company applies USD as presentation currency in the preparation of the consolidated financial statements.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">GOING CONCERN</font></p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">As of 31 December 2018, TORM&#8217;s available liquidity including undrawn facilities was USD 406m, hereof a cash position of USD 127m. TORM&#8217;s net interest-bearing debt was USD 627m and the net debt loan-to-value ratio was 53%. Further information on the Group&#8217;s objectives and policies for managing its capital, its financial risk management objectives and its exposure to credit and liquidity risk can be found in note 19 to the financial statements.</font></p>
<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<div><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Group monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and loan commitments, and to monitor compliance with the financial covenants within its loan facilities, details of which are in note 2 to the financial statements. Sensitivity calculations are run to reflect different scenarios including, but not limited to, future freight rates and vessel valuations in order to identify risks to future liquidity and covenant compliance and to enable Management to take corrective actions, if required.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Board of Directors has considered the Group&#8217;s cash flow forecasts and the expected compliance with the Company&#8217;s financial covenants for a period of not less than 12 months from the date of approval of these financial statements. Based on this review, the Board of Directors has a reasonable expectation that, taking into account reasonably possible changes in trading performance and vessel valuations, the Group will be able to continue in operational existence and comply with its financial covenants for the foreseeable future. Accordingly, the Group continues to adopt the going concern basis in preparing its financial statements.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></div>
<div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">ADOPTION OF NEW OR AMENDED IFRS STANDARDS&#160;</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">TORM has implemented the following standards and amendments issued by the IASB and adopted by the EU in the consolidated financial statements for 2018:</font></p>
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">Amendments to IFRS 2 &#8220;Classification and Measurement of Share-based Payment Transactions&#8221;</font></td>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">IFRS 9: On 1 January 2018, TORM adopted IFRS 9 &#8220;Financial Instruments&#8221;, which is mandatory for accounting periods beginning 1 January 2018 or later. The standard and subsequent amendments has substantially changed the classification and measurement of financial instruments and hedging requirements and introduced a new hedge-accounting model enabling companies to better reflect their risk management activities in the financial statements. We have assessed that the Group&#8217;s hedging activities also in 2018, qualify for hedge accounting, and there have been no changes in the classifications of financial assets and financial liabilities as at the date of the initial application of IFRS 9. There have been no changes in the carrying amounts on the basis of their measurement categories and there have been no changes in the carrying amounts arising from a change in measurement in connection with the transition to IFRS 9. The standard has thus been implemented without adjusting the opening balance as of 1 January 2018.</font></td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The implementation of IFRS 9 has also entailed that impairment of receivables must be based on expected losses and not incurred losses as under IAS 39. The transition had no significant effect on either the income statement or the statement of financial position, as TORM historically has had very limited actual incurred losses on receivables, and the standard has thus been implemented without adjusting the opening balance as of 1 January 2018. Please see note 19 for further disclosures as of 31 December 2018.</font></p>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">IFRS 15: On 1 January 2018, TORM also adopted IFRS 15, &#8220;Revenue from Contracts with Customers&#8221;, which replaces IAS 11, IAS 18 and associated interpretations. TORM has implemented IFRS 15 with retrospective effect, however, elected to utilize the relief from restating comparative figures (modified retrospective method). The standard has changed the recognition pattern of revenue. The change in revenue recognition has gone from recognizing from &#8220;discharge-to-discharge&#8221; to &#8220;load-to-discharge&#8221;. The effect of the implementation as of 1 January 2018 amounts to USD 0.9m, recorded as an adjustment to the opening balance of retained profit in the consolidated statement of changes in equity.</font></td>
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<p style="widows: 2; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The implementation of the above standards and amendments had no significant impact on the Group&#8217;s financial statements.</font></p>
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<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">It is assessed that application of other new interpretations effective on 1 January 2018 has not had any material impact on the consolidated financial statements in 2018. Further, it has been anticipated that there will not be any significant impact from the adoption of these new interpretations on future periods.</font></p>
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<p><font style="color: black; ; font-family: times new roman,times;" size="2">ACCOUNTING STANDARDS AND INTERPRETATIONS NOT YET ADOPTED</font></p>
<div><font style="color: black; ; font-family: times new roman,times;" size="2">IASB has issued a number of new or amended accounting standards (IFRS) and interpretations (IFRIC) that have not yet come into effect. In general, the following standards are expected to have the most significant impact on current accounting regulation:</font></div>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">IFRS 16 &#8220;Leases&#8221;. The effective date is 1 January 2019, and the standard will be implemented using the modified retrospective approach, where comparative information is not restated. The impact of the standard in TORM is limited to leasing agreements regarding office buildings and other administrative contracts such as cars, office equipment, etc. The change requires capitalization of the operating lease agreements, and the effect in the financials as of 1 January 2019 is a recognition of a right-of-use asset and leasing liability of USD 11.4m. The future reclassification from the line item &#8220;Administrative expenses&#8221; to &#8220;Depreciation&#8221; of approx. USD 2.6m and &#8220;Financial expenses&#8221; (interest) approx. USD 0.3m, amounts to approx. USD 2.9m in 2019. The reclassification will have a minor negative effect on the Profit and Loss in 2019 but will improve the Alternative Performance Measure (APM) &#8220;EBITDA&#8221;.</font></td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">ACCOUNTING POLICIES</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Consolidation principles</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The consolidated financial statements comprise the financial statements of the Parent Company, TORM plc and entities controlled by the Company and its subsidiaries. Control is achieved when the Company has all the following:</font></p>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">power over the investee;</font></td>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">exposure, or rights, to variable returns from its involvement with the investee; and</font></td>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">the ability to use its power over the investee to affect the amounts of the investor&#8217;s returns</font></td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Company should reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities unilaterally. The Company considers all facts and circumstances in assessing whether or not the Company&#8217;s voting rights in an investee are sufficient to give it power, including:</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The size of the Company&#8217;s holding of voting rights relative to the size and dispersion of holdings of the other vote holders</font></p>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">Potential voting rights held by the Company, other vote holders or other parties</font></td>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">Rights arising from other contractual arrangements, and</font></td>
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<td><font style="color: black; ; font-family: times new roman,times;" size="2">Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting pattern at previous shareholders&#8217; meetings</font></td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Entities in which the Group exercises significant but not controlling influence are regarded as associated companies and are accounted for using the equity method.</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Companies which are managed jointly by agreement with one or more companies and therefore are subject to joint control (joint ventures) are accounted for using the equity method.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ends when the Company loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated income statement and other comprehensive income from the date on which the Company obtains control until the date when the Company loses control over the subsidiary.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman',;"><font style="color: black; ; font-family: times new roman,times;" size="2">The consolidated financial statements are prepared on the basis of the financial statements of the Parent Company, its subsidiaries and the Company&#8217;s share of the income statement and balance sheet of joint operations by combining items of a uniform nature and eliminating intercompany transactions, balances and shareholdings as well as realized and unrealized gains and losses on transactions between the consolidated entities. The financial statements used for consolidation purposes are prepared in accordance with the Company&#8217;s accounting policies.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The consolidated financial statements following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) but as a continuation of the financial statements of the legal subsidiary (accounting acquirer). The accounting acquirer&#8217;s legal capital is adjusted retrospectively to reflect the legal capital of the accounting acquiree. Comparative information is adjusted accordingly.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Business combinations</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Newly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Business combinations are accounted for by applying the purchase method, whereby the acquired entities&#8217; identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also taken into account. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
<p><font style="color: black; ; font-family: times new roman,times;" size="2">The excess of the cost of the business combination over the fair value of the acquired assets, liabilities and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units, which subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Foreign currencies</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The functional currency of all significant entities, including subsidiaries and associated companies, is United State dollars (USD), because the Company&#8217;s vessels operate in international shipping markets, in which income and expenses are settled in USD, and because the Company&#8217;s most significant assets and liabilities in the form of vessels and related liabilities are denominated in USD. Transactions in currencies other than the functional currency are translated into the functional currency at the transaction date. Cash, receivables and payables and other monetary items denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate at the balance sheet date. Gains or losses due to differences between the exchange rate at the transaction date and the exchange rate at the settlement date or the balance sheet date are recognized in the income statement under &#8220;Financial income&#8221; and &#8220;Financial expenses&#8221;.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The reporting currency of the Company is USD. Upon recognition of entities with functional currencies other than USD, the financial statements are translated into USD. Income statement items are translated into USD at the average exchange rate for the year, whereas balance sheet items are translated at the exchange rate as of the balance sheet date. Exchange differences arising from the translation of financial statements into USD are recognized as a separate component through other comprehensive income. On the disposal of an entity, the cumulative amount of the exchange differences recognized in the separate component of equity relating to that entity is transferred to the income statement as part of the gain or loss on disposal.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Derivative financial instruments and hedge accounting</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Derivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges and forward contracts regarding bunker purchases, are entered into hedge future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on&#160;<font style="background-color: yellow;">cash flow</font>&#160;hedges when appropriate.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Derivative financial instruments are initially recognized in the balance sheet at fair value at the date when the derivative contract is entered into and are subsequently measured at their fair value as other receivables or other liabilities, respectively.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Changes in the fair value of derivative financial instruments that are designated as cash flow hedges and deemed to be effective are recognized directly in &#8220;Other comprehensive income&#8221;. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in &#8220;Other comprehensive income&#8221; is transferred to the income statement and included in the same line as the hedged transaction. However, when the hedged transaction results in the recognition of a fixed asset, the gains and losses previously accumulated in &#8220;Other comprehensive income&#8221; are transferred from &#8220;Other comprehensive income&#8221; and included in the initial measurement of the cost of the fixed asset. Changes in the fair value of a portion of a hedge deemed to be ineffective are recognized in the income statement.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Changes in the fair value of derivative financial instruments that are not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company&#8217;s risk management policy, interest rate swaps with cap features and certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivate financial instruments are therefore recognized in the income statement under &#8220;Financial income&#8221; or &#8220;Financial expenses&#8221; for interest rate swaps with cap features, under &#8220;Revenue&#8221; for forward freight agreements and under &#8220;Port expenses, bunkers and commissions&#8221; for forward bunker contracts.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Segment information</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The segmentation is based on the Group&#8217;s internal management and reporting structure. In the Tanker Segment, the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel and naphtha.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Group has only one geographical segment, because the Company considers the global market as a whole, and as the individual vessels are not limited to specific parts of the world. Furthermore, the internal management reporting does not provide such information. Consequently, it is not possible to provide geographical segment information on revenue from external customers or non-current segment assets.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Employee benefits</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Wages, salaries, social security contributions, holiday and sick leave, bonuses and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Pension plans</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Leases</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Agreements to charter in vessels and to lease other plant and operating equipment for which TORM substantially has all the risks and rewards of ownership are recognized in the balance sheet as finance leases. Lease assets are measured at the lower of fair value and the present value of minimum lease payments determined in the leases.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">For the purpose of calculating the present value, the interest rate implicit in the lease or an incremental borrowing rate is used as discount factor. The lease assets are depreciated and written down under the same accounting policy as the vessels owned by the Company or over the lease period depending on the lease terms.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The corresponding lease obligation is recognized as a liability in the balance sheet, and the interest element of the lease payment is charged to the income statement as incurred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Other charter agreements concerning vessels and other leases are classified as operating leases, and lease payments are charged to the income statement on a straight-line basis over the lease term. The obligation for the remaining lease term is disclosed in the notes to the financial statements.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Sale and lease back</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Following a sale transaction, agreements to charter-in vessels (sale-and-leaseback) for which TORM maintains substantially all the risks and rewards incidental to economic ownership, are recognized on the balance sheet as finance leases. Leased vessels are measured at the start of the leasing contract at the lower of the present value of minimum lease payments determined in the lease contract and the assets&#8217; fair value, plus any incidental expense borne by the lessee. For the purpose of calculating the present value, the interest rate implicit in the lease is used as discount factor. Depreciation method and useful economic life correspond to those applied to comparable purchased assets. Liabilities for financial leases are recognized on the balance sheet and the interest included in the lease payment is charged to the income statement.</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt;"><font style="color: black; ; font-family: times new roman,times;" size="2">INCOME STATEMENT</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Revenue</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Income is recognized in the income statement when:</font></p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">The income generating activities have been carried out on the basis of a binding agreement</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">The income can be measured reliably</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">It is probable that the economic benefits associated with the transaction will flow to the Company</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">Costs relating to the transaction can be measured reliably</font></td>
</tr>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Revenue comprises freight, charter hire and demurrage revenues from the vessels and gains and losses on forward freight agreements designated as hedges. Revenue is recognized when or as performance obligations are satisfied by transferring the promised goods or service s to the customer, i.e. at a point in time or over time provided that the stage of completion can be measured reliably. Revenue is measured at the consideration the Group expects to be entitled to. Accordingly, freight, charter hire and demurrage revenue are recognized at selling price upon delivery of the service as per the charter parties concluded.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Cross-over voyages</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. For cross-over voyages (voyages in progress at the end of a reporting period), the uncertainty and the dependence on estimates are greater than for finalized voyages. The Company recognizes a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. The estimate of revenue is based on the expected duration and destination of the voyage.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">When recognizing revenue, there is a risk that the actual number of days it takes to complete the voyage will differ from the estimate, and for time charter parties a lower day rate may have been agreed for additional days. The contract for a single voyage may state several alternative destination ports. The destination port may change during the voyage, and the rate may vary depending on the destination port. Changes to the estimated duration of the voyage as well as changing destinations and weather conditions will affect the voyage expenses.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Demurrage revenue</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM is compensated for the additional time incurred in the form of demurrage revenue. Demurrage revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. The Company receives the demurrage payment upon reaching final agreement on the amount, which on average is approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Port expenses, bunkers and commissions</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Port expenses, bunker fuel consumption and commissions are recognized as incurred. Gains and losses on forward bunker contracts designated as hedges and write-down and provisions for losses on freight receivables are included in this line.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Freight and bunker derivatives</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Freight and bunker derivatives comprise fair value adjustments and gains and losses on forward freight agreements, forward bunker contracts and other derivative financial instruments directly relating to shipping activities which are not designated as hedges. The freight and bunker derivatives that qualify for hedge accounting are recognized in Revenue and Port expense, bunkers and commissions respectively, as the hedging instrument is realized.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times;"><font style="color: black; ; font-family: times new roman,times;" size="2">Charter hire</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Charter hire comprises expenses related to the chartering in of vessels under operating leases which have been incurred in order to achieve the net revenue for the year.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Operating expenses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Operating expenses, which comprise crew expenses, repair and maintenance expenses and tonnage duty, are expensed as incurred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Profit from sale of vessels</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Profit from sale of vessels is recognized when the significant risks and rewards of ownership have been transferred to the buyer, representing the difference between the sales price less costs to sell and the carrying value of the vessel.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Administrative expenses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Administrative expenses, which comprise administrative staff costs, management costs, office expenses and other expenses relating to administration, are expensed as incurred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Other operating expenses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Other operating expenses primarily comprise chartering commissions and management fees paid to commercial and technical managers for managing the fleet and profits and losses deriving from the disposal of fixed assets, etc.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Depreciation and impairment losses comprise depreciation of tangible fixed assets for the year as well as the write-down of the value of assets by the amount by which the carrying amount of the asset exceeds its recoverable amount. In the event of indication of impairment, the carrying amount is assessed, and the value of the asset is written down to its recoverable amount equal to the higher of value in use based on net present value of future earnings from the assets and its fair value less costs to sell.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Financial income</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Financial income comprises interest income, realized and unrealized exchange rate gains relating to transactions in currencies other than the functional currency, realized gains from other equity investments and securities, unrealized gains from securities, dividends received and other financial income including value adjustments of certain financial instruments not accounted for as hedges of future transactions.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate. Dividends from other investments are recognized when the right to receive payment has been decided, which is typically when the dividend has been declared and can be received without conditions.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Financial expenses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Financial expenses comprise interest expenses, financing costs of finance leases, realized and unrealized exchange rate losses relating to transactions in currencies other than the functional currency, realized losses from other equity investments and securities, unrealized losses from securities and other financial expenses including value adjustments of certain financial instruments not accounted for as hedges of future transactions.</font></p>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Tax</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Tax expenses comprise the expected tax including tonnage tax on the taxable income for the year for the Group, adjustments relating to previous years and the change in deferred tax for the year. However, tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">BALANCE SHEET</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Vessels</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expenses incurred during the period of construction based on the loans obtained for the vessels. All major components of vessels except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful lives, which TORM estimates to be 25 years. The Company considers that a 25-year depreciable life is consistent with what is used by other shipowners with comparable tonnage. Depreciation is based on cost less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The useful life and the residual value of the vessels are reviewed at least at each financial year-end based on market conditions, regulatory requirements and the Company&#8217;s business plans.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Company also evaluates the carrying amounts to determine if events have occurred that indicate impairment and would require a modification of the carrying amounts. Prepayment on vessels is measured at costs incurred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Dry-docking</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Approximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements and TORM&#8217;s business plans. A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. Depreciation hereof is carried over the period until the next dry-docking. For newbuildings, the initial dry-docking asset is estimated based on the expected costs related to the first-coming dry-docking, which again is based on experience and past history of similar vessels. For second-hand vessels, a dry-docking asset is also segregated and capitalized separately, taking into account the normal docking intervals of the vessels.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">At subsequent dry-dockings, the costs comprise the actual costs incurred at the dry-docking yard. Dry-docking costs may include the cost of hiring crews to carry out replacements and repairs, the cost of parts and materials used, The cost of travel, lodging and supervision of Company personnel as well as the cost of hiring third-party personnel to oversee a dry-docking. Dry-docking activities include, but are not limited to, the inspection, service on turbocharger, replacement of shaft seals, service on boiler, replacement of hull anodes, applying of anti-fouling and hull paint, steel repairs as well as refurbishment and replacement of other parts of the vessel.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Prepayments on vessels</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Prepayments consist of prepayments related to newbuilding contracts for vessels not yet delivered and including a share of borrowing costs. When a vessel is delivered, the amount is reallocated to the financial statement line &#8220;Vessels and capitalized dry-docking&#8221;.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Other plant and operating equipment</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Other plant and operating equipment consists of leasehold improvements, IT equipment and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset&#8217;s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets:</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">Leasehold improvements: estimated useful life</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">IT equipment: 3&#8211;5 years</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">Software: 3&#8211;5 years</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">Other equipment 3&#8211;5 years</font></td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management.</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Financial assets</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Financial assets are initially recognized at the settlement date at fair value plus transaction costs, except for financial assets at fair value through profit or loss, which are recognized at fair value. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Investments in joint ventures</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Investments in joint ventures comprise investments in companies which by agreement are managed jointly with one or more companies and therefore are subject to joint control and in which the parties have rights to the net assets of the joint venture. Joint ventures are accounted for using the equity method. Under the equity method, the investment in joint ventures is initially recognized at cost and thereafter adjusted to recognize TORM&#8217;s share of the profit or loss in the joint venture. When TORM&#8217;s share of losses in a joint venture exceeds the investment in the joint venture, TORM discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that TORM has incurred legal or constructive obligations or made payments on behalf of the joint venture.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Receivables</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Outstanding freight receivables and other receivables that are expected to be realized within 12 months from the balance sheet date are classified as &#8220;Freight receivables&#8221; or &#8220;Other receivables&#8221; and presented as current assets.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Receivables are at initial recognition measured at at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequent measured at amortised cost adjusted for change in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Expected credit losses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Expected credit losses at initial recognition are determined on the basis of customers&#8217; ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequent and if the debtor&#8217;s ability to pay is becoming doubtful expected credit losses are calculated at individual basis. When there are no reasonable expectations of recovering the receivable is written off in part or entirely.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Provisions for bad debt</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Allowances for bad debts are determined on the basis of customers&#8217; ability to pay, considering historical information about payment patterns, doubtful debts, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated if the debtor&#8217;s ability to pay changes. It is estimated that the provisions made are sufficient to cover any bad debts.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Impairment of assets</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Non-current assets are reviewed at least annually to determine any indication of impairment due to a significant decline in either the assets&#8217; market value or in the cash flows generated by the assets. In case of such indication, the recoverable amount of the asset is estimated as the higher of the asset&#8217;s fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to derive from a cash generating unit (CGU), utilizing a pre-tax discount rate that reflects current market estimates of the time value of money and the risks specific to the unit for which the estimates of future cash flows have not been adjusted. If the recoverable amount is less than the carrying amount of the cash generating unit, the carrying amount is reduced to the recoverable amount.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The impairment loss is recognized immediately in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined, had no impairment loss been recognized in prior years.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The management in TORM has assessed the inflow of cash in TORM to allocate these into separate cash generating units (CGU). It has been assessed that the Group only have one CGU &#8211; the product tanker segment.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">For the purpose of assessing impairment, assets and time charter and bareboat contracts are grouped at the lowest levels at which impairment is monitored for internal management purposes.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Bunkers</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Bunkers and lube oil are stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditure incurred in acquiring the bunkers and lube oil and delivery cost less discounts.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Assets held-for-sale</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Assets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms that are usual and customary for sales of such assets, and when its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Assets held-for-sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Gains are recognized on delivery to the new owners in the income statement in the item &#8220;Profit from sale of vessels&#8221;. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item &#8220;Impairment losses on tangible and intangible assets&#8221;.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Treasury shares</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Treasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is also recognized directly in equity.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Share-based payments</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Group makes equity settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group&#8217;s estimate of shares that will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Dividend</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Dividend is recognized as a liability at the time of declaration. Dividend proposed for the year is moved from &#8220;Retained profit&#8221; and presented as a separate component of equity.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Provisions</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Provisions are recognized when the Group has a legal or constructive obligation as a result of past events, and when it is probable that this will lead to an outflow of resources that can be reliably estimated. Provisions are measured at the estimated liability that is expected to arise, taking into account the time value of money.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Deferred tax</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, the deferred tax also constitutes the reserve in relation to the transition balance in connection with the Danish tonnage tax scheme.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on the laws that have been enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Mortgage debt and bank loans</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">At the time of borrowing, mortgage debt and bank loans are measured at fair value less transaction costs. Mortgage debt and bank loans are subsequently measured at amortized cost. This means that the difference between the net proceeds at the time of borrowing and the nominal amount of the loan is recognized in the income statement as a financial expense over the term of the loan applying the effective interest method.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Other liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">CASH FLOW STATEMENT</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The cash flow statement shows how income and changes in the balance sheet items affect cash and cash equivalent, i.e. how cash is generated or used in the period. The cash flow statement is presented in accordance with the indirect method commencing with &#8220;Net profit/(loss) for the year&#8221;.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Cash flow from operating activities converts income statement items from the accrual basis of accounting to cash basis. Starting with &#8220;Net profit/(loss) for the year&#8221;, non-cash items are reversed and actual payments included. Further, the change in working capital is taken into account, as this shows the development in money tied up in the balance sheet.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Cash flow from investing activities comprises the purchase and sale of tangible fixed assets and financial assets as well as cash from business combinations.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Cash flow from financing activities comprises changes in long-term debt, bank loans, finance lease liabilities, purchases or sales of treasury shares and dividend paid to shareholders.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less, net of outstanding bank overdrafts. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period are shown in the consolidated cash flow statement and can be reconciled to the related items in the consolidated balance sheet.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The restricted cash balance primarily relates to cash provided as security for negative marked values of derivatives and other cash positions.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">EARNINGS PER SHARE</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Basic earnings per share is calculated by dividing the consolidated net profit/(loss) for the year available to common shareholders by the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. Purchases of treasury shares during the period are weighted based on the remaining period.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Diluted earnings per share is calculated by adjusting the consolidated profit or loss available to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect of including them would be to increase earnings per share or reduce a loss per share.</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"><font style="color: black;"></font>&#160;</font></p>
<div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The preparation of financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by the way TORM applies its accounting policies. An accounting estimate is considered critical if the estimate requires Management to make assumptions about matters subject to significant uncertainty, if different estimates could reasonably have been used, or if changes in the estimate that would have a material impact on the Company&#8217;s financial position or results of operations are reasonably likely to occur from period to period. Management believes that the accounting estimates applied are appropriate and the resulting balances are reasonable. However, actual results could differ from the original estimates requiring adjustments to these balances in future periods.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Management believes that the following are the significant accounting estimates and judgements used in the preparation of the consolidated financial statements:</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Carrying amounts of vessels</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred that would require a modification of their carrying amounts. The valuation of vessels is reviewed based on events and changes in circumstances that would indicate that the carrying amount of the assets might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment such as reported sale and purchase prices, market demand and general market conditions. Furthermore, market valuations from leading, independent and internationally recognized shipbrokers are obtained on a quarterly basis as part of the review for potential impairment indicators. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs to sell and the value in use.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The review for potential impairment indicators and projection of future discounted cash flows related to the vessels is complex and requires the Company to make various estimates including future freight rates, utilization, earnings from the vessels, future operating expenses- and capital expenditure including dry-dock costs - and discount rates. For more information on key assumptions and related sensitivities, please refer to note 7 in these financial statements. All these factors have been historically volatile. The carrying amounts of TORM&#8217;s vessels may not represent their fair market value at any point in time, as market prices of second-hand vessels to a certain degree tend to fluctuate with changes in freight rates and the cost of newbuildings. However, if the estimated future cash flow or related assumptions in the future experience change, an impairment write-down or reversal of impairment may be required.</font></p><span></span>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807819664">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateTextBlock', window );">LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><font style="color: black;">NOTE 2 &#8211; LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS</font></b></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><font style="font-style: normal; color: black;">LIQUIDITY AND CAPITAL RESOURCES</font></b></p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">As of 31 December 2018, TORM&#8217;s cash position totaled USD 127m (2017: USD 134m; 2016: USD 76m) and undrawn credit facilities amounted to USD 279m (2017: USD 271m; 2016: USD 190m). The undrawn credit facilities consisted of a USD 75m Working Capital Facility, a bilateral USD 70m facility with ABN AMRO Bank, a bilateral USD 88m facility with Danish Ship Finance and a USD 46m facility with KfW. TORM had nine newbuildings on order for delivery in 2019-2020 (2017: ten; 2016: four). The total outstanding CAPEX related to these newbuildings was USD 258m (2017: USD 307m; 2016: USD 149m) and is mainly financed by the undrawn facilities with ABN AMRO Bank and Danish Ship Finance.</font></p>
<div><font style="color: black;">&#160;</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">TORM has a Term Facility I of USD 331m and an undrawn Working Capital Facility of USD 75m both with maturity in 2021. In addition to the Term Facility I and the Working Capital Facility, TORM has a Term Facility II of USD 104m with maturity in 2022 and bilateral loan agreements with ING of USD 42m maturing in 2024, with China Export-Import Bank of USD 112m with maturity in 2030 and with Danish Ship Finance of USD 141m maturing in 2022. The loan agreement with Danish Ship Finance consists of three tranches, two of which expire in 2021 with total balloon payments of USD 72m. As of 31 December 2018, the scheduled minimum payments on mortgage debt and bank loans in 2019 were USD 92m.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;"></font><font style="color: black;">&#160;</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">TORM&#8217;s bank debt facilities include financial covenants related to:</font></p>
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Minimum liquidity including committed credit lines</font></td>
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<td><font style="color: black;">Minimum cash</font></td>
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Loan-to-value</font></td>
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<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Equity ratio</font></td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new;"><font style="color: black;">During 2018, 2017 and 2016, TORM did not have any covenant breaches.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><b><font style="color: black;">SUBSEQUENT EVENTS</font></b></p>
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">On 4 January 2019, TORM delivered the Handysize tanker TORM Charente to its new owner. In the financial statements, TORM Charente is treated as an asset-held-for-sale.</font></td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The delivery results in a net loss from sale of vessels in TORM of USD 1.1m in 2019.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
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<td><font style="color: black;">On 19 January 2019, TORM entered into an agreement to sell the MR tanker TORM Amazon, and the vessel was delivered to its new owner on 12 February 2019. The delivery results in a net loss from sale of vessels in TORM of USD 1.6m in 2019.</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfInformationAboutUnderstandingFinancialPositionLiquidityOfEntityAndEventsAfterReportingDateAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information that may be relevant to users of financial statements in understanding the financial position, liquidity of an entity and events after reporting date.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815831536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsAbstract', window );"><strong>Disclosure Of Employee Benefits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">STAFF COSTS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">NOTE 3 &#8211; STAFF COSTS</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Total staff costs</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Staff costs included in operating expenses</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">9.3</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">9.2</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">9.9</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Staff costs included in administrative expenses</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">36.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">34.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">31.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">46.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">43.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">40.9</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Staff costs comprise the following</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Wages and salaries</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">38.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">36.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">32.3</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Share-based compensation</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.9</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.0</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Pension costs</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Other social security costs</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.4</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Other staff costs</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">46.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">43.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">40.9</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Average number of permanent employees</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Seafarers</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">111.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">130.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">137.0</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Land-based</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">302.2</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">286.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">269.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">413.9</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">417.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">406.1</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Employee information</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The majority of the staff on vessels are not employed by TORM. Staff costs included in operating expenses relate to the 112 seafarers (2017: 131, 2016: 137).</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The average number of employees is calculated as a full-time equivalent (FTE).</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USD '000</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Non-Executive Board and Committee Remuneration, short term</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Christopher H. Boehringer</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">276</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">290</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">237</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">David Weinstein</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">182</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">174</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">131</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Torben Janholt</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">171</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">174</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">132</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">G&#246;ran Trapp</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">171</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">174</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">158</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">800</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">812</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">658</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Executive Management</font></div>
<div>&#160;</div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USD '000</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">Salary</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">Taxable&#160;<br  />benefits</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">Annual&#160;<br  />perfor-&#160;<br  />mance&#160;<br  />bonus</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Executive Management Remuneration</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Jacob Meldgaard</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 352px; color: black;"><font style="color: black;">2016, TORM A/S - restated&#160;<font style="font-family: 'times new roman', times, serif;"><sup>1)</sup></font></font></td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">834</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">41</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">559</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">1,434</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2016, TORM plc</font><sup>1)</sup></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">39</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">39</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2017, TORM A/S<sup>1)</sup></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">923</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">42</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">580</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1,545</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2017, TORM plc<sup>1)</sup></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">81</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">81</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2018, TORM A/S<sup>1)</sup></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">983</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">44</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">425</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1,452</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2018, TORM plc<sup>1)</sup></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">80</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">80</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 752px; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="text-align: left; width: 0.25in;"><sup>1)</sup></td>
<td style="text-align: justify;"><font style="color: black;">Paid by legal entity as noted.</font></td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Key management personnel consists of the Boards of Directors and the Executive Director.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Senior Management Team</font></p>
<p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The aggregate compensation paid by the Group to the other members of the Senior Management Team (excluding Mr. Meldgaard) was USD 2,186,679 (2017: USD 1,987,726, 2016: USD 1,760,420), which includes an aggregate of USD 125,959 (2017: USD 112,236, 2016: USD 95,029) allocated for pensions for these individuals.</font></p>
<div style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Long-Term Incentive Plan - RSUs granted in 2018:</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">RSU LTIP&#160;<br  />grant <sup>1)</sup></td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" nowrap="nowrap">Exercise&#160;<br  />price per&#160;<br  />share</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" nowrap="nowrap">RSU grant value&#160;<br  />assuming 100%&#160;<br  />vesting</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">LTIP element of Jacob Meldgaard's remuneration package 2018:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Jacob Meldgaard</td>
<td style="border-bottom: black 2px solid; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 75px; color: black;">766,035</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 90px; color: black;">&#160;DKK 53.7</td>
<td style="border-bottom: black 2px solid; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 93px; color: black;">&#160;USD 0.9m</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 752px; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="text-align: left; width: 0.25in;"><sup>1)</sup></td>
<td style="text-align: justify;"><font style="color: black;">The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.</font></td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">TORM operates an equity-settled, share-based compensation plan. The fair value of the employee services received in exchange for the grant of shares is recognized as expense and allocated over the vesting period. Employment in TORM throughout the period is in most cases a prerequisite for upholding the full vesting rights in the RSU programme. For good leavers subject to the Danish Stock Options Act, the RSU&#8217;s will vest in accordance with the vesting schedule, but for all other leavers, all unvested RSU&#8217;s shall be immediately forfeited for no consideration. Options are granted under the plan for no consideration and carry no dividend or voting rights.</font></p>
<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<div><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">TORM has in accordance with its Remuneration Policy granted the CEO a number of Restricted Share Units (RSUs), which was communicated in company announcement no. 2 dated 18 January 2016. A further communication, announcement no. 10 issued on 25 April 2018, detailed changes to the grant of RSUs as agreed to at the Annual General Meeting on 12 April 2018. There are no performance conditions associated with this grant of RSUs.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">The original RSUs granted to the CEO in 2016 amounted to 1,276,725 units and vested over a five-year period, with one fifth of the grant amount vesting at each anniversary during the five-year period. The exercise price for the 2016 RSUs was DKK 96.3. As of 1 January 2017, one fifth of the original grant, amounting to 255,345, vested with an exercise period ending 31 December 2017. None of these RSUs were exercised. As of 1 January 2018, one fifth of the original grant, amounting to 255,345, vested with an exercise period ending 31 December 2018. None of these RSUs were exercised.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">As detailed in announcement no. 10 issued on 25 April 2018, the CEO was granted a total of 766,035 RSUs with effect as of 1 January 2018, which will vest in equal installments over the next three years. The RSU grant corresponds to the unvested portion (60%) of the CEO&#8217;s original five-year grant from 2016. It has been agreed that the CEO will not exercise the original RSUs. The exercise price for each RSU granted in 2018 is DKK 53.7, corresponding to the average price of TORM shares during 90 calendar days preceding the approval at TORM plc&#8217;s Annual General Meeting on 12 April 2018 plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The total value of the RSU allocation is calculated based on the Black-Scholes model and is included in the overall cost estimate for the Company&#8217;s Long-Term Incentive Program (LTIP) (cf. company announcements dated 18 January 2016, 8 March 2016 and 25 April 2018).</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The value of the 2018 grant, USD 0.9m, is estimated taking into account that the CEO as part of the 2018-grant will not exercise the unvested portion of the 2016 grant. The valuation is based on the Black-Scholes model with an exercise price of DKK/share 53.7, and a market value of one TORM A-share of DKK 49.5 (the closing price per A-share at the time of the grant and assuming 100% vesting). The total value of the granted restricted shares was recognised in the income statement in 2018 and in a corresponding adjustment to Equity.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Long-term employee benefit obligations</font></p>
<p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel. The RSUs granted entitle the holder to acquire one TORM A-share.</font></p>
<p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The program was established during the year and comprises the following number of shares in TORM plc:</font></p>
<p style="widows: 2; text-transform: none; background-color: white; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">Number of shares (1,000)</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="color: black;" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Outstanding as of 1 January</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">2,611.2</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">1,999.8</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">-</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Granted during the period</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">907.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">866.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2,127.4</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Exercised during the period</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Expired during the period</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-764.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-233.9</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Forfeited during the period</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-35.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-21.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-127.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Outstanding as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">2,719.1</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">2,611.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1,999.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Exercisable as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">255.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">255.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">538.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">In 2017, the Board agreed to grant a total of 866.6 RSUs to other management. The RSUs to other management were subject to a three-year vesting period, with one third of the grant amount vesting at each anniversary date beginning on 1 January, 2018. The exercise price of each vested RSU is following certain adjustments for dividends at DKK 93.6 and an exercise period of six months.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">In 2018, the Board agreed to grant a total of 944,468 RSU&#8217;s to other management. The vesting period of the program is three years for key employees and three years for the Executive Director. The exercise price is set to DKK 53.7. The exercise period is 12 months after the vesting date for key employees and 12 months after the vesting date for the Executive Director. The fair value of the options granted in 2018 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as per 31 December 2018 is 1.1 years (2017: 1.3 years).</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807920288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationAbstract', window );"><strong>Auditor's remuneration [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureForAuditorRemunerationTextBlock', window );">REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">NOTE 4 &#8211; REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY&#8217;S ANNUAL GENERAL MEETING</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Audit fees</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Fees payable to the Company's auditor for the audit of the Company's annual accounts</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">0.4</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">0.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">0.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Audit of the Company's subsidiaries pursuant to legislation</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.2</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.2</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total audit fees</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.6</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.6</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.5</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Non-audit fees</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Audit-related services</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Tax services</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.3</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Other services</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total non-audit fees</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.4</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1.0</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1.0</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1.5</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Under SEC regulations, the remuneration of the auditor of USD 0.8m (2017: USD 1.0m, 2016: USD 1.5m) is required to be presented as follows: Audit USD 0.6m (2017: USD 0.6m, 2016: USD 0.5m), other audit-related services USD 0.2m (2017: USD 0.4m, 2016: USD 0.6m), tax services USD 0.0m (2017: USD 0.0m, 2016: USD 0.3m) and all other fees USD 0.0m (2017: USD 0.0m, 2016: USD 0.1).</font></p>
<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<div><font style="color: black;">&#160;</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Our Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationAbstract</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureForAuditorRemunerationTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the entire disclosure of auditor remuneration.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</DOCUMENT>
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<TEXT>
<html>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815826464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsAbstract', window );"><strong>Disclosure of detailed information about intangible assets [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory', window );">INTANGIBLE ASSETS</a></td>
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<div style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
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<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Goodwill</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Cost:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Balance as of 1 January</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">11.4</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">11.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">11.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions during the year</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Impairment losses:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-11.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-11.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Impairment losses for the year</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Carrying amount as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsAbstract</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsExplanatory</td>
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<tr>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815841456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TANGIBLE FIXED ASSETS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Disclosure of detailed information about property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory', window );">TANGIBLE FIXED ASSETS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">NOTE 6 &#8211; TANGIBLE FIXED ASSETS</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Vessels and capitalized dry-docking</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Cost:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Balance as of 1 January</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">1,726.6</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">1,697.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">1,567.5</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">162.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">103.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">40.8</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-30.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-14.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-16.3</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to/from other items</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">81.8</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">105.4</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to assets held-for-sale</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-54.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-59.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1,886.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1,726.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1,697.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Depreciation:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">264.8</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">180.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">75.5</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-30.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-14.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-15.9</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Depreciation for the year</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">113.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">113.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">120.4</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to assets held-for-sale</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-20.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-14.5</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">327.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">264.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">180.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Impairment:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">167.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">173.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Impairment losses on tangible fixed assets</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">173.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to assets held-for-sale</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-8.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-9.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">162.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">167.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">173.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Carrying amount as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1,396.6</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1,294.5</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1,343.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Of which finance leases as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">26.5</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">28.6</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">12.4</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Included in the carrying amount for "Vessels and capitalized dry-docking" are capitalized dry-docking costs in the amount of USD 67.5m (2017: USD 68.1m, 2016: USD 80.4m).</font><font style="color: black;"><font style="color: black;">&#160;</font></font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;"></font>&#160;</p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Prepayments on vessels</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Cost:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Balance as of 1 January</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">88.4</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">44.1</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">72.6</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">38.9</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">44.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">76.9</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to/from other items</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-81.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-105.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">45.5</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">88.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">44.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Carrying amount as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">45.5</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">88.4</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">44.1</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Other plant and operating equipment</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Cost:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Balance as of 1 January</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">3.6</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">2.7</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">3.2</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.1</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-1.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">5.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">3.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Depreciation:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.9</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.7</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-0.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-1.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Depreciations for the year</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.1</td>
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<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.9</td>
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<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.8</td>
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<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.7</td>
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<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.9</td>
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<td style="color: black;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Carrying amount as of 31 December</td>
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<td style="border-bottom: black 2px solid; text-align: right; color: black;">3.0</td>
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<td style="color: black;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Of which finance leases as of 31 December</td>
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<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
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<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
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<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
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<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">For information of assets provided as collateral security, please refer to note 15. Please refer to note 7 for information on impairment testing.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The depreciation expense related to "Other plant and operating equipment" of USD 1.1m relates to "Administrative expense" (2017: USD 0.9m, 2016: USD 1.8m). Depreciations and impairment losses on tangible fixed assets on "Vessels and capitalized dry-docking" relate to operating expenses.</font></p><span></span>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815832080">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>IMPAIRMENT TESTING<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">Note 7 &#8211; Impairment testing</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">As of 31 December 2018, Management performed an impairment test of the recoverable amount of significant assets within the cash-generating unit &#8212; the Tanker Segment.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">In 2018, the recoverable amount of the Tanker Segment was based on its value in use.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">As the value in use was in all material respects equivalent to the carrying amount, Management concluded that the impairment test did not provide the basis for any impairment or reversal of the impairment recorded in 2016.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">The assessment of the value in use of the Tanker Segment was based on the net present value of the expected future cash flows. The freight rate estimates in the period 2019-2021 are based on the Company's business plans. Beyond 2021, the freight rates are based on TORM&#8217;s 10-year historical average rates, adjusted for expected inflation.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">From the year ended 31 December 2017 and going forward, TORM has decided to use its own historical average rates, rather than the ones from Clarksons, as it has been concluded, following detailed analysis, that they reflect TORM&#8217;s actual trading pattern and routes which differ to the benchmarks used by Clarksons, in addition to reflecting operating efficiencies that TORM is able to achieve due to the size and interdependency of its fleet. Historically, TORM has continuously performed at or higher than the Clarksons benchmark.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">The discount rate used in the value in use calculation is based on a Weighted Average Cost of Capital (WACC) of 8.3% as of 31 December 2018 (2017: 8.7%, 2016: 8.8%) . WACC is calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure are the key parameters.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">As of 31 December 2018, the 10-year historical average spot freight rates used in the value in use calculation are as follows:</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">LR2: USD/day 18,003 (2017: USD/day 17,216, 2016: USD/day 20,176 )</font></td>
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<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">LR1: USD/day 16,907 (2017: USD/day 16,445, 2016: USD/day 17,124)</font></td>
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">MR: USD/day 15,349 (2017: USD/day 15,794, 2016: USD/day 15,118)</font></td>
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black; ; font-family: times new roman,times;" size="2">&#8226;</font></td>
<td><font style="color: black; ; font-family: times new roman,times;" size="2">Handysize: USD/day 13,968 (2017: USD/day 14,416, 2016: USD/day 15,203)</font></td>
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<div><font style="font-family: times new roman,times;" size="2"></font>&#160;</div>
<div><font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Operating expenses and administrative expenses are estimated based on TORM's business plans for the period 2019-2021. Beyond 2021, operating expenses are adjusted for 2% (2017: 3%) inflation and administrative expenses are adjusted for 2% inflation (2017: 2%).</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The product tankers are expected to generate normal income for 25 years from delivery from the shipyard. Given the current age profile of the tanker fleet, the average remaining life would be approximately 15 years.</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The calculation of the value in use is sensitive to changes in the key assumptions which are related to the future development in freight rates, the WACC applied as discounting factor in the calculations and the development in operating expenses. All other things being equal, the sensitivities to the value in use have been assessed as follows:</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">An increase/decrease in the tanker freight rates of USD/day 1,000 would result in an increase/decrease in the value in use of USD 256m</font></td>
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<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
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<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
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<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
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<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">An increase/decrease in operating expenses of 10.0% would result in a decrease/increase in the value in use of USD 181m</font></td>
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<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">However, if the downside sensitivities outlined above had been applied to the impairment test as of 31 December 2018, the impairment charge arising in the current year would have been capped at USD 39m based on the fair value less costs to sell of the Tanker Segment. If the upside sensitivities outlined above had been applied, the impairment reversal would have been capped at the impairment charge applied to the Group&#8217;s vessels in 2016 adjusted for the impact of the incremental depreciation that would have been charged during the year and vessel disposals that occurred during 2017 and 2018.</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;" size="2"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">As outlined above, the impairment test has been prepared on the basis that the Company will continue to operate its vessels as a fleet in the current set-up. The fair value based on broker values of TORM's vessels including the order book and chartered-in vessels was USD 1,664m, which is USD 39m below the carrying amount.</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information for an individual asset, including goodwill, or a cash-generating unit, for which an impairment loss has been recognised or reversed. [Refer: Goodwill; Impairment loss; Reversal of impairment loss; Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 130<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_130&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitExplanatory</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815841456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL ITEMS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FinancialItemsAbstract', window );"><strong>Financial Items [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory', window );">FINANCIAL ITEMS</a></td>
<td class="text"><p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif; border-top: black 1pt solid;"><font style="color: black;"><a name="torm_008"></a>Note 8 &#8211; Financial items</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Financial income</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"><font style="color: black;">Interest income from cash and cash equivalents &#185;<font style="font-family: times new roman, times, serif;">&#8318;</font></font></td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">2.7</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">1.6</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">0.2</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Exchange rate adjustments, including gain from forward exchange rate contracts</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">3.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">4.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">2.8</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Financial expenses</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">Interest expenses on mortgage and bank debt &#185;<font style="font-family: times new roman, times, serif;">&#8318;</font></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">35.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">33.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">29.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Exchange rate adjustments, including loss from forward exchange rate contracts</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.5</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Commitment fee</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Other financial expenses</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">3.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">39.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">40.6</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">37.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total financial items</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">-36.0</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">-36.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">-34.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><sup>1)</sup> Interest for financial assets and liabilities not at fair value through profit and loss.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance income (cost). [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_FinancialItemsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of information about financial items.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807979632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FREIGHT RECEIVABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FreightReceivablesAbstract', window );"><strong>Freight Receivables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory', window );">FREIGHT RECEIVABLES</a></td>
<td class="text"><p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Note 9 &#8211; Freight receivables</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Analysis as of 31 December of freight receivables:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Gross freight receivables:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Neither past due nor impaired</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">44.0</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">25.5</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">28.7</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Past due not impaired:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Due &lt; 30 days</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">18.8</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">26.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">13.0</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Due between 30 and 180 days</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">20.5</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">18.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">18.7</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Past due and impaired:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Due &gt; 180 days</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">4.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">4.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total gross</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">87.7</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">72.6</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">65.1</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Provision for impairment of freight receivables*</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total net</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">86.0</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">71.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">62.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;" colspan="13">* All provisions are related to "Past due and impaired" freight receivables.</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">As of 31 December 2018, freight receivables included receivables at a value of USD 0.0m (2017: USD 0.0m, 2016: USD 0.6m) that are individually determined to be impaired to a value of USD 0.0m (2017: USD 0.0m, 2016: USD 0.5m).</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">From 1 January 2018, Management makes allowance for doubtful trade receivables based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. This has not resulted in a material change in loss allowance compared with previous policy.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Movements in provisions for impairment of freight receivables during the year are as follows:</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Provisions for impairment of Freight receivables</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Balance as of 1 January</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">1.3</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">2.6</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">1.7</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Provisions for the year</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.9</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Provisions reversed during the year</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-1.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-1.9</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-1.0</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Provisions utilized during the year</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-0.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">1.7</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">1.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">2.6</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
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<p style="text-indent: -6.25pt; margin: 0pt 0px 0pt 6.25pt; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Provisions for impairment of freight receivables have been recognized in the income statement under "Port expenses, bunkers and commissions".</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_FreightReceivablesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents freight receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_FreightReceivablesAbstract</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DOCUMENT>
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<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815794224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER RECEIVABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade and other receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory', window );">OTHER RECEIVABLES</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 10 &#8211; OTHER RECEIVABLES</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
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<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;">Derivative financial instruments</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">3.7</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">7.6</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Tax receivables</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.3</td>
<td style="text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Other</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Balance as of 31 December</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">7.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">11.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">No significant other receivables are past due or credit impaired.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 20 for further information on fair value hierarchies.</p><span></span>
</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other current assets. [Refer: Other current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815918752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TAX<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfIncomeTaxAbstract', window );"><strong>Disclosure Of Income Tax [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">TAX</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 11 &#8211; TAX</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
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<td style="text-align: left;">Tax for the year</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Current tax for the year</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">1.6</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">1.0</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">1.2</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Adjustments related to previous years</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.3</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Adjustment of deferred tax liability</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The majority of the Group's taxable income is located in Denmark, and therefore the majority of the tax base is subject to Danish tax legislation. As such, the Group has elected to participate in the Danish tonnage tax scheme; the participation is binding until 31 December 2025.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<div>The Group expects to participate in the tonnage tax scheme after the binding period and, as a minimum, to maintain an investing and activity level equivalent to the time of entering the tonnage tax scheme.</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Under the Danish tonnage tax scheme, income and expenses from shipping activities are not subject to direct taxation, and accordingly an effective rate reconciliation has not been provided, as it would not provide any meaningful information. Instead, the taxable income is calculated from:</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">- The net tonnage of the vessels used to generate the income from shipping activities; and</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">- A rate applicable to the specific net tonnage of the vessel based on a sliding scale</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Due to the provisions of the tonnage tax scheme, the effective tax rate of the Group is 4.7% (2017: 24.4 %, 2016: -0.6 %).</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="text-align: left;">Deferred tax liability</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">44.9</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">45.0</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">45.1</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.1</td>
<td style="text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Adjustments related to previous years</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">44.9</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">44.9</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">45.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Essentially all deferred tax relates to vessels included in the transition account under the Danish tonnage tax scheme at the time of entering the Danish tonnage tax scheme.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group operates in a wide variety of jurisdictions, in some of which the tax law is subject to varying interpretations and potentially inconsistent enforcement. As a result, there can be practical uncertainties in applying tax legislation to the Group's activities. Whilst the Group considers that it operates in accordance with applicable tax law, there are potential tax exposures in respect of its operations, the impact of which cannot be reliably estimated but could be material.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6691108912">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMON SHARES AND TREASURY SHARES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text"><p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Note 12 &#8211; Common shares and Treasury shares</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">Common shares</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="color: black;" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: right; color: black;" colspan="2" nowrap="nowrap">Number of<br  />shares</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: right; color: black;" colspan="2" nowrap="nowrap">Number of<br  />shares</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: right; color: black;" colspan="2" nowrap="nowrap">Number of<br  />shares</td>
<td style="color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">A-shares</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">74,218,846</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">62,298,846</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">62,298,846</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">B-shares</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">C-shares</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">74,218,848</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">62,298,848</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">62,298,848</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
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<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The A-shares are listed on Nasdaq in Copenhagen and Nasdaq in New York and are publicly available for trading. Each A-share carries one vote at the Annual General Meeting and gives the shareholders right to dividends, liquidation proceeds or other distributions. The A-shares carry no other rights or obligations.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">On 26 January, 2018 TORM completed an equity raise of USD 100m in new Class A common shares. The Private Placement contributed net equity of USD 97m.</font></p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The B-share has one vote at the General Meeting, has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds or other distributions from TORM. The holder of the B-share has the right to elect one member to the Board of Directors (being the Deputy Chairman), up to three alternates as well as one Board Observer. The B-share cannot be transferred or pledged, except for a transfer to a replacement trustee.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The C-share represents 350,000,000 votes at the General Meeting in respect of certain Specified Matters, including election of members to the Board of Directors (including the Chairman but excluding the Deputy Chairman) and certain amendments to the Articles of Association proposed by the Board of Directors. The C-share has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds or other distributions from TORM. The C-share cannot be transferred or pledged, except to an affiliate of Njord Luxco.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The B-share and the C-share are redeemable by TORM in the event that (i) TORM has received written notification from Njord Luxco (or its affiliates) that Njord Luxco and its affiliates (as defined in the Articles of Association) hold less than 1/3 in aggregate of TORM&#8217;s issued and outstanding shares, (ii) five business days have elapsed from the Board of Directors&#8217; receipt of such written notice either without any Board member disputing such notice or with at least 2/3 of the Board members confirming such notice and (iii) both of the B-share and the C-share are redeemed at the same time.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Issued warrants</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Key management participates in an LTIP program, which gives the right to buy TORM shares at a predefined share price. Please refer to Note 3.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">Treasury shares</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Number of shares ('000)</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Balance as of 1 January</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">312.9</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">312.9</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">15.3</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">312.9</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Cancellations</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-15.3</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">312.9</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">312.9</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">312.9</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font>&#160;&#160;</p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">Treasury shares - continued</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Nominal value USD '000</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Balance as of 1 January</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">3.1</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">3.1</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">0.2</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.1</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Cancellations</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-0.2</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">3.1</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">3.1</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">3.1</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Percentage of share capital</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.5</td>
<td style="text-align: left; color: black;">%</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.5</td>
<td style="text-align: left; color: black;">%</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.2</td>
<td style="text-align: left; color: black;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.5</td>
<td style="text-align: left; color: black;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Cancellations</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-0.2</td>
<td style="text-align: left; color: black;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Dilution, due to capital increases</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">%</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
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<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">0.4</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">%</td>
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<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">0.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">%</td>
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<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">0.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">%</td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815851856">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Disclosure Of Other Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherLiabilitiesExplanatory', window );">OTHER LIABILITIES</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 13 &#8211; OTHER LIABILITIES</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;">Partners and commercial managements</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">1.2</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">1.4</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Accrued operating expenses</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">8.5</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Accrued interest</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.2</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">16.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
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<td style="text-align: right;">16.3</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Derivative financial instruments</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
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<td style="text-align: right;">-</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Payables to joint ventures</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.1</td>
<td style="text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Other</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.0</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Balance as of 31 December</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">36.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">33.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-size: 10pt;">T</font>he carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 20 for further information on fair value hierarchies.</p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other liabilities. [Refer: Other liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R20.htm
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<TEXT>
<html>
<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815825120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansAbstract', window );"><strong>Disclosure Of Effective Interest Rate, Outstanding Mortgage Debt And Bank Loans [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansExplanatoryTextBlock', window );">EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="text-transform: uppercase;">NOTE 14 - EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">As of 31 December 2018, no drawdowns had been made on the Working Capital Facility, the ABN Facility or the DSF Facility 4.</p>
<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">&#160;</p>
<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">Please refer to note 2 for further information on the Company&#8217;s liquidity and capital resources and note 19 and 20 for further information on interest rate swaps and financial risks.</p>
<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">&#160;</p>
<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">The table below shows the effective interest and the value of the outstanding mortgage debt and bank loans.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="9" nowrap="nowrap">2016</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap">Fixed/<br/>floating</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap">Maturity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Effective<br/>interest<sup>1)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Carrying<br/>value<sup>2)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap">Maturity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Effective<br/>interest<sup>1)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Carrying<br/>value<sup>2)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap">Maturity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Effective<br/>interest<sup>1)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Carrying<br/>value<sup>2)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-transform: uppercase;">LOAN</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 274px;">DSF Facility 1 (USD)</td>
<td style="width: 16px;">&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;">Floating</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;">2021</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width:
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<td style="text-align: left; width: 16px;">%</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">64.1</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;">2021</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">5.4</td>
<td style="text-align: left; width: 15px;">%</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">74.2</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 85px;">2019</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">4.6</td>
<td style="text-align: left; width: 15px;">%</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">109.4</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">TFA Facility 1 (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">6.0</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">331.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.0</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">400.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">470.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">DSF Facility 2 (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">52.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.0</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">56.5</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">62.2</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">DSF Facility 3 (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">24.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.1</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">26.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.8</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">30.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">TFA Facility 2 (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.4</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">103.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.4</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">115.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">N/A</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">N/A</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left:
 6.25pt;">ING (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2024</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">42.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2024</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">45.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">N/A</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">N/A</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">CEXIM</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2030</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">5.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">111.7</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">N/A</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">N/A</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">N/A</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">N/A</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Weighted average effective interest rate</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">5.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">5.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">4.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Carrying value</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">729.5</td>
<td
 style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">719.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">671.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Hereof non-current&#160;<sup>2)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
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<td style="text-align: right;">&#160;</td>
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<td>&#160;</td>
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<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Hereof current&#160;<sup>2)</sup></td>
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<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">92.2</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="text-align: left; width: 0.25in;"><sup>1)</sup></td>
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<td style="text-align: justify;">The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of Effective Interest Rate, Outstanding Mortgage Debt And Bank Loans [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the effective interest rate outstanding mortgage debt and bank loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815841456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfCollateralAbstract', window );"><strong>Disclosure Of Collateral [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCollateralExplanatory', window );">COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 15 &#8211; COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The total carrying amount for vessels that have been provided as security amounts to USD 1,314m as of 31 December 2018 (2017: USD 1,259m)</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of assets and liabilities used as collateral.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807920288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfCommitmentsAndContingentLiabilitiesAbstract', window );"><strong>Disclosure Of Commitments And Contingent Liabilities [Abstract]</strong></a></td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The Group is involved in certain legal proceedings and disputes. It is Management's opinion that the outcome of these proceedings and disputes will not have any material impact on the Group's financial position, results of operations and cash flows.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black; ; font-family: times new roman,times;" size="2">The Group operates in a wide variety of jurisdictions, in some of which the company and individual tax law is subject to varying interpretations and potentially inconsistent enforcement. As a result, there can be practical uncertainties in applying tax legislation to the Group&#8217;s activities. Whilst the Group considers that it operates in accordance with applicable company and individual tax law, there are concrete potential tax exposures in respect of its operations, which are being investigated further. Based on current legal advice, these exposures are not considered to be material.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments and contingent liabilities. [Refer: Contingent liabilities [member]]</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815790272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTRACTUAL OBLIGATIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfContractualCommitmentsAbstract', window );"><strong>Disclosure Of Contractual Commitments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCommitmentsExplanatory', window );">CONTRACTUAL OBLIGATIONS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 17 &#8211; CONTRACTUAL OBLIGATIONS</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">TORM has various contractual obligations and commercial commitments to make future payments including lease obligations, purchase commitments, interest payments and repayment of mortgage debt and bank loans.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The following table summarizes the Group's contractual obligations as of 31 December 2018.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><sup>&#160;</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2020</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2021</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2022</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2023</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Thereafter</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 493px;">Mortgage debt and bank loans</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt; width: 54px;"><sup>1)</sup></td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">92.2</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">87.6</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">343.4</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">96.9</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">10.0</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">99.4</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">729.5</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest payments related to scheduled interest fixing</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">21.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">19.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">16.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">7.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td
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<td style="text-align: right;">6.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">80.9</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Estimated variable interest payments</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">11.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">10.5</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">8.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">8.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">38.8</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Finance lease liabilities</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">15.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">25.3</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest element regarding finance lease</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.4</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Newbuilding instalments</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>3)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">232.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">25.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">258.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Committed scrubber installations</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">22.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">22.6</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Other operating leases</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left:
 6.25pt;"><sup>4)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">6.2</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Trade payables and other obligations</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">59.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">59.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">447.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">149.4</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">374.2</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">121.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">16.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">117.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1,226.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>1)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m).</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal;
 word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>2)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>3)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>4)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The following table summarizes the reconciliation of liabilities arising from financing activities:</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"></p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Cash</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Non-cash</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Opening&#160;<br/>balance as of 1&#160;<br/>January 2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Borrowings</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Repayments</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Changes in fair&#160;<br/>value</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Other changes</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">End balance as&#160;<br/>of 31 December&#160;<br/>2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 618px;">Mortgage debt</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 110px;">720.9</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 110px;">114.5</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 110px;">-110.8</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 110px;">-</td>
<td style="text-align: left; width:
 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 109px;">-0.3</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 109px;">724.3</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Financial lease</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">28.2</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-2.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">25.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">749.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">114.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-113.7</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-0.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">749.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">TORM has contractual rights to receive future payments as lessor of vessels on time charter and bareboat charter.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The following table summarizes the Group's contractual rights as of 31 December 2018.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2020</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td
 style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2021</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2022</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2023</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Thereafter</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Contractual rights - as lessor:</td>
<td>&#160;</td>
<td style="text-align: right;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; width: 502px;">Charter hire income for vessels</td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 63px;"><sup>6)</sup></td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 95px;">21.5</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 95px;">11.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 95px;">0.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 94px;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 94px;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 94px;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 94px;">33.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">21.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">11.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">33.6</td>
<td style="border-bottom: black 2px solid;
 text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>6)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of commitments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807908656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE FINANCIAL INSTRUMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureofderivativefinancialinstrumentsexplanatoryAbstract', window );"><strong>Disclosure Of Derivative Financial Instruments Explanatory [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory', window );">DERIVATIVE FINANCIAL INSTRUMENTS</a></td>
<td class="text"><div>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 18 &#8211; DERIVATIVE FINANCIAL INSTRUMENTS</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #363233; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0">
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td>Fair value of derivatives:</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
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<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">0.5</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-0.2</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.8</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Derivative financial instruments regarding interest and currency exchange rate:</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.8</td>
<td style="text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest rate swaps</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.8</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Fair value of derivatives as of 31 December</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">7.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<p style="margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif;">&#160;</p>
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Offsetting financial assets and financial liabilities:</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;">Gross amount</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">7.1</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-6.8</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Offsetting amount</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-3.4</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">3.4</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Net amount presented in the statement of financial position</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">3.7</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-3.4</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<p style="margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif;">&#160;</p>
<table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0">
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Financial&#160;<br/>assets</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Financial&#160;<br/>liabilities</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="text-align: left;">2017</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Offsetting of financial assets and financial liabilities:</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;">Gross amount</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">8.2</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-0.4</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Offsetting amount</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">0.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Net amount presented in the statement of financial position</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">7.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.2</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">&#160;</p>
<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">Please refer to Note 20 &#8220;Financial Instruments&#8221; for
 further information on fair value hierarchies.</p>
<div style="margin: 0px; font: 10pt 'times new roman', times, serif;">&#160;</div>
<div style="margin: 0px; font: 10pt 'times new roman', times, serif;">
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Bunker swap agreements with a fair value of USD 1.1m (net gain) of a previously fixed hedge have been recognized in the income statement in 2018 (2017: USD 1.2m, 2016: USD 0.0m). Bunker swaps with a duration similar to the period hedged are used to reduce the exposure to fluctuations in bunker prices.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Forward exchange contracts with a fair value of USD -1.8m (net loss) are designated as hedge accounting relationships to hedge a part of TORM's payments in 2019 regarding administrative and operating expenses denominated in DKK with a notional value of DKK 250.0m (2017: DKK 257.0m, 2016: DKK 336.4m).</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Interest rate swaps with a fair value of USD 2.8m (net gain) are designated as hedge accounting relationships to fix a part of TORM's interest payments during the period 2019-2026 with a notional value of USD 512.8m (2017: USD 406.4m, 2016: USD 373.8m).</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The derivatives are not under central clearing but are settled on a bilateral basis with the counterparties. All contracts are settled in a net amount per counterparty, and therefore the net value per counterparty is presented in the financial statement.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Cash collateral of USD 3.5m (2017: USD 3.8m) has been provided security for the agreements entered relating to derivate financial instruments, which does not meet the offsetting criteria in IAS 32, but it can be offset against the net amount of the derivative asset and derivative liability in case of default and insolvency or bankruptcy in accordance with associated collateral arrangements.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Group did not enter into any enforceable netting arrangements.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Further details of derivative financial instruments are provided in note 19.</div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif;
 white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The table below shows realized amounts as well as fair value adjustments regarding derivative financial instruments recognized in the income statements and equity in 2018, 2017 and 2016.<br class="apple-interchange-newline" />
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="18" nowrap="nowrap">Income statement</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Equity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Revenue</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Port expenses,&#160;<br/>bunkers and&#160;<br/>commissions</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Financial items</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Operating&#160;<br/>expenses</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Administrative&#160;<br/>expenses</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Hedging&#160;<br/>reserves</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">2018</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 712px;">Forward freight agreements</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">-2.1</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">0.9</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Bunker swaps</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Forward exchange
 contracts</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.4</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest rate swaps</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">1.0</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-3.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-2.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.2</td>
<td style="text-align: left; padding-bottom: 2px;">&#160;</td>
<td style="padding-bottom: 2px;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-7.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">2017</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Forward freight agreements</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.5</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align:
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.3</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Bunker swaps</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Forward exchange contracts</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.4</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest rate swaps</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-3.4</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
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<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.7</td>
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<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.2</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-3.4</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.2</td>
<td style="text-align: left; padding-bottom: 2px;">&#160;</td>
<td style="padding-bottom: 2px;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">6.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align:
 right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">2016</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Forward freight agreements</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.2</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Bunker swaps</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Forward exchange contracts</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-3.4</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest rate swaps</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-2.8</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">1.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-0.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-2.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align:
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<td style="border-bottom: black 2px solid; text-align: right;">0.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.4</td>
<td style="text-align: left; padding-bottom: 2px;">&#160;</td>
<td style="padding-bottom: 2px;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow hedges. The cumulative deferred gain or loss on the hedging instrument is recognized in profit or loss only when the hedged transaction impacts the profit or loss, or is included directly in the initial cost or other carrying amount of the hedged non-financial items.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of derivative financial instruments. [Refer: Derivatives [member]]</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815790272">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISKS ASSOCIATED WITH TORM'S ACTIVITIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text"><p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Note 19 &#8211; Risks associated with TORM&#8217;s activities</font><font style="color: black;">&#160;</font></p>
<div>&#160;</div>
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<div>&#160;</div>
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<td><font style="color: black;">long-term strategic risks</font></td>
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<td><font style="color: black;">industry and market-related risks</font></td>
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<table style="margin-top: 0pt; width: 100%; font: 10pt times new roman, times, serif; margin-bottom: 0pt;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;"></td>
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<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The risks described below under each of the four categories are considered to be among the most significant risks for TORM within each category.</font><font style="color: black;">&#160;</font></p>
<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
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<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Industry and market-related risk factors relate to changes in the markets and in the political, economic and physical environment that Management cannot control such as freight rates and vessel and bunker prices.</font><font style="color: black;">&#160;</font></p>
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<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The Company&#8217;s income is principally generated from voyages carried out by its fleet of vessels. As such, TORM is exposed to the considerable volatility that characterizes freight rates for such voyages.</font><font style="color: black;">&#160;</font></p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">It is the Company&#8217;s strategy to seek a certain exposure to this risk, as volatility also represents an opportunity because earnings historically have been higher in the day-to-day market compared to time charters. The fluctuations in freight rates for different routes may vary substantially. However, TORM is aiming at reducing the sensitivity to the volatility of such specific freight rates by actively seeking the optimal geographical positioning of the fleet and by optimizing the services offered to customers. Please refer to note 7 for details on impairment testing.</font><font style="color: black;">&#160;</font></p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Tanker freight income is to a certain extent covered against general fluctuations through the use of physical contracts such as cargo contracts and time charter agreements with durations of 6-36 months. In addition, TORM uses derivative financial instruments such as forward freight agreements (FFAs) with coverage of typically 0-24 months forward, based on market expectations and in accordance with the Company&#8217;s risk management policies.</font></p>
<div>&#160;&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Tanker freight income is to a certain extent covered against general fluctuations through the use of physical contracts such as cargo contracts and time charter agreements with durations of 6-36 months. In addition, TORM uses derivative financial instruments such as forward freight agreements (FFAs) with coverage of typically 0-24 months forward, based on market expectations and in accordance with the Company&#8217;s risk management policies. During 2018, 13.1% (2017: 11.6%; 2016: 10.4%) of freight earnings days equal to 27.141, deriving from the Company&#8217;s tankers was hedged in this way. Physical time charter contracts accounted for 62.8% (2017: 65.8%; 2016: 82.9%) of overall hedging. In 2018, the Company sold FFAs with a notional contract value of USD 39.6m (2017: USD 44.2m; 2016: USD 11.7m) and bought FFAs with a notional contract value of USD 18.8m (2017: USD 12.2m; 2016: USD 2.9m). The total notional contract volume sold in 2018 was 2,683,000 metric tons (2017: 1,754,000 metric tons; 2016: 781,000 metric tons), and the total notional volume bought was 1,447,000 metric tons (2017: 530,000 metric tons; 2016: 190,000 metric tons). At the end of 2018, the coverage of available earning days for 2019 was 9.9% through time charters, current spot voyages, cargo contracts and FFAs (2017: 13.3%; 2016: 11.6%). No FFA had maturity beyond 2019.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">FFA trade and other freight-related derivatives are subject to specific policies and guidelines approved by the Risk Committee, including trading limits, stop-loss policies, segregation of duties and other internal control procedures.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">All things being equal and to the extent the Company&#8217;s vessels have not already been chartered out at fixed rates, a freight rate change of USD/day 1,000 would lead to the following changes in profit before tax based on the expected number of earning days for the coming financial year:</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">SENSITIVITY TO CHANGES IN FREIGHT RATES</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="color: black;" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Decrease in freight rates of USD/day 1,000:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Changes in profit before tax,&#160;as of 31 December</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-25.3</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-24.1</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-25.0</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Changes in equity,&#160;as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-25.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-24.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-25.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">SALES AND PURCHASE PRICE FLUCTUATIONS</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">As an owner of vessels, TORM is exposed to risk associated with changes in the value of the vessels, which can vary considerably during their useful lives. As of 31 December 2018, the carrying value of the fleet was USD 1,396.5m (2017: USD 1,294.5m). Based on broker valuations, TORM&#8217;s fleet excluding undelivered newbuildings had a market value of USD 1,322.1m as of 31 December 2018 (2017: USD 1,259.6m).</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">BUNKER PRICE FLUCTUATIONS</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The cost of fuel oil consumed by the vessels, known in the industry as bunkers, accounted for 60.8% (2017: 55.3%; 2016: 49.6%) of the total voyage costs in 2018 and is by far the biggest single cost related to a voyage.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">TORM is exposed to fluctuations in bunker prices that are not reflected in the freight rates achieved by the Company. To reduce this exposure, TORM hedges part of its bunker requirements with oil derivatives.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Bunker trade is subject to specific risk policies and guidelines approved by the Risk Committee including trading limits, stop-loss, stop-gain and stop-at-zero policies, segregation of duties and other internal control procedures.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">TORM applies hedge accounting to all bunker derivative contracts.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">In 2018, 4.8% (2017: 3.3%; 2016: 0.9%) of TORM&#8217;s bunker consumption was hedged through bunker hedging contracts. At the end of 2018, TORM had covered 2.0% equal to 10.199 metric tons (2017: 2.1%; 2016: 1.6%) of its bunker requirements for 2019 using hedging instruments at an average price of USD 440. No bunker derivatives had maturity beyond 2019. Total bunker exposure is estimated to be approximately 516.449 metric tons.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">All things being equal, a price change of 10% per ton of bunker oil (without subsequent changes in freight rates) would lead to the following changes in expenditure based on the expected bunker consumption in the spot market:</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">SENSITIVITY TO CHANGES IN THE BUNKER PRICES</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="color: black;" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Increase in the bunker prices of 10% per ton:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Changes in profit before tax,&#160;as of 31 December</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-20.7</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-18.3</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-15.6</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Changes in equity,&#160;as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-20.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-18.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-15.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">OPERATIONAL AND COMPLIANCE RISKS</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Operational risks are risks associated with the ongoing operations of the business and include risks such as safe operation of vessels, availability of experienced seafarers and staff, terrorism, piracy as well as insurance and counterparty risk.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">INSURANCE COVERAGE</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">In the course of the fleet&#8217;s operation, various casualties, accidents and other incidents may occur that may result in financial losses for TORM. For example, national and international rules, regulations and conventions mean that the Company may incur substantial liabilities if a vessel is involved in an oil spill or emission of other environmentally hazardous agents.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">In order to reduce the exposure to these risks, the fleet is insured against such risks to the extent possible. The total insurance program comprises a broad cover of risks in relation to the operation of vessels and transportation of cargo, including personal injury, environmental damage and pollution, cargo damage, third-party casualty and liability, hull and machinery damage, total loss and war. All of TORM&#8217;s owned vessels are insured for an amount corresponding to their market value plus a margin to cover any fluctuations. Liability risks are covered in line with international standards. It is TORM&#8217;s policy to cooperate with financially sound international insurance companies with a credit rating of BBB or better, presently some 14-16 companies, along with two P&amp;I clubs, to diversify risk. The P&amp;I clubs are member of the internationally recognized collaboration, International Group of P&amp;I clubs, and the Company&#8217;s vessels are each insured for the maximum amount available in the P&amp;I system. At the end of 2018, the aggregate insured value of hull and machinery and interest for TORM&#8217;s owned vessels amounted to USD 1.5 billion (2017: USD 1.4 billion; 2016: USD 1.6 billion).</font><font style="color: black;">&#160;</font></p>
<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">COUNTERPARTY RISK</font></p>
<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Counterparty risk is an ever-present challenge demanding close monitoring to manage and decide on actions to minimize possible losses. The maximum counterparty risk associated is equal to the values recognized in the balance sheet. A consequential effect of the counterparty risk is loss of income in future periods, e.g. counterparties not being able to fulfill their responsibilities under a time charter, a contract of affreightment or an option. The main risk is the difference between the fixed rates under a time charter or a contract of affreightment and the market rates prevailing upon default.</font><font style="color: black;">&#160;</font></p>
<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Company has a close focus on its risk policies and procedures to ensure that risks managed in the day-to-day business are kept at agreed levels and that changes in the risk situations are brought to Management&#8217;s attention.</font><font style="color: black;">&#160;</font></p>
<div>&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Company&#8217;s counterparty risks are primarily associated with:</font></p>
<div>&#160;</div>
<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">receivables, cash and cash equivalents</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">contracts of affreightment with a positive fair value</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td>
<p><font style="color: black;">derivative financial instruments and commodity instruments with positive fair value</font></p>
</td>
</tr>
</table>
<div><font style="color: black;">&#160;</font><font style="color: black;"><font style="color: black;"></font></font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Counterparty risk is an ever-present challenge demanding close monitoring to manage and decide on actions to minimize possible losses. The maximum counterparty risk associated is equal to the values recognized in the balance sheet. A consequential effect of the counterparty risk is loss of income in future periods, e.g. counterparties not being able to fulfill their responsibilities under a time charter, a contract of affreightment or an option. The main risk is the difference between the fixed rates under a time charter or a contract of affreightment and the market rates prevailing upon default, this characterizes the method for identified the market value of a derivative instruments.</font></p>
<div>&#160;</div>
<div style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Receivables, cash and cash equivalents</font></div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The majority of TORM&#8217;s customers are companies that operate in the oil industry. It is assessed that these companies are, to a great extent, subject to the same risk factors as those identified for TORM.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">A major part of the Company&#8217;s freight revenues stems from a small group of customers. One customer accounted for 17.0% (2017: 8.2%; 2016: 12.6%) of the freight revenues in 2018. The concentration of earnings on a few customers requires extra attention to credit risk. TORM has a credit policy under which continued credit evaluations of new and existing customers take place. For long-standing customers, payment of freight normally takes place after a vessel&#8217;s cargo has been discharged. For new and smaller customers, the Company&#8217;s credit risk is limited as freight is usually paid prior to the cargo&#8217;s discharge, or, alternatively, that a suitable bank guarantee is placed in lieu thereof.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">As a consequence of the payment patterns mentioned above, the Company&#8217;s receivables primarily consist of receivables from voyages in progress at year-end and outstanding demurrage. For the past five years, the Company has not experienced any significant losses in respect of charter payments or any other freight agreements. With regard to the collection of original demurrage claimed, the Company&#8217;s average stands at 98.1% (2017: 97.0%; 2016: 96.8%), which is considered to be satisfactory given the differences in interpretation of events. In 2018, demurrage represented 14.6% (2017: 16.8%; 2016: 15.0%) of the total freight revenues. Please see note 1 for more details on recognition of demurrage claim into revenue.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Excess liquidity is placed on deposit accounts with major banks with strong and acceptable credit ratings or invested in secure papers such as American or Danish government bonds. Cash is invested with the aim of getting the highest possible yield while maintaining a low counterparty risk and adequate liquidity reserves for possible investment opportunities or to withstand a sudden drop in freight rates.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Derivative financial instruments and commodity instruments</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">In 2018, 100.0% (2017: 100.0%; 2016: 100.0%) of TORM&#8217;s forward freight agreements (FFAs) and fuel swaps were cleared through clearing houses, effectively reducing counterparty credit risk by daily clearing of balances. Over-the-counter fuel swaps have restrictively been entered into with major oil companies, banks or highly reputed partners with a satisfactory credit rating. TORM also trades FX and interest derivatives. All such derivatives were done with investment grade counterparties.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">FINANCIAL RISKS</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Financial risks relate to the Company&#8217;s financial position, financing and cash flows generated by the business, including foreign exchange risk and interest rate risk. The Company&#8217;s liquidity and capital resources are described in Note 2.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">In 2018, 100.0% (2017: 100.0%; 2016: 100.0%) of TORM&#8217;s forward freight agreements (FFAs) and fuel swaps were cleared through central clearing houses, effectively reducing counterparty credit risk by daily clearing of balances. Over-the-counter fuel swaps have restrictively been entered into with major oil companies, banks or highly reputed partners with a satisfactory credit rating. TORM also trades FX and interest derivatives. All such derivatives were done with investment grade counterparties.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">FOREIGN EXCHANGE RISK</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">TORM uses USD as its functional currency because the majority of the Company&#8217;s transactions are denominated in USD. The foreign exchange risk is thereby limited to cash flows not denominated in USD. The primary risk relates to transactions denominated in DKK, EUR and SGD and relates to administrative and operating expenses.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The part of the Company&#8217;s expenses that are denominated in currencies other than USD accounts for approximately 98.3% (2017: 97.9%; 2016: 98.9%) for administrative expenses and approximately 23.4% (2017: 24.5%; 2016: 26.7%) for operating expenses. TORM&#8217;s administrative and operating expenses in DKK and EUR for 2019 is approximately USD 390.0m, whereof 64.1% (2017: 62.0%; 2016: 73.8%) are hedged through FX forward contracts. All entered FX forward contract has maturity within 2019 and TORMs average hedge USDDKK currency rate is 6.5. TORM assumes identical currency risks arising from exposures in DKK and EUR.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">SENSITIVITY TO CHANGES IN THE USD/DKK AND USD/EUR EXCHANGE RATE</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">All things being equal, a change in the USD/DKK and USD/EUR exchange rate of 10% would result in a change in profit before tax and equity as follows:</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="color: black;" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Effect of a 10% increase of DKK and EUR:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Changes in profit before tax,&#160;as of 31 December</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-2.1</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-2.5</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-1.7</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Changes in equity,&#160;&#160;as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-2.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-2.5</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-1.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
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<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">INTEREST RATE RISK</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">TORM&#8217;s interest rate risk generally relates to interest-bearing mortgage debt and bank loans. All of the Company&#8217;s loans for financing vessels are denominated in USD, and all are floating rate loans. At the end of 2018, TORM has fixed 66.2% of the interest exposure for 2019 equal to a total interest expense exposure of USD 33.1m (2017: 63.2%; 2016: 67.9%). As of December 31, 2018 TORM has interest rate hedges covering and with maturity in the period 2019-2026 with a notional value of USD 512.8m, hedged at an interest rate of 2.04% plus margin. The fixing is a result of floating rate loans where USD 3 months LIBOR was fixed in 2018 into 2019 and interest hedging through interest rate swaps.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">SENSITIVITY TO CHANGES IN INTEREST RATES</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">All things being equal, a change in the interest rate level of 1%-point would result in a change in the interest rate expenses as follows:</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="color: black;" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Effect of a 1% point increase in interest rates:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Changes in profit before tax,&#160;as of 31 December</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-2.4</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-3.2</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-2.5</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Changes in equity,&#160;&#160;as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">8.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">3.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">6.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">TORM&#8217;s mortgage debt and bank loans&#160;increased from year-end 2017 to year-end 2018 by USD 10.3m (2017: increase of USD 47.5m; 2016: decrease of USD 95.3m) to USD 729.4m (2017: USD 719.1m; 2016: USD 671.6m).</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="text-transform: uppercase; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">Liquidity RISK</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">TORM&#8217;s strategy is to ensure continuous access to funding sources by maintaining a robust capital structure and a close relationship with several financial partners. As of 31 December 2018, TORM&#8217;s loan portfolio was spread across ten different banks.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">As of 31 December 2018, TORM maintains a liquidity reserve of USD 127m in cash combined with USD 75m in undrawn revolving credit facilities. Cash is only placed in banks with a high credit rating.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">For further information on contractual obligations, including a maturity analysis, please refer to Note 17.</font></p><span></span>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815841456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfFairValueMeasurementOfAssetsAndLiabilitiesAbstract', window );"><strong>Disclosure Of Fair Value Measurement Of Assets And Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementExplanatory', window );">FINANCIAL INSTRUMENTS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 20 &#8211; FINANCIAL INSTRUMENTS</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 8pt;">Categories of financial assets and liabilities&#160;<font style="font-family: 'times new roman', times, serif;">(USDm)</font>:</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap"><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Quoted&#160;<br/>prices&#160;<br/>(level 1)</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Observable&#160;<br/>input&#160;<br/>(level 2)</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Unobservable&#160;<br/>input&#160;<br/>(level 3)</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Fair value&#160;<br/>Total</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Amortized cost</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying value</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td nowrap="nowrap"><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 8pt;">2018:</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size:
 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Loans and receivables</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; width: 533px;"><font style="font-size: 8pt;">Freight receivables</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 63px;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 110px;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 110px;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 110px;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 110px;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 8pt;">86.0</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 109px;"><font style="font-size: 8pt;">86.0</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Other receivables</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font
 style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">3.7</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">3.7</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">3.8</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">7.5</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">Cash and cash equivalents</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">127.4</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">127.4</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">Total</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">3.7</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">3.7</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">217.2</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size:
 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">220.9</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Financial liabilities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Mortgage debt and bank loans</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;"><sup>2)</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">724.3</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">724.3</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Finance lease liabilities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size:
 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">25.3</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">25.3</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Trade payables</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">35.1</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">35.1</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">Other liabilities</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">3.4</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">3.4</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">33.1</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">36.5</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">Total</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td
 style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">3.4</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">3.4</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">817.8</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">821.2</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-transform: uppercase;"><font style="font-size: 8pt;">2017:</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size:
 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Loans and receivables</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Freight receivables</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">71.3</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">71.3</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Other receivables</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">7.6</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">7.6</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font
 style="font-size: 8pt;">4.2</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">11.8</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">Cash and cash equivalents</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">134.2</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">134.2</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">Total</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">7.6</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">7.6</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">209.7</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">217.3</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size:
 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Financial liabilities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Mortgage debt and bank loans</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;"><sup>2)</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">720.9</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">720.9</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Finance lease liabilities</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">28.2</font></td>
<td
 style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">28.2</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 8pt;">Trade payables</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">26.2</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">26.2</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">Other liabilities</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;"><sup>1)</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
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<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">-0.2</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 8pt;">33.8</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
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<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-0.2</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-</font></td>
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<td style="border-bottom: black 2px
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<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">-0.2</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">809.3</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 8pt;">809.1</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/8pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><sup>1)</sup>&#160;Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.</p>
<p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/8pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><sup>2)</sup>&#160;See note 14.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">There have been no transfers between level 1 and 2.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">FAIR VALUE HIERARCHY FOR FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE IN THE BALANCE SHEET</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Below please find the fair value hierarchy for financial instruments measured at fair value in the balance sheet. The financial instruments in question are grouped into levels 1 to 3 based on the degree to which the fair value is observable.</p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td>level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities</td>
</tr>
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<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td>level 2 fair value measurements are those derived from input other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)</td>
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<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td>level 3 fair value measurements are those derived from valuation techniques that include input for the asset or liability that are not based on observable market data (unobservable input)</td>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px;
 -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">METHODS AND ASSUMPTIONS IN DETERMINING FAIR VALUE OF FINANCIAL INSTRUMENTS</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Derivative part of other receivables and other payables</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The fair value of derivatives in other receivables and other payables is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. and compared to financial counterparties to ensure acceptable valuations. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements. The fair value of derivatives</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for fair value measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815850256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfRelatedPartyExplanatory', window );">RELATED PARTY TRANSACTIONS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 21 &#8211; RELATED PARTY TRANSACTIONS</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company's ultimate controlling party is Oaktree Capital Group, LLC, a limited liability company incorporated in the USA. The immediate controlling shareholder is Njord Luxco.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In connection with the USD 100m equity raise completed in January 2018, an entity affiliated with TORM&#8217;s largest shareholder, OCM Njord Holdings S.&#224; r.l. (Oaktree Capital Management), received a fee of USD 1.25m in return for fully backstopping the transaction.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Shareholders' contribution and dividends paid are disclosed in the consolidated statement of changes in equity.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The remuneration of key management personnel, which consists of the Board of Directors and the Executive Director, is disclosed in Note 3.</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Section Disclosures<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=sect_Disclosures&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815866512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfNoncurrentAssetsSoldDuringYearAbstract', window );"><strong>Disclosure Of Noncurrent Assets Sold During Year [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory', window );">ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">NOTE 22 &#8211; ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">During 2018, TORM sold four vessels, of which three were delivered to the new owners during 2018, and one vessel was delivered in Q1 2019 (presented as &#8220;assets held-for-sale&#8221; as of 31 December 2018). The sales resulted in a profit from sale of vessels of USD 0.8m and an impairment loss on in tangible and intangible assets of USD 3.2m.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">During 2017, TORM sold eight vessels, of which four were delivered to the new owners during 2017, one vessel was in Q1 2018 (presented as &#8220;assets held-for-sale&#8221; as of 31 December 2017), and the remaining three vessels were sold and leased back to TORM as finance leases. The sales resulted in a profit from sale of vessels of USD 2.8m and a total impairment loss on sold or held-for-sale vessels of USD 3.6m.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">There was no sale of vessels in 2016.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for non-current assets held for sale and discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2018-01-01<br> -Section Presentation and disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2018-03-01&amp;anchor=sect_Presentationanddisclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807821680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH FLOWS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfCashFlowStatementAbstract', window );"><strong>Disclosure Of Cash Flow Statement [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfCashFlowStatementExplanatory', window );">CASH FLOWS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 23 &#8211; CASH FLOWS</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Reversal of other non-cash movements:</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Amortization of acquired assets and liabilities</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-0.1</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Exchange rate adjustments</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.4</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Share-based payments</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Equity transactions expensed in relation to the Corporate Reorganization</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-6.4</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Other adjustments</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.2</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">2.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">3.7</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-7.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<div>&#160;</div>
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<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Change in bunkers, receivables and payables:</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Change in bunkers</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-6.2</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-1.6</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-6.1</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Change in receivables</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-10.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-12.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">18.2</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Change in prepayments</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.5</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.7</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Change in trade payables and other liabilities</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">11.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.6</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Other changes</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.9</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Adjusted for fair value changes of derivative financial instruments</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-7.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">6.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-1.0</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-12.7</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-13.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">8.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a statement of cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Section Presentation of a statement of cash flows<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=sect_Presentationofastatementofcashflows&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815907248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ENTITIES IN THE GROUP<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract', window );"><strong>Disclosure of information about consolidated structured entities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesExplanatory', window );">ENTITIES IN THE GROUP</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: black; border-top: black 1pt solid; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="text-transform: uppercase;">NOTE 24 &#8211; ENTITIES IN THE GROUP</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #363233; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0">
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<td style="border-bottom: black 1pt solid; width: 452px;">Entity</td>
<td style="border-bottom: black 1pt solid; width: 8px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 181px;">Country</td>
<td style="border-bottom: black 1pt solid; width: 7px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 7px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 90px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; vertical-align: top;">TORM plc</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">United Kingdom</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="margin: 0px;">&#160;</p>
<p style="margin-top: 0pt; font: 10pt 'times new roman', times, serif; margin-bottom: 0pt;">Investments in subsidiaries&#160;<sup>8)</sup>:</p>
<p style="margin: 0px;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: bottom;" nowrap="nowrap">Entity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">Country</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Ownership&#160;<sup>7)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; width: 436px; vertical-align: top;">TORM A/S</td>
<td style="width: 7px;">&#160;</td>
<td style="width: 180px;">Denmark</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 90px;">100</td>
<td style="text-align: left; width: 12px;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">DK Vessel HoldCo GP ApS</td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">DK Vessel HoldCo K/S</td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM (Gibraltar) Njord Midco Ltd.</td>
<td>&#160;</td>
<td>Gibraltar</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Chartering Inc.</td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Agnes, Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Alice, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Almena, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Amalie, Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Aslaug, Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Hardrada, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings St.Michaelis Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings St. Gabriel Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Harald Pte. Ltd&#160;<sup>4)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Gorm Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Knut Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Valdemar Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Agnete, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Alexandra, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Anabel, Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Arawa Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Leif Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 0pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Rolf Pte. Ltd&#160;<sup>4)</sup></td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid;">Singapore</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; width: 459px; vertical-align: top;">OCM Holdings Mrs Inc.</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 157px;">Marshall Islands</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 90px;">100</td>
<td style="text-align: left; width: 12px;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Anne Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Freya Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Gerd Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Gertrud Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td
 style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Gunhild Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Helene Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Helvig Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Ingeborg Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Mary Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Ragnhild Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Thyra Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Valborg Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Vita Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OMI Holding Ltd.&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Mauritius</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">Torghatten &amp; TORM Shipowning ApS&#160;<sup>4)</sup></td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TORM Crewing Service Ltd.</td>
<td>&#160;</td>
<td>Bermuda</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TORM Shipping India Private Limited</td>
<td>&#160;</td>
<td>India</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TORM Singapore Pte. Ltd.</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TORM USA LLC</td>
<td>&#160;</td>
<td>USA</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TT Shipowning K/S&#160;<sup>4)</sup></td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">VesselCo 1 K/S</td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 0pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">VesselCo 3 K/S</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td
 style="border-bottom: black 0pt solid;">Denmark</td>
<td style="border-bottom: black 0pt solid;">&#160;</td>
<td style="border-bottom: black 0pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 0pt solid; text-align: right;">100</td>
<td style="border-bottom: black 0pt solid; text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 463px;">VesselCo 5 K/S&#160;<sup>2)</sup></td>
<td style="width: 7px;">&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 148px;">Denmark</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 90px;">100</td>
<td style="text-align: left; width: 12px;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 6 K/S&#160;<sup>3)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 6 Pte. Ltd.</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 7 Pte. Ltd.</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 8 Pte. Ltd.</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 9 Pte. Ltd.&#160;<sup>1)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 10 Pte. Ltd.&#160;<sup>1)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 11 Pte. Ltd.&#160;<sup>1)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 12 Pte. Ltd.&#160;<sup>2)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">TORM SHIPPING (PHILS.), INC.</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Philippines</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo A ApS</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo C ApS</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo E ApS&#160;<sup>2)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo F ApS&#160;<sup>3)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">100</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td
 style="width: 0.25in;">1)</td>
<td>Entities added in the financial year ended 31 December 2016.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">2)</td>
<td>Entities added in the financial year ended 31 December 2017.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">3)</td>
<td>Entities added in the financial year ended 31 December 2018.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">4)</td>
<td>Entities dissolved in the financial year ended 31 December 2016.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">5)</td>
<td>Entities dissolved in the financial year ended 31 December 2017.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">6)</td>
<td>Entities dissolved in the financial year ended 31 December 2018.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">7)</td>
<td>For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">8)</td>
<td>All subsidiaries are consolidated in full.</td>
</tr>
</table>
<p>&#160;</p>
<p style="margin: 0px;">The table below shows the registered addresses for the companies mentioned above:</p>
<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">&#160;</p>
<table style="width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;" nowrap="nowrap"><font style="font-size: 8pt;">Denmark</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;" nowrap="nowrap"><font style="font-size: 8pt;">India</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;" nowrap="nowrap"><font style="font-size: 8pt;">Philippines</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;" nowrap="nowrap"><font style="font-size: 8pt;">Singapore</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Tuborg Havnevej 18,</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">2nd Floor</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">7th Floor</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">6 Battery Road #27-02</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">DK-2900 Hellerup</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Leela Business Park</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Salcedo Towers, 169</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Singapore 049909</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Denmark</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Andheri-Kurla Road</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">HV dela Costa Street</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Singapore</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Andheri (E)</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Salcedo Village,</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;"
 nowrap="nowrap"><font style="font-size: 8pt;">Mumbai 400059</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Makati City</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">India</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Philippines 1227</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"><font style="font-size: 8pt;">United Kingdom</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"><font style="font-size: 8pt;">USA</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"><font style="font-size: 8pt;">Marshall Islands</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"><font style="font-size: 8pt;">Mauritius</font></td>
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<tr style="vertical-align: bottom;">
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<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Suite 710</font></td>
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<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">c/o Temple Corporate</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">20 Birchin Lane</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">2500 City West</font></td>
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<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Services</font></td>
</tr>
<tr style="vertical-align: bottom;">
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</tr>
<tr style="vertical-align: bottom;">
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<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">77042, Houston, Texas</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">P.O. Box 2095</font></td>
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</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">USA</font></td>
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</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">USA</font></td>
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</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"><font style="font-size: 8pt;">Bermuda</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"><font style="font-size: 8pt;">Gibraltar</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"><font style="font-size: 8pt;">Hong Kong</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;" nowrap="nowrap"><font style="font-family: 'times new roman', times, serif; font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">c/o Estera Services</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">57/63 Line Wall Road</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Room A, 7/F</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
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<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">GX11 1AA</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">China Overseas Bldg.</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Canon's Court</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Gibraltar</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">139 Hennessy Road</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">22 Victoria Street</font></td>
<td style="line-height: 13pt;"
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<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Wanchai</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">PO Box 1624</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Hong Kong</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Hamilton HM GX</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">Bermuda</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="line-height: 13pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Interest in legal entities included as joint ventures:</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">2018</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 8pt;">Entity</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 8pt;">Country</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">% Control</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Profit and&#160;<br/>loss from&#160;<br/>continuing&#160;<br/>operations</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Other compre-&#160;<br/>hensive&#160;<br/>income</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Total compre-&#160;<br/>hensive&#160;<br/>income</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 307px;"><font style="font-size: 8pt;">Long Range 2 A/S</font></td>
<td style="width: 8px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 59px;"><font style="font-size: 8pt;">Denmark</font></td>
<td style="width: 8px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 8px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 68px;"><font style="font-size: 8pt;">50</font></td>
<td style="text-align: left; width: 10px;"><font style="font-size: 8pt;">%</font></td>
<td style="width: 8px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 8px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 67px;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; width: 7px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 7px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 7px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;
 width: 67px;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; width: 7px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="width: 7px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; width: 7px;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right; width: 67px;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left; width: 7px;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"><font style="font-size: 8pt;">LR2 Management K/S</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; vertical-align: top;"><font style="font-size: 8pt;">Denmark</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">50</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">%</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"><font style="font-size: 8pt;">Marine Exhaust Technology Ltd.</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;"><font style="font-size: 8pt;">Hong Kong</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">28</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">%</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">-</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">For registered addresses, please refer to the table above.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of information about consolidated structured entities. [Refer: Consolidated structured entities [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Section Nature of the risks associated with an entity's interests in consolidated structured entities<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=F16130622&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815876928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE AND DIVIDEND PER SHARE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract', window );"><strong>Disclosure Of Earnings Per Share And Dividend Per Share [Abstract]</strong></a></td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEarningsPerShareAndDividendPerShareTextBlock', window );">EARNINGS PER SHARE AND DIVIDEND PER SHARE</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 25 &#8211; EARNINGS PER SHARE AND DIVIDEND PER SHARE</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-transform: uppercase;">EARNINGS PER SHARE</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Net profit/(loss) for the year (USDm)</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-34.8</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">2.4</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-142.5</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Million shares</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Weighted average number of shares</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">73.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">62.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">63.1</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Weighted average number of treasury shares</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.2</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Weighted average number of shares
 outstanding</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">73.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">62.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">62.9</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Dilutive effect of outstanding share options</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Weighted average number of shares outstanding incl. dilutive effect of share options</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">73.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">62.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">62.9</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Basic earnings/(loss) per share (USD)</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-0.48</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.04</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-2.27</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Diluted earnings/(loss) per share (USD)</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-0.48</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.04</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-2.27</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">When calculating diluted earnings per share for 2018, RSUs have been omitted as they are out-of-the-money and thus anti-dilutive, but the RSUs may potentially dilute earnings per share in the future. Please refer to Note 3 for information on the RSU share options.</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt
 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-transform: uppercase;">DIVIDEND PER SHARE</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Dividend for the year (USDm)</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">1.2</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">25.0</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Number of shares, end of period (million)</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">74.2</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">62.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">62.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Dividend per share</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.02</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.40</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">There is no proposed dividend as of 31 December 2018.</p><span></span>
</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the entire disclosure of earnings per share and dividend per share.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6810780960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfAccountingPoliciesCriticalAccountingEstimatesAndJudgementsAbstract', window );"><strong>Disclosure Of Accounting Policies Critical Accounting Estimates And Judgements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationExplanatoryPolicyTextBlock', window );">Consolidation principles</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Consolidation principles</font></p>
<div>&#160;</div>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">The consolidated financial statements comprise the financial statements of the Parent Company, TORM plc and entities controlled by the Company and its subsidiaries. Control is achieved when the Company has all the following:</font></p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">power over the investee;</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;"><font style="color: black;"></font></font>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">exposure, or rights, to variable returns from its involvement with the investee; and</font></p>
</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">the ability to use its power over the investee to affect the amounts of the investor&#8217;s returns</font></td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Company should reassess whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities unilaterally. The Company considers all facts and circumstances in assessing whether or not the Company&#8217;s voting rights in an investee are sufficient to give it power, including:</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px 0px 0px 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The size of the Company&#8217;s holding of voting rights relative to the size and dispersion of holdings of the other vote holders</font></p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Potential voting rights held by the Company, other vote holders or other parties</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Rights arising from other contractual arrangements, and</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting pattern at previous shareholders&#8217; meetings</font></td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Entities in which the Group exercises significant but not controlling influence are regarded as associated companies and are accounted for using the equity method.</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Companies which are managed jointly by agreement with one or more companies and therefore are subject to joint control (joint ventures) are accounted for using the equity method.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ends when the Company loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated income statement and other comprehensive income from the date on which the Company obtains control until the date when the Company loses control over the subsidiary.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The consolidated financial statements are prepared on the basis of the financial statements of the Parent Company, its subsidiaries and the Company&#8217;s share of the income statement and balance sheet of joint operations by combining items of a uniform nature and eliminating intercompany transactions, balances and shareholdings as well as realized and unrealized gains and losses on transactions between the consolidated entities. The financial statements used for consolidation purposes are prepared in accordance with the Company&#8217;s accounting policies.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The consolidated financial statements following a reverse acquisition are issued under the name of the legal parent (accounting acquiree) but as a continuation of the financial statements of the legal subsidiary (accounting acquirer). The accounting acquirer&#8217;s legal capital is adjusted retrospectively to reflect the legal capital of the accounting acquiree. Comparative information is adjusted accordingly.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory', window );">Business combinations</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Business combinations</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Newly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Business combinations are accounted for by applying the purchase method, whereby the acquired entities&#8217; identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also taken into account. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2"></font>&#160;</div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: times new roman,times;" size="2">The excess of the cost of the business combination over the fair value of the acquired assets, liabilities and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units, which subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.</font></div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Foreign currencies</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Foreign currencies</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The functional currency of all significant entities, including subsidiaries and associated companies, is United State dollars (USD), because the Company&#8217;s vessels operate in international shipping markets, in which income and expenses are settled in USD, and because the Company&#8217;s most significant assets and liabilities in the form of vessels and related liabilities are denominated in USD. Transactions in currencies other than the functional currency are translated into the functional currency at the transaction date. Cash, receivables and payables and other monetary items denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate at the balance sheet date. Gains or losses due to differences between the exchange rate at the transaction date and the exchange rate at the settlement date or the balance sheet date are recognized in the income statement under &#8220;Financial income&#8221; and &#8220;Financial expenses&#8221;.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The reporting currency of the Company is USD. Upon recognition of entities with functional currencies other than USD, the financial statements are translated into USD. Income statement items are translated into USD at the average exchange rate for the year, whereas balance sheet items are translated at the exchange rate as of the balance sheet date. Exchange differences arising from the translation of financial statements into USD are recognized as a separate component through other comprehensive income. On the disposal of an entity, the cumulative amount of the exchange differences recognized in the separate component of equity relating to that entity is transferred to the income statement as part of the gain or loss on disposal.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory', window );">Derivative financial instruments and hedge accounting</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Derivative financial instruments and hedge accounting</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Derivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges and forward contracts regarding bunker purchases, are entered into hedge future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on&#160;<font style="background-color: yellow;">cash flow</font>&#160;hedges when appropriate.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Derivative financial instruments are initially recognized in the balance sheet at fair value at the date when the derivative contract is entered into and are subsequently measured at their fair value as other receivables or other liabilities, respectively.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Changes in the fair value of derivative financial instruments that are designated as cash flow hedges and deemed to be effective are recognized directly in &#8220;Other comprehensive income&#8221;. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in &#8220;Other comprehensive income&#8221; is transferred to the income statement and included in the same line as the hedged transaction. However, when the hedged transaction results in the recognition of a fixed asset, the gains and losses previously accumulated in &#8220;Other comprehensive income&#8221; are transferred from &#8220;Other comprehensive income&#8221; and included in the initial measurement of the cost of the fixed asset. Changes in the fair value of a portion of a hedge deemed to be ineffective are recognized in the income statement.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Changes in the fair value of derivative financial instruments that are not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company&#8217;s risk management policy, interest rate swaps with cap features and certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivate financial instruments are therefore recognized in the income statement under &#8220;Financial income&#8221; or &#8220;Financial expenses&#8221; for interest rate swaps with cap features, under &#8220;Revenue&#8221; for forward freight agreements and under &#8220;Port expenses, bunkers and commissions&#8221; for forward bunker contracts.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory', window );">Segment information</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Segment information</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The segmentation is based on the Group&#8217;s internal management and reporting structure. In the Tanker Segment, the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel and naphtha.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Group has only one geographical segment, because the Company considers the global market as a whole, and as the individual vessels are not limited to specific parts of the world. Furthermore, the internal management reporting does not provide such information. Consequently, it is not possible to provide geographical segment information on revenue from external customers or non-current segment assets.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Employee benefits</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Employee benefits</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Wages, salaries, social security contributions, holiday and sick leave, bonuses and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.</font></p><span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock', window );">Pension plans</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Pension plans</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory', window );">Leases</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Leases</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Agreements to charter in vessels and to lease other plant and operating equipment for which TORM substantially has all the risks and rewards of ownership are recognized in the balance sheet as finance leases. Lease assets are measured at the lower of fair value and the present value of minimum lease payments determined in the leases.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">For the purpose of calculating the present value, the interest rate implicit in the lease or an incremental borrowing rate is used as discount factor. The lease assets are depreciated and written down under the same accounting policy as the vessels owned by the Company or over the lease period depending on the lease terms.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The corresponding lease obligation is recognized as a liability in the balance sheet, and the interest element of the lease payment is charged to the income statement as incurred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Other charter agreements concerning vessels and other leases are classified as operating leases, and lease payments are charged to the income statement on a straight-line basis over the lease term. The obligation for the remaining lease term is disclosed in the notes to the financial statements.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Sale and lease back</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Following a sale transaction, agreements to charter-in vessels (sale-and-leaseback) for which TORM maintains substantially all the risks and rewards incidental to economic ownership, are recognized on the balance sheet as finance leases. Leased vessels are measured at the start of the leasing contract at the lower of the present value of minimum lease payments determined in the lease contract and the assets&#8217; fair value, plus any incidental expense borne by the lessee. For the purpose of calculating the present value, the interest rate implicit in the lease is used as discount factor. Depreciation method and useful economic life correspond to those applied to comparable purchased assets. Liabilities for financial leases are recognized on the balance sheet and the interest included in the lease payment is charged to the income statement.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenue</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Revenue</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Income is recognized in the income statement when:</font></p>
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<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">The income generating activities have been carried out on the basis of a binding agreement</font></td>
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<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">The income can be measured reliably</font></td>
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</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">It is probable that the economic benefits associated with the transaction will flow to the Company</font></td>
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</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
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<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Costs relating to the transaction can be measured reliably</font></td>
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</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Revenue comprises freight, charter hire and demurrage revenues from the vessels and gains and losses on forward freight agreements designated as hedges. Revenue is recognized when or as performance obligations are satisfied by transferring the promised goods or service s to the customer, i.e. at a point in time or over time provided that the stage of completion can be measured reliably. Revenue is measured at the consideration the Group expects to be entitled to. Accordingly, freight, charter hire and demurrage revenue are recognized at selling price upon delivery of the service as per the charter parties concluded.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Cross-over voyages</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. For cross-over voyages (voyages in progress at the end of a reporting period), the uncertainty and the dependence on estimates are greater than for finalized voyages. The Company recognizes a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. The estimate of revenue is based on the expected duration and destination of the voyage.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">When recognizing revenue, there is a risk that the actual number of days it
 takes to complete the voyage will differ from the estimate, and for time charter parties a lower day rate may have been agreed for additional days. The contract for a single voyage may state several alternative destination ports. The destination port may change during the voyage, and the rate may vary depending on the destination port. Changes to the estimated duration of the voyage as well as changing destinations and weather conditions will affect the voyage expenses.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Demurrage revenue</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM is compensated for the additional time incurred in the form of demurrage revenue. Demurrage revenue is recognized upon delivery of services in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. The Company receives the demurrage payment upon reaching final agreement on the amount, which on average is approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Port expenses, bunkers and commissions</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Port expenses, bunker fuel consumption and commissions are recognized as incurred. Gains and losses on forward bunker contracts designated as hedges and write-down and provisions for losses on freight receivables are included in this line.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Freight and bunker derivatives</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Freight and bunker derivatives comprise fair value adjustments and gains and losses on forward freight agreements, forward bunker contracts and other derivative financial instruments directly relating to shipping activities which are not designated as hedges. The freight and bunker derivatives that qualify for hedge accounting are recognized in Revenue and Port expense, bunkers and commissions respectively, as the hedging instrument is realized.</font></p><span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory', window );">Operating expenses</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Operating expenses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Operating expenses, which comprise crew expenses, repair and maintenance expenses and tonnage duty, are expensed as incurred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Profit from sale of vessels</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Profit from sale of vessels is recognized when the significant risks and rewards of ownership have been transferred to the buyer, representing the difference between the sales price less costs to sell and the carrying value of the vessel.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Administrative expenses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Administrative expenses, which comprise administrative staff costs, management costs, office expenses and other expenses relating to administration, are expensed as incurred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Other operating expenses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Other operating expenses primarily comprise chartering commissions and management fees paid to commercial and technical managers for managing the fleet and profits and losses deriving from the disposal of fixed assets, etc.</font></p><span></span>
</td>
</tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory', window );">Depreciation and impairment losses</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Depreciation and impairment losses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Depreciation and impairment losses comprise depreciation of tangible fixed assets for the year as well as the write-down of the value of assets by the amount by which the carrying amount of the asset exceeds its recoverable amount. In the event of indication of impairment, the carrying amount is assessed, and the value of the asset is written down to its recoverable amount equal to the higher of value in use based on net present value of future earnings from the assets and its fair value less costs to sell.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory', window );">Financial income</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Financial income</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Financial income comprises interest income, realized and unrealized exchange rate gains relating to transactions in currencies other than the functional currency, realized gains from other equity investments and securities, unrealized gains from securities, dividends received and other financial income including value adjustments of certain financial instruments not accounted for as hedges of future transactions.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate. Dividends from other investments are recognized when the right to receive payment has been decided, which is typically when the dividend has been declared and can be received without conditions.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory', window );">Financial expenses</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Financial expenses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Financial expenses comprise interest expenses, financing costs of finance leases, realized and unrealized exchange rate losses relating to transactions in currencies other than the functional currency, realized losses from other equity investments and securities, unrealized losses from securities and other financial expenses including value adjustments of certain financial instruments not accounted for as hedges of future transactions.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Tax</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Tax</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Tax expenses comprise the expected tax including tonnage tax on the taxable income for the year for the Group, adjustments relating to previous years and the change in deferred tax for the year. However, tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Vessels</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Vessels</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expenses incurred during the period of construction based on the loans obtained for the vessels. All major components of vessels except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful lives, which TORM estimates to be 25 years. The Company considers that a 25-year depreciable life is consistent with what is used by other shipowners with comparable tonnage. Depreciation is based on cost less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The useful life and the residual value of the vessels are reviewed at least at each financial year-end based on market conditions, regulatory requirements and the Company&#8217;s business plans.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Company also evaluates the carrying amounts to determine if events have occurred that indicate impairment and would require a modification of the carrying amounts. Prepayment on vessels is measured at costs incurred.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Dry-docking</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Approximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements and TORM&#8217;s business plans. A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. Depreciation hereof is carried over the period until the next dry-docking. For newbuildings, the initial dry-docking asset is estimated based on the expected costs related to the first-coming dry-docking, which again is based on experience and past history of similar vessels. For second-hand vessels, a dry-docking asset is also segregated and capitalized separately, taking into account the normal docking intervals of the vessels.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">At subsequent dry-dockings, the costs comprise the actual costs incurred at the dry-docking yard. Dry-docking costs may include the cost of hiring crews to carry out replacements and repairs, the cost of parts and materials used, The cost of travel, lodging and supervision of Company personnel as well as the cost of hiring third-party personnel to oversee a dry-docking. Dry-docking activities include, but are not limited to, the inspection, service on turbocharger, replacement of shaft seals, service on boiler, replacement of hull anodes, applying of anti-fouling and hull paint, steel repairs as well as refurbishment and replacement of other parts of the vessel.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2"></font>&#160;</div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;
 text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black; ; font-family: times new roman,times;" size="2">Prepayments on vessels</font></div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Prepayments consist of prepayments related to newbuilding contracts for vessels not yet delivered and including a share of borrowing costs. When a vessel is delivered, the amount is reallocated to the financial statement line &#8220;Vessels and capitalized dry-docking&#8221;.</font></div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Other plant and operating equipment</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Other plant and operating equipment consists of leasehold improvements, IT equipment and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset&#8217;s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets:</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Leasehold improvements: estimated useful life</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">IT equipment: 3&#8211;5 years</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Software: 3&#8211;5 years</font></td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.25in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol; color: black;">&#183;</font></td>
<td><font style="color: black;">Other equipment 3&#8211;5 years</font></td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by Management.</font></p>
<div>&#160;</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory', window );">Financial assets</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Financial assets</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Financial assets are initially recognized at the settlement date at fair value plus transaction costs, except for financial assets at fair value through profit or loss, which are recognized at fair value. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures', window );">Investments in joint ventures</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Investments in joint ventures</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Investments in joint ventures comprise investments in companies which by agreement are managed jointly with one or more companies and therefore are subject to joint control and in which the parties have rights to the net assets of the joint venture. Joint ventures are accounted for using the equity method. Under the equity method, the investment in joint ventures is initially recognized at cost and thereafter adjusted to recognize TORM&#8217;s share of the profit or loss in the joint venture. When TORM&#8217;s share of losses in a joint venture exceeds the investment in the joint venture, TORM discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that TORM has incurred legal or constructive obligations or made payments on behalf of the joint venture.</font></p>
<div>&#160;</div><span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory', window );">Receivables</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Receivables</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Outstanding freight receivables and other receivables that are expected to be realized within 12 months from the balance sheet date are classified as &#8220;Freight receivables&#8221; or &#8220;Other receivables&#8221; and presented as current assets.</font></p>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Receivables are at initial recognition measured at at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequent measured at amortised cost adjusted for change in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.</div>
<div style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock', window );">Expected credit losses</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Expected credit losses</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Expected credit losses at initial recognition are determined on the basis of customers&#8217; ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequent and if the debtor&#8217;s ability to pay is becoming doubtful expected credit losses are calculated at individual basis. When there are no reasonable expectations of recovering the receivable is written off in part or entirely.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DescriptionOfAccountingPolicyForProvisionForBadDebtExplanatoryPolicyTextBlock', window );">Provisions for bad debt</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Provisions for bad debt</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Allowances for bad debts are determined on the basis of customers&#8217; ability to pay, considering historical information about payment patterns, doubtful debts, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated if the debtor&#8217;s ability to pay changes. It is estimated that the provisions made are sufficient to cover any bad debts.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory', window );">Impairment of assets</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Impairment of assets</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Non-current assets are reviewed at least annually to determine any indication of impairment due to a significant decline in either the assets&#8217; market value or in the cash flows generated by the assets. In case of such indication, the recoverable amount of the asset is estimated as the higher of the asset&#8217;s fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to derive from a cash generating unit (CGU), utilizing a pre-tax discount rate that reflects current market estimates of the time value of money and the risks specific to the unit for which the estimates of future cash flows have not been adjusted. If the recoverable amount is less than the carrying amount of the cash generating unit, the carrying amount is reduced to the recoverable amount.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The impairment loss is recognized immediately in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined, had no impairment loss been recognized in prior years.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The management in TORM has assessed the inflow of cash in TORM to allocate these into separate cash generating units (CGU). It has been assessed that the Group only have one CGU &#8211; the product tanker segment.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">For the purpose of assessing impairment, assets and time charter and bareboat contracts are grouped at the lowest levels at which impairment is monitored for internal management purposes.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Bunkers</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Bunkers</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Bunkers and lube oil are stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditure incurred in acquiring the bunkers and lube oil and delivery cost less discounts.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory', window );">Assets held-for-sale</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Assets held-for-sale</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Assets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms that are usual and customary for sales of such assets, and when its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Assets held-for-sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Gains are recognized on delivery to the new owners in the income statement in the item &#8220;Profit from sale of vessels&#8221;. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item &#8220;Impairment losses on tangible and intangible assets&#8221;.</font></p><span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory', window );">Treasury shares</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Treasury shares</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Treasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is also recognized directly in equity.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory', window );">Share-based payments</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Share-based payments</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Group makes equity settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group&#8217;s estimate of shares that will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory', window );">Dividend</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Dividend</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Dividend is recognized as a liability at the time of declaration. Dividend proposed for the year is moved from &#8220;Retained profit&#8221; and presented as a separate component of equity.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Provisions</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Provisions are recognized when the Group has a legal or constructive obligation as a result of past events, and when it is probable that this will lead to an outflow of resources that can be reliably estimated. Provisions are measured at the estimated liability that is expected to arise, taking into account the time value of money.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory', window );">Deferred tax</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Deferred tax</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, the deferred tax also constitutes the reserve in relation to the transition balance in connection with the Danish tonnage tax scheme.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on the laws that have been enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items.</font></p><span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory', window );">Mortgage debt and bank loans</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Mortgage debt and bank loans</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">At the time of borrowing, mortgage debt and bank loans are measured at fair value less transaction costs. Mortgage debt and bank loans are subsequently measured at amortized cost. This means that the difference between the net proceeds at the time of borrowing and the nominal amount of the loan is recognized in the income statement as a financial expense over the term of the loan applying the effective interest method.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="background-color: #ffffff; color: black;">When terms of existing financial liabilities are renegotiated, or other changes regarding the effective interest rate occur, TORM performs a test to evaluate whether the new terms are substantially different from the original terms. If the new terms are substantially different from the original terms, TORM accounts for the change as an extinguishment of the original financial liability and the recognition of a new financial liability.&#160;TORM considers the new terms to be substantially different from the original terms if the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.</font></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock', window );">Other liabilities</a></td>
<td class="text"><p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Other liabilities</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Other liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForCashFlowsExplanatory', window );">CASH FLOW STATEMENT</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">CASH FLOW STATEMENT</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The cash flow statement shows how income and changes in the balance sheet items affect cash and cash equivalent, i.e. how cash is generated or used in the period. The cash flow statement is presented in accordance with the indirect method commencing with &#8220;Net profit/(loss) for the year&#8221;.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Cash flow from operating activities converts income statement items from the accrual basis of accounting to cash basis. Starting with &#8220;Net profit/(loss) for the year&#8221;, non-cash items are reversed and actual payments included. Further, the change in working capital is taken into account, as this shows the development in money tied up in the balance sheet.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Cash flow from investing activities comprises the purchase and sale of tangible fixed assets and financial assets as well as cash from business combinations.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Cash flow from financing activities comprises changes in long-term debt, bank loans, finance lease liabilities, purchases or sales of treasury shares and dividend paid to shareholders.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less, net of outstanding bank overdrafts. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents at the end of the reporting period are shown in the consolidated cash flow statement and can be reconciled to the related items in the consolidated balance sheet.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The restricted cash balance primarily relates to cash provided as security for negative marked values of derivatives and other cash positions.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory', window );">EARNINGS PER SHARE</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">EARNINGS PER SHARE</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Basic earnings per share is calculated by dividing the consolidated net profit/(loss) for the year available to common shareholders by the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. Purchases of treasury shares during the period are weighted based on the remaining period.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Diluted earnings per share is calculated by adjusting the consolidated profit or loss available to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect of including them would be to increase earnings per share or reduce a loss per share.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory', window );">CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</a></td>
<td class="text"><p style="widows: 2; text-transform: uppercase; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The preparation of financial statements in accordance with IFRS requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by the way TORM applies its accounting policies. An accounting estimate is considered critical if the estimate requires Management to make assumptions about matters subject to significant uncertainty, if different estimates could reasonably have been used, or if changes in the estimate that would have a material impact on the Company&#8217;s financial position or results of operations are reasonably likely to occur from period to period. Management believes that the accounting estimates applied are appropriate and the resulting balances are reasonable. However, actual results could differ from the original estimates requiring adjustments to these balances in future periods.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Management believes that the following are the significant accounting estimates and judgements used in the preparation of the consolidated financial statements:</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">Carrying amounts of vessels</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred that would require a modification of their carrying amounts. The valuation of vessels is reviewed based on events and changes in circumstances that would indicate that the carrying amount of the assets might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment such as reported sale and purchase prices, market demand and general market conditions. Furthermore, market valuations from leading, independent and internationally recognized shipbrokers are obtained on a quarterly basis as part of the review for potential impairment indicators. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs to sell and the value in use.</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">The review for potential impairment indicators and projection of future discounted cash flows related to the vessels is complex and requires the Company to make various estimates including future freight rates, utilization, earnings from the vessels, future operating expenses- and capital expenditure including dry-dock costs - and discount rates. For more information on key assumptions and related sensitivities, please refer to note 7 in these financial statements. All these factors have been historically volatile. The carrying amounts of TORM&#8217;s vessels may not represent their fair market value at any point in time, as market prices of second-hand vessels to a certain degree tend to fluctuate with changes in freight rates and the cost of newbuildings. However, if the estimated future cash flow or related assumptions in the future experience change, an impairment write-down or reversal of impairment may be required.</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for business combinations. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForCashFlowsExplanatory</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for deferred income tax. [Refer: Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for derivative financial instruments. [Refer: Financial instruments, class [member]; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForDividendsExplanatory</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForExpensesExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for finance costs. [Refer: Finance costs]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinanceCostsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for finance income and costs. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investments in joint ventures. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentsInJointVentures</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for non-current assets or disposal groups classified as held for sale. [Refer: Non-current assets or disposal groups classified as held for sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Share-based payment arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTreasurySharesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for depreciation and impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DescriptionOfAccountingPolicyForDepreciationAndImpairmentLossExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for Expected credit losses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DescriptionOfAccountingPolicyForExpectedCreditLossesPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for otherl liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatoryPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for pension plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DescriptionOfAccountingPolicyForPensionPlanExplanatoryPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions for bad debt.</p></div>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808580416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfStaffCostAbstract', window );"><strong>Disclosure Of Staff Cost [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfStaffCostsAndAverageNumberOfEmployeesTableTextBlock', window );">Schedule of staff costs and average number of employees</a></td>
<td class="text"><div>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
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<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Total staff costs</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Staff costs included in operating expenses</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">9.3</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">9.2</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">9.9</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Staff costs included in administrative expenses</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">36.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">34.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">31.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">46.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">43.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">40.9</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Staff costs comprise the following</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left;
 color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Wages and salaries</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">38.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">36.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">32.3</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Share-based compensation</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.9</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.0</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Pension costs</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Other social security costs</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.4</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Other staff costs</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">46.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">43.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">40.9</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Average number of permanent employees</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right;
 color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Seafarers</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">111.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">130.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">137.0</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Land-based</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">302.2</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">286.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">269.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">413.9</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">417.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">406.1</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfTerminationBenefitsByTitleOfIndividualTableTextBlock', window );">Schedule of termination benefits by title of individual</a></td>
<td class="text"><div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USD '000</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Non-Executive Board and Committee Remuneration, short term</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Christopher H. Boehringer</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">276</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">290</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">237</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">David Weinstein</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">182</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">174</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">131</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Torben Janholt</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">171</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">174</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">132</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">G&#246;ran Trapp</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">171</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">174</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">158</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">800</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">812</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">658</td>
</tr>
</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfKeyManagementPersonnelCompensationTableTextBlock', window );">Schedule of key management personnel compensation</a></td>
<td class="text"><div  >
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USD '000</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">Salary</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">Taxable&#160;<br  />benefits</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">Annual&#160;<br  />perfor-&#160;<br  />mance&#160;<br  />bonus</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Executive Management Remuneration</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Jacob Meldgaard</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 352px; color: black;"><font style="color: black;">2016, TORM A/S - restated&#160;<font style="font-family: 'times new roman', times, serif;"><sup>1)</sup></font></font></td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">834</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">41</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">559</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">1,434</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2016, TORM plc</font><sup>1)</sup></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">39</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">39</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2017, TORM A/S<sup>1)</sup></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">923</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">42</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">580</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1,545</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2017, TORM plc<sup>1)</sup></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">81</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">81</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2018, TORM A/S<sup>1)</sup></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">983</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">44</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">425</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1,452</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">2018, TORM plc<sup>1)</sup></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">80</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">80</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 752px; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="text-align: left; width: 0.25in;"><sup>1)</sup></td>
<td style="text-align: justify;"><font style="color: black;">Paid by legal entity as noted.</font></td>
</tr>
</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory', window );">Schedule of staff costs</a></td>
<td class="text"><table style="widows: 2; text-transform: none; text-indent: 0px; width: 752px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">RSU LTIP&#160;<br  />grant <sup>1)</sup></td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" nowrap="nowrap">Exercise&#160;<br  />price per&#160;<br  />share</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" nowrap="nowrap">RSU grant value&#160;<br  />assuming 100%&#160;<br  />vesting</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">LTIP element of Jacob Meldgaard's remuneration package 2018:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Jacob Meldgaard</td>
<td style="border-bottom: black 2px solid; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 75px; color: black;">766,035</td>
<td style="border-bottom: black 2px solid; text-align: left; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 90px; color: black;">&#160;DKK 53.7</td>
<td style="border-bottom: black 2px solid; width: 7px; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; width: 93px; color: black;">&#160;USD 0.9m</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
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<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="text-align: left; width: 0.25in;"><sup>1)</sup></td>
<td style="text-align: justify;"><font style="color: black;">The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.</font></td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
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<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
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<td style="text-align: left; width: 8px; color: black;">&#160;</td>
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<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
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<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
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<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<td style="color: black;">&#160;</td>
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<td style="color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-21.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-127.6</td>
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<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">2,719.1</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid;
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<td style="border-bottom: black 2px solid; text-align: right; color: black;">2,611.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1,999.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Exercisable as of 31 December</td>
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<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">255.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">255.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">538.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the number and weighted average exercise prices of other equity instruments (ie other than share options).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the tabular disclosure for reconciliation of number of other equity instruments (ie other than share options) outstanding in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815831536">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Tables)<br></strong></div></th>
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<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Audit fees</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Fees payable to the Company's auditor for the audit of the Company's annual accounts</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">0.4</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">0.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">0.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Audit of the Company's subsidiaries pursuant to legislation</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.2</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.2</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total audit fees</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.6</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.6</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.5</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Non-audit fees</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align:
 bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Audit-related services</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.6</td>
<td style="text-align: left; color: black;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Tax services</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.3</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Other services</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total non-audit fees</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.2</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.4</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1.0</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">0.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1.0</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1.5</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815853488">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Goodwill</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Cost:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Balance as of 1 January</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">11.4</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">11.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">11.4</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions during the year</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Impairment losses:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td
 style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-11.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-11.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Impairment losses for the year</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-11.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Carrying amount as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the reconciliation of changes in intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2018-01-01<br> -Paragraph 118<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2018-03-01&amp;anchor=para_118&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815790272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TANGIBLE FIXED ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentAbstract', window );"><strong>Disclosure of detailed information about property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
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<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Vessels and capitalized dry-docking</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Cost:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Balance as of 1 January</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">1,726.6</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">1,697.4</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">1,567.5</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">162.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">103.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">40.8</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-30.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-14.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-16.3</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to/from other items</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">81.8</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">105.4</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to assets held-for-sale</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-54.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-59.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1,886.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1,726.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1,697.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Depreciation:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">264.8</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">180.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">75.5</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-30.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-14.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-15.9</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Depreciation for the year</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">113.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">113.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">120.4</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to assets held-for-sale</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-20.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-14.5</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">327.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">264.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">180.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Impairment:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">167.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">173.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Impairment losses on tangible fixed assets</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">173.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to assets held-for-sale</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-8.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-9.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">162.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">167.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">173.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Carrying amount as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">1,396.6</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">1,294.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">1,343.8</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Of which finance leases as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">26.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">28.6</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">
<div>12.4</div>
</td>
</tr>
</table>
<table style="text-align: left; widows: 2; text-transform: none; background-color: #ffffff; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Prepayments on vessels</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Cost:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Balance as of 1 January</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">88.4</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">44.1</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">72.6</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">38.9</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">44.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">76.9</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Transferred to/from other items</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-81.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-105.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">45.5</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">88.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">44.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Carrying amount as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">45.5</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">88.4</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">44.1</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="text-align: left; widows: 2; text-transform: none; background-color: #ffffff; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="color: black;">&#160;</font></p>
<table style="text-align: left; widows: 2; text-transform: none; background-color: #ffffff; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Other plant and operating equipment</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Cost:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px; color: black;">Balance as of 1 January</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="text-align: right; width: 76px; color: black;">3.6</td>
<td style="text-align: left; width: 8px; color: black;">&#160;</td>
<td style="width: 8px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">2.7</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="width: 7px; color: black;">&#160;</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
<td style="text-align: right; width: 75px; color: black;">3.2</td>
<td style="text-align: left; width: 7px; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.1</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-1.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">5.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">3.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Depreciation:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.9</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.7</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-0.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-1.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Depreciations for the year</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Carrying amount as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">3.0</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1.9</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">1.8</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Of which finance leases as of 31 December</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; color: black;">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807771088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL ITEMS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FinancialItemsAbstract', window );"><strong>Financial Items [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfFinanceIncomeCostsTableTextBlock', window );">Schedule of finance income costs</a></td>
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<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Financial income</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;"><font style="color: black;">Interest income from cash and cash equivalents &#185;<font style="font-family: times new roman, times, serif;">&#8318;</font></font></td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">2.7</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">1.6</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">0.2</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Exchange rate adjustments, including gain from forward exchange rate contracts</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">3.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">4.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">2.8</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Financial expenses</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;"><font style="color: black;">Interest expenses on mortgage and bank debt &#185;<font style="font-family: times new roman, times, serif;">&#8318;</font></font></td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">35.7</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">33.3</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">29.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Exchange rate adjustments, including loss from forward exchange rate contracts</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.1</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.2</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.5</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Commitment fee</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.6</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">2.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">1.6</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Other financial expenses</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">0.9</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">3.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">39.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">40.6</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">37.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total financial items</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">-36.0</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">-36.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">-34.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;">&#160;</p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><sup>1)</sup> Interest for financial assets and liabilities not at fair value through profit and loss.</p><span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of information about financial items.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_FinancialItemsAbstract</td>
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<td>xbrli:stringItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of finance income (cost).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ScheduleOfFinanceIncomeCostsTableTextBlock</td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815842976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FREIGHT RECEIVABLES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FreightReceivablesAbstract', window );"><strong>Freight Receivables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory', window );">Schedule of individually determined to be impaired to a value</a></td>
<td class="text"><table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Analysis as of 31 December of freight receivables:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Gross freight receivables:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Neither past due nor impaired</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">44.0</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">25.5</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">28.7</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Past due not impaired:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Due &lt; 30 days</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">18.8</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">26.0</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">13.0</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Due between 30 and 180 days</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">20.5</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">18.4</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">18.7</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Past due and impaired:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Due &gt; 180 days</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">4.4</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">4.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total gross</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">87.7</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">72.6</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">65.1</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
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<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.7</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">1.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">2.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Total net</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">86.0</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">71.3</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">62.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;" colspan="13">* All provisions are related to "Past due and impaired" freight receivables.</td>
</tr>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock', window );">Schedule of movment in provisions for impairment of freight receivables</a></td>
<td class="text"><table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Provisions for impairment of Freight receivables</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Balance as of 1 January</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">1.3</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">2.6</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">1.7</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Provisions for the year</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.9</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Provisions reversed during the year</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Provisions utilized during the year</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Balance as of 31 December</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.7</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">2.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial assets that are either past due or impaired. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_37&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents freight receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_FreightReceivablesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the tabular disclosure of movements in provisions for impairment of freight receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ScheduleOfMovmentInProvisionsForImpairmentOfFreightReceivablesTableTextBlock</td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815921984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER RECEIVABLES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade and other receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 548px;">Derivative financial instruments</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">3.7</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">7.6</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Tax receivables</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.3</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Other</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Balance as of 31 December</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">7.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">11.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the tabular disclosure of other current receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815909600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TAX (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfIncomeTaxAbstract', window );"><strong>Disclosure Of Income Tax [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfIncomeTaxTableTextBlock', window );">Schedule of income tax</a></td>
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">1.6</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
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<td style="text-align: right;">-0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Adjustment of deferred tax liability</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="width: 8px;">&#160;</td>
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<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.1</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Adjustments related to previous years</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Balance as of 31 December</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the tabular disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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</TEXT>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815924048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMON SHARES AND TREASURY SHARES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
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<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">Common shares</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap">&#160;</td>
<td>&#160;</td>
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<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;" colspan="2" nowrap="nowrap">Number of&#160;<br/>shares</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: right;" colspan="2" nowrap="nowrap">Number of&#160;<br/>shares</td>
<td>&#160;</td>
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<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">74,218,846</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">62,298,846</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">62,298,846</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">B-shares</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">C-shares</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">74,218,848</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">62,298,848</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">62,298,848</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfTreasuryShareTransactionsTableTextBlock', window );">Schedule of treasury share transactions</a></td>
<td class="text"><table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">Treasury shares</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Number of shares ('000)</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Balance as of 1 January</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">312.9</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">312.9</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">15.3</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">312.9</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Cancellations</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-15.3</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">312.9</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">312.9</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">312.9</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font style="color: black;">&#160;</font></p>
<div>
<table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">
<div>&#160;</div>
<div>&#160;</div>
<div>Treasury shares - continued</div>
</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Nominal value USD '000</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Balance as of 1 January</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">3.1</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">3.1</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">0.2</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">3.1</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Cancellations</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-0.2</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">3.1</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">3.1</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">3.1</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="color: black;">Percentage of share capital</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 1 January</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.5</td>
<td style="text-align: left; color: black;">%</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.5</td>
<td style="text-align: left; color: black;">%</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.2</td>
<td style="text-align: left; color: black;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Additions</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">0.5</td>
<td style="text-align: left; color: black;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Cancellations</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-0.2</td>
<td style="text-align: left; color: black;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Disposals</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">-</td>
<td style="text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Dilution, due to capital increases</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-0.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">%</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px double; text-indent: -6.25pt; padding-left: 6.25pt; color: black;">Balance as of 31 December</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">0.4</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">%</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">0.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">%</td>
<td style="border-bottom: black 2px double; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 2px double; text-align: right; color: black;">0.5</td>
<td style="border-bottom: black 2px double; text-align: left; color: black;">%</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_79_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the tabular disclosure of treasury share transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6666408656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OTHER LIABILITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfOtherLiabilitiesAbstract', window );"><strong>Disclosure Of Other Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">1.2</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">1.4</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.2</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">16.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">16.3</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.1</td>
<td style="text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Other</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Balance as of 31 December</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfOtherLiabilitiesAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the tabular disclosure of other liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R43.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820424048">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansTableTextBlock', window );">Schedule of effective interest rate, outstanding mortgage debt and bank loans</a></td>
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<td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap">Fixed/<br/>floating</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Effective<br/>interest<sup>1)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap">Maturity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Effective<br/>interest<sup>1)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" nowrap="nowrap">Maturity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Effective<br/>interest<sup>1)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Carrying<br/>value<sup>2)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 274px;">DSF Facility 1 (USD)</td>
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<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;">Floating</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;">2021</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">5.6</td>
<td style="text-align: left; width: 16px;">%</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">64.1</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 86px;">2021</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">5.4</td>
<td style="text-align: left; width: 15px;">%</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">74.2</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 85px;">2019</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">4.6</td>
<td style="text-align: left; width: 15px;">%</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">109.4</td>
<td style="text-align: left; width: 15px;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">TFA Facility 1 (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">6.0</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align:
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<td style="text-align: right;">331.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.0</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">400.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">470.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">DSF Facility 2 (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">52.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.0</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">56.5</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2021</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">62.2</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">DSF Facility 3 (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">24.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.1</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">26.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.8</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">30.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">TFA Facility 2 (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.4</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">103.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2022</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.4</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">115.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">N/A</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">N/A</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">ING (USD)</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2024</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">42.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2024</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.6</td>
<td style="text-align: left;">%</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">45.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">N/A</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">N/A</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">CEXIM</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Floating</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">2030</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align:
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<td style="border-bottom: black 1pt solid; text-align: right;">5.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">111.7</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">N/A</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">N/A</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">N/A</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">N/A</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Weighted average effective interest rate</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">5.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">5.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">4.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Carrying value</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">729.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">719.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">671.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align:
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<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Hereof non-current&#160;<sup>2)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">637.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">633.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">595.7</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Hereof current&#160;<sup>2)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">92.2</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">86.0</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">75.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/13pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="text-align: left; width: 0.25in;"><sup>1)</sup></td>
<td style="text-align: justify;">Effective interest rate includes deferred and amortized bank fees.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0pt; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0pt; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="text-align: justify; vertical-align: top;">
<td style="width: 0px;"></td>
<td style="text-align: left; width: 0.25in;"><sup>2)</sup></td>
<td style="text-align: justify;">The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.</td>
</tr>
</table><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of Effective Interest Rate, Outstanding Mortgage Debt And Bank Loans [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td style="white-space:nowrap;">trmd_DisclosureOfEffectiveInterestRateOutstandingMortgageDebtAndBankLoansAbstract</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of effective interest rate, outstanding mortgage debt and bank loans .</p></div>
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<DOCUMENT>
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<TEXT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6810621552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTRACTUAL OBLIGATIONS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfContractualCommitmentsAbstract', window );"><strong>Disclosure Of Contractual Commitments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfContractualObligationsByMaturitiesTableTextBlock', window );">Schedule of contractual obligations</a></td>
<td class="text"><table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><sup>&#160;</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2020</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2021</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2022</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2023</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Thereafter</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 493px;">Mortgage debt and bank loans</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt; width: 54px;"><sup>1)</sup></td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">92.2</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">87.6</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">343.4</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">96.9</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">10.0</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">99.4</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">729.5</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
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<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">21.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">19.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">16.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">7.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">6.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">9.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">80.9</td>
<td style="text-align: left;">&#160;</td>
</tr>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Estimated variable interest payments</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">11.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">10.5</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">8.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">8.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">38.8</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td
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<td style="text-align: right;">3.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">15.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">25.3</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest element regarding finance lease</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.4</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">232.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">25.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">258.0</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">22.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">22.6</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Other operating leases</td>
<td>&#160;</td>
<td style="text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>4)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">6.2</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Trade payables and other obligations</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">59.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">59.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; text-indent: -6.25pt; padding-left: 6.25pt;"><sup>&#160;</sup></td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">447.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">149.4</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">374.2</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">121.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">16.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">117.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1,226.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>1)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m).</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>2)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>3)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt/8pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;"><sup>4)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".</td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory', window );">Schedule of reconciliation of liabilities arising from financing activities</a></td>
<td class="text"><table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><br class="apple-interchange-newline" />&#160;</td>
<td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Cash</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">Non-cash</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Opening&#160;<br/>balance as of 1&#160;<br/>January 2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Borrowings</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Repayments</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Changes in fair&#160;<br/>value</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Other changes</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">End balance as&#160;<br/>of 31 December&#160;<br/>2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 618px;">Mortgage debt</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 110px;">720.9</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 110px;">114.5</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 110px;">-110.8</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 110px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 109px;">-0.3</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 109px;">724.3</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Financial lease</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">28.2</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-2.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">25.3</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">749.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">114.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-113.7</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px
 solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-0.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">749.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorExplanatory', window );">Schedule of contractual rights</a></td>
<td class="text"><table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2020</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2021</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2022</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2023</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Thereafter</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Total</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Contractual rights - as lessor:</td>
<td>&#160;</td>
<td style="text-align: right;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; width: 502px;">Charter hire income for vessels</td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 63px;"><sup>6)</sup></td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 95px;">21.5</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 95px;">11.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 95px;">0.8</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 16px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 94px;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 94px;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 94px;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 94px;">33.6</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">21.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">11.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td
 style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">33.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table>
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<td style="width: 0.25in;"><sup>6)</sup></td>
<td style="margin: 0px; font: 10pt/10pt 'times new roman', times, serif;">Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807896736">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE FINANCIAL INSTRUMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Offsetting of financial assets and financial liabilities:</td>
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<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Offsetting amount</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">0.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Net amount presented in the statement of financial position</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">7.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid;
 text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.2</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfRealizedAmountsAndFairValueAdjustmentsForDerivativeFinancialInstrumentsTextBlock', window );">Schedule of realized amounts and fair value adjustments for derivative financial instruments</a></td>
<td class="text"><table style="widows: 2; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><br class="apple-interchange-newline" />&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="18" nowrap="nowrap">Income statement</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">Equity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Revenue</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Port expenses,&#160;<br/>bunkers and&#160;<br/>commissions</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Financial items</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Operating&#160;<br/>expenses</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Administrative&#160;<br/>expenses</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Hedging&#160;<br/>reserves</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">2018</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 712px;">Forward freight agreements</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">-2.1</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 95px;">-</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">-</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 94px;">0.9</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Bunker swaps</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Forward exchange contracts</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.4</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest rate swaps</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td
 style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">1.0</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-3.6</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-2.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.2</td>
<td style="text-align: left; padding-bottom: 2px;">&#160;</td>
<td style="padding-bottom: 2px;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-7.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">2017</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Forward freight agreements</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.5</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.3</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Bunker swaps</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align:
 right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Forward exchange contracts</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4.4</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Interest rate swaps</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-3.4</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2.7</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.5</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">1.2</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-3.4</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.3</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.2</td>
<td style="text-align: left; padding-bottom: 2px;">&#160;</td>
<td style="padding-bottom: 2px;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">6.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td>&#160;</td>
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<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-0.1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">0.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-3.4</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-2.8</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.6</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.4</td>
<td style="text-align: left; padding-bottom: 2px;">&#160;</td>
<td style="padding-bottom: 2px;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-1.0</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744682656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfRisksAssociatedWithEntitiesActivitiesAbstract', window );"><strong>Disclosure Of Risks Associated With Entities Activities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisForChangesInFreighTratesTableTextBlock', window );">Schedule of sensitivity analysis for changes in freight rates</a></td>
<td class="text"><table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; color: black;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="color: black;" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="color: black;" colspan="2" nowrap="nowrap">&#160;</td>
<td style="color: black;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; color: black;">Decrease in freight rates of USD/day 1,000:</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
<td style="text-align: right; color: black;">&#160;</td>
<td style="text-align: left; color: black;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 61%; color: black;">Changes in profit before tax,&#160;as of 31 December</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-25.3</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-24.1</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="width: 1%; color: black;">&#160;</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
<td style="text-align: right; width: 10%; color: black;">-25.0</td>
<td style="text-align: left; width: 1%; color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-25.3</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-24.1</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; color: black;">-25.0</td>
<td style="border-bottom: black 1pt solid; text-align: left; color: black;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2019</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td>&#160;</td>
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<td>&#160;</td>
<td>&#160;</td>
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<td>&#160;</td>
<td>&#160;</td>
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<td>&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Increase in the bunker prices of 10% per ton:</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Changes in profit before tax, as of 31 December</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-20.7</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-18.3</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
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<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
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<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-2.4</td>
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<td style="width: 8px;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Changes in equity, as of 31 December</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS (Tables)<br></strong></div></th>
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<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 10pt;" size="2">2018:</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Loans and receivables</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; width: 533px;"><font style="font-size: 10pt;" size="2">Freight receivables</font></td>
<td style="width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right; width: 63px;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td style="width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right; width: 110px;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right; width: 110px;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right; width: 110px;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right; width: 110px;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font-size: 10pt;" size="2">86.0</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="width: 15px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right; width: 109px;"><font style="font-size: 10pt;" size="2">86.0</font></td>
<td style="text-align: left; width: 15px;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Other receivables</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">3.7</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">3.7</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">3.8</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">7.5</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">Cash and cash equivalents</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">127.4</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">127.4</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">Total</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">3.7</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">3.7</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">217.2</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">220.9</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Financial liabilities</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Mortgage debt and bank loans</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2"><sup>2)</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">724.3</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">724.3</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Finance lease liabilities</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">25.3</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">25.3</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Trade payables</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">35.1</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">35.1</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">Other liabilities</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">3.4</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">3.4</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">33.1</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">36.5</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">Total</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">3.4</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">3.4</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">817.8</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">821.2</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-transform: uppercase;"><font style="font-size: 10pt;" size="2">2017:</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Loans and receivables</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Freight receivables</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">71.3</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">71.3</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Other receivables</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">7.6</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">7.6</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">4.2</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">11.8</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">Cash and cash equivalents</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">134.2</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">134.2</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">Total</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">7.6</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">7.6</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">209.7</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">217.3</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Financial liabilities</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Mortgage debt and bank loans</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2"><sup>2)</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">720.9</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">720.9</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Finance lease liabilities</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">28.2</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">28.2</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">Trade payables</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">26.2</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;" size="2">26.2</font></td>
<td style="text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
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<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2"><sup>1)</sup></font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-0.2</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">-0.2</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">34.0</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font-size: 10pt;" size="2">33.8</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">Total</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2"><sup>&#160;</sup></font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-0.2</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">-0.2</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">809.3</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font-size: 10pt;" size="2">809.1</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font-size: 10pt;" size="2">&#160;</font></td>
</tr>
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<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font size="2">&#160;</font></p>
<p style="widows: 2; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt/8pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font size="2"><sup>1)</sup>&#160;Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.</font></p>
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<DOCUMENT>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815947840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH FLOWS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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</tr>
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<td class="text"><table style="width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Reversal of other non-cash movements:</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Amortization of acquired assets and liabilities</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-0.1</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Exchange rate adjustments</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.0</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.8</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.4</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Share-based payments</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.0</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Equity transactions expensed in relation to the Corporate Reorganization</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-6.4</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Other adjustments</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-0.2</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-indent: -6.25pt; padding-left: 6.25pt;">Total</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">2.0</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">3.7</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-7.1</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
</tr>
</table>
<p style="margin: 0px; font: 10pt 'times new roman', times, serif;">&#160;</p>
<table style="width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">USDm</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2018</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">2017</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2"
 nowrap="nowrap">2016</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Change in bunkers, receivables and payables:</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 450px;">Change in bunkers</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-6.2</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-1.6</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">-6.1</td>
<td style="text-align: left; width: 7px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Change in receivables</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-10.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-12.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">18.2</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Change in prepayments</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1.5</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.4</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">2.7</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Change in trade payables and other liabilities</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">11.7</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-1.6</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.6</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Other changes</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.2</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.9</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-2.9</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">Adjusted for fair value changes of derivative financial instruments</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-7.1</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">6.9</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">-1.0</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; widows: 2; text-transform: none; font-style: normal; text-indent: -6.25pt; padding-left: 6.25pt; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Total</td>
<td style="border-bottom: black 2px solid; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">-12.7</td>
<td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new
 roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td>
<td style="border-bottom: black 2px solid; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">-13.0</td>
<td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td>
<td style="border-bottom: black 2px solid; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: 400; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">8.3</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807950256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ENTITIES IN THE GROUP (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
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<td style="border-bottom: black 1pt solid; width: 8px;">&#160;</td>
<td style="border-bottom: black 1pt solid; width: 181px;">Country</td>
<td style="border-bottom: black 1pt solid; width: 7px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 7px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 90px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 7px;">&#160;</td>
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<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; vertical-align: top;">TORM plc</td>
<td>&#160;</td>
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">United Kingdom</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: bottom;" nowrap="nowrap">Entity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">Country</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Ownership&#160;<sup>7)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; width: 436px; vertical-align: top;">TORM A/S</td>
<td style="width: 7px;">&#160;</td>
<td style="width: 180px;">Denmark</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 90px;">100</td>
<td style="text-align: left; width: 12px;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">DK Vessel HoldCo GP ApS</td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
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<tr style="background-color: white; vertical-align: bottom;">
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<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM (Gibraltar) Njord Midco Ltd.</td>
<td>&#160;</td>
<td>Gibraltar</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Chartering Inc.</td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Agnes, Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Alice, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Almena, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Amalie, Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Aslaug, Pte. Ltd&#160;<sup>5)</sup></td>
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<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Hardrada, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td
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</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings St.Michaelis Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings St. Gabriel Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Harald Pte. Ltd&#160;<sup>4)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Gorm Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Knut Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Valdemar Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Agnete, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Alexandra, Pte. Ltd</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Anabel, Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Arawa Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Leif Pte. Ltd&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Singapore Njord Holdings Rolf Pte. Ltd&#160;<sup>4)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">Singapore</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">100</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
</tr>
</table>
<div>&#160;</div>
<div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: bottom;" nowrap="nowrap">Entity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">Country</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Ownership&#160;<sup>7)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; width: 459px; vertical-align: top;">OCM Holdings Mrs Inc.</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 157px;">Marshall Islands</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 90px;">100</td>
<td style="text-align: left; width: 12px;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Anne Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;
 text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Freya Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Gerd Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Gertrud Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Gunhild Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Helene Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Helvig Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Ingeborg Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Mary Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Ragnhild Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Thyra Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Valborg Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OCM Njord Vita Inc.&#160;<sup>6)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">Marshall Islands</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">OMI Holding Ltd.&#160;<sup>5)</sup></td>
<td>&#160;</td>
<td>Mauritius</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">Torghatten &amp; TORM Shipowning ApS&#160;<sup>4)</sup></td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TORM Crewing Service Ltd.</td>
<td>&#160;</td>
<td>Bermuda</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TORM Shipping India Private Limited</td>
<td>&#160;</td>
<td>India</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TORM Singapore Pte. Ltd.</td>
<td>&#160;</td>
<td>Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TORM USA LLC</td>
<td>&#160;</td>
<td>USA</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align:
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<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">TT Shipowning K/S&#160;<sup>4)</sup></td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">VesselCo 1 K/S</td>
<td>&#160;</td>
<td>Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -0.13in; padding-left: 0.13in; vertical-align: top;">VesselCo 3 K/S</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;">Denmark</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">100</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
</tr>
</table>
</div>
<div>&#160;</div>
<div>
<table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">Entity</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap">Country</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap">Ownership&#160;<sup>7)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap">&#160;</td>
<td>&#160;</td>
<td nowrap="nowrap">&#160;</td>
<td>&#160;</td>
<td style="text-align: right;" colspan="2" nowrap="nowrap">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt; width: 463px;">VesselCo 5 K/S&#160;<sup>2)</sup></td>
<td style="width: 7px;">&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt; width: 148px;">Denmark</td>
<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 90px;">100</td>
<td style="text-align: left; width: 12px;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 6 K/S&#160;<sup>3)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 6 Pte. Ltd.</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 7 Pte. Ltd.</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 8 Pte. Ltd.</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 9 Pte. Ltd.&#160;<sup>1)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 10 Pte. Ltd.&#160;<sup>1)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 11 Pte. Ltd.&#160;<sup>1)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo 12 Pte. Ltd.&#160;<sup>2)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Singapore</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">TORM SHIPPING (PHILS.), INC.</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Philippines</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo A ApS</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr
 style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo C ApS</td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo E ApS&#160;<sup>2)</sup></td>
<td>&#160;</td>
<td style="text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">100</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; text-indent: -6.25pt; padding-left: 6.25pt;">VesselCo F ApS&#160;<sup>3)</sup></td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-indent: -6.25pt; padding-left: 6.25pt;">Denmark</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">100</td>
<td style="border-bottom: black 1pt solid; text-align: left;">%</td>
</tr>
</table>
<p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt/12.5pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">&#160;</p>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">1)</td>
<td>Entities added in the financial year ended 31 December 2016.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">2)</td>
<td>Entities added in the financial year ended 31 December 2017.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">3)</td>
<td>Entities added in the financial year ended 31 December 2018.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">4)</td>
<td>Entities dissolved in the financial year ended 31 December 2016.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">5)</td>
<td>Entities dissolved in the financial year ended 31 December 2017.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">6)</td>
<td>Entities dissolved in the financial year ended 31 December 2018.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">7)</td>
<td>For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%.</td>
</tr>
</table>
<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">8)</td>
<td>All subsidiaries are consolidated in full.</td>
</tr>
</table>
</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduleOfRegisteredAddressesTableTextBlock', window );">Schedule of registered addresses</a></td>
<td class="text"><table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Denmark</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;"><font style="font-size: 10pt; ; font-family: times new roman,times;">India</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Philippines</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; line-height: 14pt; width: 188px; vertical-align: bottom;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Singapore</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Tuborg Havnevej 18,</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">2nd Floor</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">7th Floor</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">6 Battery Road #27-02</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">DK-2900 Hellerup</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Leela Business Park</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Salcedo Towers, 169</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Singapore 049909</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Denmark</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Andheri-Kurla Road</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">HV dela Costa Street</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Singapore</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Andheri (E)</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Salcedo Village,</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Mumbai 400059</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Makati City</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">India</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Philippines 1227</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; line-height: 14pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">United Kingdom</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">USA</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Marshall Islands</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Mauritius</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Birchin Court</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Suite 710</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">c/o The Trust</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">c/o Temple Corporate</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">20 Birchin Lane</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">2500 City West</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Company of</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Services</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">London, EC3V 9DU</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Boulevard</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Marshall Islands, Inc.</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Temple Court 2,</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">United Kingdom</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">77042, Houston, Texas</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">P.O. Box 2095</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Labourdonnais Street</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">USA</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Reston VA 20195-0095</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Port Louis</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">USA</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Mauritius</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; line-height: 14pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Bermuda</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Gibraltar</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Hong Kong</font></td>
<td style="border-bottom: black 1pt solid; line-height: 14pt;"><font style="font-family: 'times new roman', times, serif; font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">c/o Estera Services</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">57/63 Line Wall Road</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Room A, 7/F</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">(Bermuda Limited)</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">GX11 1AA</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">China Overseas Bldg.</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Canon's Court</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Gibraltar</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">139 Hennessy Road</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">22 Victoria Street</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Wanchai</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">PO Box 1624</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Hong Kong</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Hamilton HM GX</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="line-height: 13pt;"><font style="font-size: 10pt; ; font-family: times new roman,times;">Bermuda</font></td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfJointVenturesExplanatory', window );">Schedule of joint ventures</a></td>
<td class="text"><table style="widows: 2; text-transform: none; text-indent: 0px; width: 50%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font-size: 10pt;">2018</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 10pt;">Entity</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;" nowrap="nowrap"><font style="font-size: 10pt;">Country</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">% Control</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Profit and&#160;<br  />loss from&#160;<br  />continuing&#160;<br  />operations</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;" colspan="2" nowrap="nowrap"><font style="font-size: 10pt;">Other compre-&#160;<br  />hensive&#160;<br  />income</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid;"><font style="font-size: 10pt;">&#160;</font></td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
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<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-0.48</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid;" nowrap="nowrap">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td style="border-bottom: black 1pt solid;">&#160;</td>
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="text-align: left; width: 8px;">&#160;</td>
<td style="text-align: right; width: 76px;">-</td>
<td style="text-align: left; width: 8px;">&#160;</td>
<td style="width: 8px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
<td style="text-align: right; width: 75px;">1.2</td>
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<td style="width: 7px;">&#160;</td>
<td style="text-align: left; width: 7px;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
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<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
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<tr style="background-color: white; vertical-align: bottom;">
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">0.02</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807990192">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals) - TORM A/S<br> $ in Millions</strong></div></th>
<th class="th">
<div>Apr. 15, 2016 </div>
<div>USD ($) </div>
<div>ratio</div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value, at acquisition date, of cash transferred as consideration in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B64<br> -Subparagraph f<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B64_f_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of remaining shares acquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfNonControllingInterestSharesAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfSharesExchanged">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of shares exchanged.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfSharesExchanged</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_RatioOfWarrantsExchanged">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The ratio of warrants exchanged.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_RatioOfWarrantsExchanged</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormAsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormAsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6811090336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals 1)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jan. 01, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Segment</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jan. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOFaccountingPolicyLineItems', window );"><strong>Disclosure Of Accounting Policy [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 124,088<span></span>
</td>
<td class="nump">$ 132,948<span></span>
</td>
<td class="nump">$ 74,118<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 167,993<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetDebt', window );">Net debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">627,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Raised equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">847,211<span></span>
</td>
<td class="nump">791,050<span></span>
</td>
<td class="nump">780,578<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 975,976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawn debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 406,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LoanToValueRatio', window );">Net interest-bearing debt loan-to-value ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">53.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 47,826<span></span>
</td>
<td class="nump">45,007<span></span>
</td>
<td class="nump">41,406<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 39,345<span></span>
</td>
<td class="nump">$ 40,601<span></span>
</td>
<td class="nump">$ 37,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfGeographicalSegments', window );">Number of geographical segment | Segment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfDemurrageClaimRecognizedAsRevenue', window );">Demurrage revenue claim percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">95.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AveragePeriodOfReceivingDemurragePayment', window );">Average period of receiving demurrage payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">100 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember', window );">Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOFaccountingPolicyLineItems', window );"><strong>Disclosure Of Accounting Policy [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Raised equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AssetAndLeasingLiability', window );">Asset And Leasing Liability</a></td>
<td class="nump">$ 11,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">Administrative expenses</a></td>
<td class="nump">2,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="nump">300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpense', window );">Financial interest</a></td>
<td class="nump">$ 2,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2018-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2018-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense arising from interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_f&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net debt of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UndrawnBorrowingFacilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UndrawnBorrowingFacilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AssetAndLeasingLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>It represents information about asset and leasing liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AssetAndLeasingLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AveragePeriodOfReceivingDemurragePayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the average period of receiving demurrage payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AveragePeriodOfReceivingDemurragePayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOFaccountingPolicyLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOFaccountingPolicyLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_LoanToValueRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of net interest bearing debt loan to value ratio.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_LoanToValueRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfGeographicalSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of geographical segments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfGeographicalSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfDemurrageClaimRecognizedAsRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the demurrage claim recognized as revenue based on pased experience.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfDemurrageClaimRecognizedAsRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<head>
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<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6809787984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Detail Textuals 2)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOFaccountingPolicyLineItems', window );"><strong>Disclosure Of Accounting Policy [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationMethodPropertyPlantAndEquipment', window );">Depreciation method</a></td>
<td class="text">straight-line basis<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability', window );">Minimum percentage of difference to recognize new financial liability</a></td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod', window );">Dry Docking period</a></td>
<td class="text">every 24 and 60 months<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember', window );">Ships</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOFaccountingPolicyLineItems', window );"><strong>Disclosure Of Accounting Policy [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful lives</a></td>
<td class="text">25 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember', window );">IT equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOFaccountingPolicyLineItems', window );"><strong>Disclosure Of Accounting Policy [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful lives</a></td>
<td class="text">3-5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerSoftwareMember', window );">Software</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOFaccountingPolicyLineItems', window );"><strong>Disclosure Of Accounting Policy [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful lives</a></td>
<td class="text">3-5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other equipment</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOFaccountingPolicyLineItems', window );"><strong>Disclosure Of Accounting Policy [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful lives</a></td>
<td class="text">3-5 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationMethodPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The depreciation method used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationMethodPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives or depreciation rates used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOFaccountingPolicyLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOFaccountingPolicyLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents period of dry-docking of property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DryDockingPeriodPropertyPlantAndEquipmentPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum percentage of difference to recognize new financial liability</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_MinimumPercentageOfDifferenceToRecognizeNewFinancialLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ShipsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerSoftwareMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ComputerSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6819578400">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS (Detail textuals)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Newbuilding</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Newbuilding</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>Newbuilding</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Cash', window );">Cash position</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 127.0<span></span>
</td>
<td class="nump">$ 134.0<span></span>
</td>
<td class="nump">$ 76.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawan credit facilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 406.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NewBuildingsOnOrderForDelivery', window );">Newbuildings on order for delivery | Newbuilding</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Total outstanding CAPEX related to newbuildings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 258.0<span></span>
</td>
<td class="nump">$ 307.0<span></span>
</td>
<td class="nump">$ 149.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Value of borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">729.5<span></span>
</td>
<td class="nump">719.1<span></span>
</td>
<td class="nump">671.6<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear', window );">Scheduled minimum payments on mortgage debt and bank loans in 2018</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">92.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_CreditFacilityMember', window );">Credit facility</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawan credit facilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">279.0<span></span>
</td>
<td class="nump">$ 271.0<span></span>
</td>
<td class="nump">$ 190.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_WorkingCapitalFacilityMember', window );">Working capital facility</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawan credit facilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">75.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityIMember', window );">Term facility I</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Value of borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">331.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityIIMember', window );">Term facility II</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Value of borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">104.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_BilateralBorrowingFacilityMember', window );">Bilateral borrowing facility | ABN AMRO Bank</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawan credit facilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">70.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_BilateralBorrowingFacilityMember', window );">Bilateral borrowing facility | Danish ship finance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UndrawnBorrowingFacilities', window );">Undrawan credit facilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">46.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_BilateralLoanAgreementsMember', window );">Bilateral loan agreements | China export import Bank</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Value of borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">112.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_BilateralLoanAgreementsMember', window );">Bilateral loan agreements | Danish ship finance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Value of borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">141.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_TotalBalloonPayments', window );">Total balloon payments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_BilateralLoanAgreementsMember', window );">Bilateral loan agreements | ING</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LiquidityAndCapitalResourcesLineItems', window );"><strong>Liquidity And Capital Resources [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Value of borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 42.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future capital expenditures that the entity is committed to make.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits. [Refer: Cash on hand]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UndrawnBorrowingFacilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of undrawn borrowing facilities that may be available for future operating activities and to settle capital commitments. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 50<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_50_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UndrawnBorrowingFacilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_LiquidityAndCapitalResourcesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_LiquidityAndCapitalResourcesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NewBuildingsOnOrderForDelivery">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of newbuildings on order for delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NewBuildingsOnOrderForDelivery</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of scheduled minimum payments on mortgage borrowings and bank borrowings in next fiscal year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ScheduledMinimumPaymentsOnMortgageBorrowingsAndBankBorrowingsInNextFiscalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_TotalBalloonPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents total balloon payments made.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_TotalBalloonPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_CreditFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_CreditFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_WorkingCapitalFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_WorkingCapitalFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityIIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityIIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_BilateralBorrowingFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_BilateralBorrowingFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_AbnAmroBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_AbnAmroBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_DanishShipFinanceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_DanishShipFinanceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_BilateralLoanAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_BilateralLoanAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_ChinaExportImportBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_ChinaExportImportBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_IngMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_IngMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>73
<FILENAME>R55.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807865792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>LIQUIDITY, CAPITAL RESOURCES AND SUBSEQUENT EVENTS (Detail Textuals 1) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 04, 2019</div></th>
<th class="th"><div>Jan. 19, 2019</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_ClassificationOfAssetsAsHeldForSaleMember', window );">Classification of assets as held for sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitLossFromSaleOfVessels', window );">Net loss from sale of vessels</a></td>
<td class="num">$ (1.1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember', window );">Major ordinary share transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems', window );"><strong>Disclosure of non-adjusting events after reporting period [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitLossFromSaleOfVessels', window );">Net loss from sale of vessels</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.6<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ProfitLossFromSaleOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of profit (loss) from the sale of vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ProfitLossFromSaleOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_ClassificationOfAssetsAsHeldForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_ClassificationOfAssetsAsHeldForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=ifrs-full_MajorOrdinaryShareTransactionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>74
<FILENAME>R56.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6819741952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Employees</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Employees</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>Employees</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Total staff costs</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Staff costs</a></td>
<td class="nump">$ 46.2<span></span>
</td>
<td class="nump">$ 43.8<span></span>
</td>
<td class="nump">$ 40.9<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>Staff costs comprise the following</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WagesAndSalaries', window );">Wages and salaries</a></td>
<td class="nump">38.1<span></span>
</td>
<td class="nump">36.4<span></span>
</td>
<td class="nump">32.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees', window );">Share-based compensation</a></td>
<td class="nump">2.1<span></span>
</td>
<td class="nump">1.9<span></span>
</td>
<td class="nump">2.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans', window );">Pension costs</a></td>
<td class="nump">3.3<span></span>
</td>
<td class="nump">3.1<span></span>
</td>
<td class="nump">3.6<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SocialSecurityContributions', window );">Other social security costs</a></td>
<td class="nump">0.6<span></span>
</td>
<td class="nump">0.3<span></span>
</td>
<td class="nump">0.4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherEmployeeExpense', window );">Other staff costs</a></td>
<td class="nump">2.1<span></span>
</td>
<td class="nump">2.1<span></span>
</td>
<td class="nump">2.6<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Total</a></td>
<td class="nump">$ 46.2<span></span>
</td>
<td class="nump">$ 43.8<span></span>
</td>
<td class="nump">$ 40.9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberAndAverageNumberOfEmployeesAbstract', window );"><strong>Average number of permanent employees</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SeafarersAverageNumberOfEmployees', window );">Seafarers | Employees</a></td>
<td class="nump">111.7<span></span>
</td>
<td class="nump">130.6<span></span>
</td>
<td class="nump">137.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_LandBasedWorkersAverageNumberOfEmployees', window );">Land-based | Employees</a></td>
<td class="nump">302.2<span></span>
</td>
<td class="nump">286.6<span></span>
</td>
<td class="nump">269.1<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AverageNumberOfEmployees', window );">Total | Employees</a></td>
<td class="nump">413.9<span></span>
</td>
<td class="nump">417.2<span></span>
</td>
<td class="nump">406.1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitOrLossLocationAxis=trmd_OperatingExpensesMember', window );">Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Total staff costs</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Staff costs</a></td>
<td class="nump">$ 9.3<span></span>
</td>
<td class="nump">$ 9.2<span></span>
</td>
<td class="nump">$ 9.9<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>Staff costs comprise the following</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Total</a></td>
<td class="nump">9.3<span></span>
</td>
<td class="nump">9.2<span></span>
</td>
<td class="nump">9.9<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitOrLossLocationAxis=trmd_AdministrativeExpensesMember', window );">Administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Total staff costs</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Staff costs</a></td>
<td class="nump">36.9<span></span>
</td>
<td class="nump">34.6<span></span>
</td>
<td class="nump">31.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract', window );"><strong>Staff costs comprise the following</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Total</a></td>
<td class="nump">$ 36.9<span></span>
</td>
<td class="nump">$ 34.6<span></span>
</td>
<td class="nump">$ 31.0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AverageNumberOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of personnel employed by the entity during a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AverageNumberOfEmployees</td>
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<tr>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfEmployeeBenefitsExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense from share-based payment transactions with employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseFromSharebasedPaymentTransactionsWithEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberAndAverageNumberOfEmployeesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberAndAverageNumberOfEmployeesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherEmployeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of employee expenses that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 5<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_5&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherEmployeeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of post-employment benefit expense relating to defined benefit plans. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 5<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_5&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SocialSecurityContributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents social security contributions. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SocialSecurityContributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WagesAndSalaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WagesAndSalaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_LandBasedWorkersAverageNumberOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of land-based workers employed by the entity during a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_LandBasedWorkersAverageNumberOfEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SeafarersAverageNumberOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of seafarers employed by the entity during a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SeafarersAverageNumberOfEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ProfitOrLossLocationAxis=trmd_OperatingExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ProfitOrLossLocationAxis=trmd_OperatingExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ProfitOrLossLocationAxis=trmd_AdministrativeExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ProfitOrLossLocationAxis=trmd_AdministrativeExpensesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>75
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6811330096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Non-Executive Board and Committee Remuneration, Short term</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits', window );">Total</a></td>
<td class="nump">$ 800<span></span>
</td>
<td class="nump">$ 812<span></span>
</td>
<td class="nump">$ 658<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NameOfDirectorAxis=trmd_ChristopherHBoehringerMember', window );">Christopher H. Boehringer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Non-Executive Board and Committee Remuneration, Short term</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits', window );">Total</a></td>
<td class="nump">276<span></span>
</td>
<td class="nump">290<span></span>
</td>
<td class="nump">237<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NameOfDirectorAxis=trmd_DavidWeinsteinMember', window );">David Weinstein</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Non-Executive Board and Committee Remuneration, Short term</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits', window );">Total</a></td>
<td class="nump">182<span></span>
</td>
<td class="nump">174<span></span>
</td>
<td class="nump">131<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NameOfDirectorAxis=trmd_TorbenJanholtMember', window );">Torben Janholt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Non-Executive Board and Committee Remuneration, Short term</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits', window );">Total</a></td>
<td class="nump">171<span></span>
</td>
<td class="nump">174<span></span>
</td>
<td class="nump">132<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NameOfDirectorAxis=trmd_GoranTrappMember', window );">Goran Trapp</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Non-Executive Board and Committee Remuneration, Short term</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits', window );">Total</a></td>
<td class="nump">$ 171<span></span>
</td>
<td class="nump">$ 174<span></span>
</td>
<td class="nump">$ 158<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of termination benefits. [Refer: Termination benefits expense; Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfEmployeeBenefitsLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NameOfDirectorAxis=trmd_ChristopherHBoehringerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NameOfDirectorAxis=trmd_DavidWeinsteinMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NameOfDirectorAxis=trmd_DavidWeinsteinMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NameOfDirectorAxis=trmd_TorbenJanholtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NameOfDirectorAxis=trmd_TorbenJanholtMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NameOfDirectorAxis=trmd_GoranTrappMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NameOfDirectorAxis=trmd_GoranTrappMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R58.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6819924624">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS (Details 2)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>DKK (kr)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Disclosure Of Employee Benefits [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WagesAndSalaries', window );">Salary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 38,100<span></span>
</td>
<td class="nump">$ 36,400<span></span>
</td>
<td class="nump">$ 32,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EmployeeAnnualPerformanceBonus', window );">Annual performance bonus</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">559<span></span>
</td>
<td class="nump">kr 3,758,700<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NameOfDirectorAxis=trmd_JacobMeldgaardMember', window );">Jacob Meldgaard</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Disclosure Of Employee Benefits [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WagesAndSalaries', window );">Salary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">80<span></span>
</td>
<td class="nump">81<span></span>
</td>
<td class="nump">39<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EmployeeTaxableBenefits', window );">Taxable benefits</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EmployeeAnnualPerformanceBonus', window );">Annual performance bonus</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">80<span></span>
</td>
<td class="nump">81<span></span>
</td>
<td class="nump">39<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NameOfDirectorAxis=trmd_JacobMeldgaardMember', window );">Jacob Meldgaard | TORM A/S</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Disclosure Of Employee Benefits [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WagesAndSalaries', window );">Salary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">983<span></span>
</td>
<td class="nump">923<span></span>
</td>
<td class="nump">834<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EmployeeTaxableBenefits', window );">Taxable benefits</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">44<span></span>
</td>
<td class="nump">42<span></span>
</td>
<td class="nump">41<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EmployeeAnnualPerformanceBonus', window );">Annual performance bonus</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">425<span></span>
</td>
<td class="nump">580<span></span>
</td>
<td class="nump">559<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DirectorsRemunerationExpense', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,452<span></span>
</td>
<td class="nump">$ 1,545<span></span>
</td>
<td class="nump">$ 1,434<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Paid by legal entity as noted.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DirectorsRemunerationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of remuneration paid or payable to the entity's directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DirectorsRemunerationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WagesAndSalaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A class of employee benefits expense that represents wages and salaries. [Refer: Employee benefits expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2018-01-01<br> -Paragraph 9<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2018-03-01&amp;anchor=para_9&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WagesAndSalaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_EmployeeAnnualPerformanceBonus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents a compensation beyond normal wages and is typically awarded after a performance appraisal and analysis of projects completed by the employee over a specific period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_EmployeeAnnualPerformanceBonus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_EmployeeTaxableBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Taxable benefits are benefits provided to employees that the employer has to add to the employee's income each period to determine the total amount of income that is subject to source tax deductions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_EmployeeTaxableBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NameOfDirectorAxis=trmd_JacobMeldgaardMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NameOfDirectorAxis=trmd_JacobMeldgaardMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_TormAsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_TormAsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R59.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6668419472">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>STAFF COSTS - Parentheticals (Details 2) - 12 months ended Dec. 31, 2016<br> $ in Thousands</strong></div></th>
<th class="th"><div>USD ($)</div></th>
<th class="th"><div>DKK (kr)</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsAbstract', window );"><strong>Disclosure Of Employee Benefits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EmployeeAnnualPerformanceBonus', window );">Annual performance bonus</a></td>
<td class="nump">$ 559<span></span>
</td>
<td class="nump">kr 3,758,700<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfEmployeeBenefitsAbstract</td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_EmployeeAnnualPerformanceBonus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents a compensation beyond normal wages and is typically awarded after a performance appraisal and analysis of projects completed by the employee over a specific period of time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_EmployeeAnnualPerformanceBonus</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>78
<FILENAME>R60.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808232640">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS (Details 3)<br> $ in Millions</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Share</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>kr / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>Share</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>Share</div>
</th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted', window );">RSU LTIP grant</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">944,468<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember', window );">Long term incentive plan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted', window );">RSU LTIP grant</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">907,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">866,600<span></span>
</td>
<td class="nump">2,127,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember', window );">Long term incentive plan | Jacob Meldgaard</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted', window );">RSU LTIP grant</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">766,035<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement', window );">Exercise price per share | kr / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 53.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ValueOfOtherEquityInstrumentsGranted', window );">RSU grant value assuming 100% vesting | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0.9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 10 of 25 April 2018. Therefore there is no minimum or maximum for 2018.</td>
</tr></table></td></tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the exercise price per share of other equity instruments (ie other than share options) in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ExercisePricePerShareOfOtherEquityInstrumentsGrantedInShareBasedPaymentArrangement</td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the value of other equity instruments (ie other than share options) granted in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NameOfDirectorAxis=trmd_JacobMeldgaardMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>79
<FILENAME>R61.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6811586848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS (Details 4) - Share<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="nump">944,468<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember', window );">Long term incentive plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement', window );">Outstanding 1 January</a></td>
<td class="nump">2,611,200<span></span>
</td>
<td class="nump">1,999,800<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted', window );">Granted during the period</a></td>
<td class="nump">907,300<span></span>
</td>
<td class="nump">866,600<span></span>
</td>
<td class="nump">2,127,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement', window );">Exercised during the period</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement', window );">Expired during the period</a></td>
<td class="num">(764,000)<span></span>
</td>
<td class="num">(233,900)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement', window );">Forfeited during the period</a></td>
<td class="num">(35,400)<span></span>
</td>
<td class="num">(21,300)<span></span>
</td>
<td class="num">(127,600)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement', window );">Outstanding 31 December</a></td>
<td class="nump">2,719,100<span></span>
</td>
<td class="nump">2,611,200<span></span>
</td>
<td class="nump">1,999,800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement', window );">Exercisable 31 December</a></td>
<td class="nump">255.3<span></span>
</td>
<td class="nump">255.3<span></span>
</td>
<td class="nump">538.9<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) exercisable in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) exercised or vested in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsExercisedOrVestedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) expired in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) forfeited in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsForfeitedInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6822253920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS (Detail Textuals)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="6">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jan. 31, 2018 </div>
<div>Share </div>
<div>kr / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Share </div>
<div>seafarer </div>
<div>$ / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>Share </div>
<div>kr / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Share </div>
<div>seafarer</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>Share </div>
<div>kr / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>Share </div>
<div>seafarer</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>Share </div>
<div>kr / shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>Share</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Disclosure Of Employee Benefits [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses', window );">Number of seafarers for which staff costs included in operating expenses | seafarer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">112<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">137<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VestingPeriodOfOtherEquityInstrumentsGranted', window );">Vesting period of RSUs granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted', window );">Number of RSUs granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">944,468<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember', window );">Long term incentive plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Disclosure Of Employee Benefits [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted', window );">Number of RSUs granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">907,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">866,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,127,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement', window );">Number of RSUs outstanding as of date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,719,100<span></span>
</td>
<td class="nump">2,719,100<span></span>
</td>
<td class="nump">2,611,200<span></span>
</td>
<td class="nump">2,611,200<span></span>
</td>
<td class="nump">1,999,800<span></span>
</td>
<td class="nump">1,999,800<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember', window );">Key management personnel of entity or parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Disclosure Of Employee Benefits [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Agreegate compensation paid | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,186,679<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,987,726<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,760,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits', window );">Agrergate compensation paid for pensions | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 125,959<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 112,236<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 95,029<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VestingPeriodOfOtherEquityInstrumentsGranted', window );">Vesting period of RSUs granted</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MarketPricePerShare', window );">Market value of one share | kr / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 93.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_ChiefExecutiveOfficerCEOMember', window );">Chief executive officer | Long term incentive plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEmployeeBenefitsLineItems', window );"><strong>Disclosure Of Employee Benefits [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VestingPeriodOfOtherEquityInstrumentsGranted', window );">Vesting period of RSUs granted</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InstallmentOfGrantAmountVestingAtEachAnniversary', window );">Installment of RSUs vesting at each anniversary date</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments', window );">Number of one fifth units vested in share-based payment arrangement.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">255,345<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted', window );">Number of RSUs granted</a></td>
<td class="nump">766,035<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,276,725<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfOtherEquityInstrumentsVesting', window );">Vesting percentage of RSU grant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ValueOfOtherEquityInstrumentsGranted', window );">Value of RSUs grant | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MarketPricePerShare', window );">Market value of one share | (per share)</a></td>
<td class="nump">kr 53.7<span></span>
</td>
<td class="nump">$ 53.7<span></span>
</td>
<td class="nump">kr 49.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 96.3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VestingPeriodOfOtherEquityInstrumentsExercised', window );">Vesting perid of other equity instruments exercised</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">360 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfOtherEquityInstrumentsNonVested', window );">Percentage of non-vested RSU</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice', window );">Percentage of premium on average price to determine exercise price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of post-employment benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) granted in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2018-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=2&amp;date=2018-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfEmployeeBenefitsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfEmployeeBenefitsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_InstallmentOfGrantAmountVestingAtEachAnniversary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents installment of the grant amount vesting at each anniversary date of other equity instruments (ie other than share options) in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_InstallmentOfGrantAmountVestingAtEachAnniversary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_MarketPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the market price per share of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_MarketPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of seafarer employees for which staff costs included in operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfSeafarerEmployeesForWhichStaffCostsIncludedInOperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of one fifth grant other equity instruments (ie other than share options) vested in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfSharesVestedAtFirstAnniversaryOtherEquityInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfOtherEquityInstrumentsNonVested">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of non-vested RSU.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfOtherEquityInstrumentsNonVested</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfOtherEquityInstrumentsVesting">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage Of Other Equity Instruments Vesting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfOtherEquityInstrumentsVesting</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of premium on average price to determine exercise price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfPremiumOnAveragePriceToDetermineExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ValueOfOtherEquityInstrumentsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the value of other equity instruments (ie other than share options) granted in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ValueOfOtherEquityInstrumentsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VestingPeriodOfOtherEquityInstrumentsExercised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the vesting perid of other equity instruments exercised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VestingPeriodOfOtherEquityInstrumentsExercised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VestingPeriodOfOtherEquityInstrumentsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the vesting perid of other equity instruments (ie other than share options) in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VestingPeriodOfOtherEquityInstrumentsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_ChiefExecutiveOfficerCEOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_ChiefExecutiveOfficerCEOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
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<TYPE>XML
<SEQUENCE>81
<FILENAME>R63.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808234128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>STAFF COSTS (Detail Textuals 1) - kr / shares<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VestingPeriodOfOtherEquityInstrumentsGranted', window );">Vesting period of RSUs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember', window );">Key management personnel of entity or parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VestingPeriodOfOtherEquityInstrumentsGranted', window );">Vesting period of RSUs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember', window );">Long term incentive plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate', window );">Exercise price of RSUs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 53.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AverageRemainingContractualLife', window );">Average remaining contractual life</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year 1 month 6 days<span></span>
</td>
<td class="text">1 year 3 months 18 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember', window );">Long term incentive plan | Chief executive officer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VestingPeriodOfOtherEquityInstrumentsGranted', window );">Vesting period of RSUs</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate', window );">Exercise period of RSUs</a></td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AverageRemainingContractualLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents period of average remaining contractual life for the restricted shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AverageRemainingContractualLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents exercise period of other equity instruments (ie other than share options) after vesting date in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ExercisePeriodOfOtherEquityInstrumentsAfterVestingDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents exercise price of other equity instruments (ie other than share options) after vesting date in a share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ExercisePriceOfOtherEquityInstrumentsAfterVestingDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VestingPeriodOfOtherEquityInstrumentsGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the vesting perid of other equity instruments (ie other than share options) in share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VestingPeriodOfOtherEquityInstrumentsGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_KeyManagementPersonnelOfEntityOrParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfSharebasedPaymentArrangementsAxis=trmd_LongTermIncentivePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_ChiefExecutiveOfficerCEOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=trmd_ChiefExecutiveOfficerCEOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R64.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6811930480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AuditFeesAbstract', window );"><strong>Audit fees</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AuditFeesForAuditOfAnnualAccounts', window );">Fees payable to the Company's auditor for the audit of the Company's annual accounts</a></td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
<td class="nump">$ 0.4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation', window );">Audit of the Company's subsidiaries pursuant to legislation</a></td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.1<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AuditFees', window );">Total audit fees</a></td>
<td class="nump">0.6<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
<td class="nump">0.5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NonAuditFeesAbstract', window );"><strong>Non-audit fees</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForAuditServices', window );">Audit-related services</a></td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.4<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForTaxServices', window );">Tax services</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForOtherServices', window );">Other services</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.1<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NonAuditFees', window );">Total non-audit fees</a></td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.4<span></span>
</td>
<td class="nump">1.0<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemuneration', window );">Total</a></td>
<td class="nump">$ 0.8<span></span>
</td>
<td class="nump">$ 1.0<span></span>
</td>
<td class="nump">$ 1.5<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemuneration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemuneration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForAuditServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for auditing services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForAuditServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForOtherServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for services that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForOtherServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForTaxServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for tax services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForTaxServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AuditFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to audit fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AuditFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AuditFeesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents audit fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AuditFeesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AuditFeesForAuditOfAnnualAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for the audit of the company's annual accounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AuditFeesForAuditOfAnnualAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable for the audit of the company's subsidiaries pursuant to legislation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AuditFeesForAuditOfSubsidiariesPursuantToLegislation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NonAuditFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to non-audit fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NonAuditFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NonAuditFeesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents non audit fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NonAuditFeesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>83
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820074000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY'S ANNUAL GENERAL MEETING (Detail Textuals) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationAbstract', window );"><strong>Auditor's remuneration [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemuneration', window );">Auditor's remuneration</a></td>
<td class="nump">$ 0.8<span></span>
</td>
<td class="nump">$ 1.0<span></span>
</td>
<td class="nump">$ 1.5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AuditFees', window );">Total audit fees</a></td>
<td class="nump">0.6<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
<td class="nump">0.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForAuditServices', window );">Auditor's remuneration for audit services</a></td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.4<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForTaxServices', window );">Auditor's remuneration for tax services</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AuditorsRemunerationForOtherServices', window );">Auditor's remuneration for other services</a></td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="nump">$ 0.1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemuneration">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemuneration</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForAuditServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for auditing services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForAuditServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForOtherServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for services that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForOtherServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AuditorsRemunerationForTaxServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of fees paid or payable to the entity's auditors for tax services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AuditorsRemunerationForTaxServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AuditFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to audit fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AuditFees</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<head>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6821636576">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INTANGIBLE ASSETS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at begining of period</a></td>
<td class="nump">11,400<span></span>
</td>
<td class="nump">11,400<span></span>
</td>
<td class="nump">11,400<span></span>
</td>
</tr>
<tr class="re">
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<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="nump">11,400<span></span>
</td>
<td class="nump">11,400<span></span>
</td>
<td class="nump">11,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems', window );"><strong>Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at begining of period</a></td>
<td class="num">(11,400)<span></span>
</td>
<td class="num">(11,400)<span></span>
</td>
<td class="nump">0<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill', window );">Impairment losses for the year</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(11,400)<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill at end of period</a></td>
<td class="num">$ (11,400)<span></span>
</td>
<td class="num">$ (11,400)<span></span>
</td>
<td class="num">$ (11,400)<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalRecognitionGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional goodwill recognised, except goodwill included in a disposal group that, on acquisition, meets the criteria to be classified as held for sale in accordance with IFRS 5. [Refer: Goodwill; Disposal groups classified as held for sale [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B67_d_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalRecognitionGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss on goodwill recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Goodwill; Impairment loss; Impairment loss recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
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<td><strong> Balance Type:</strong></td>
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<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820633808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TANGIBLE FIXED ASSETS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">$ 1,384,795<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">1,445,022<span></span>
</td>
<td class="nump">$ 1,384,795<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PrepaymentsOnVesselsAbstract', window );"><strong>Prepayments On Vessels [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Balance</a></td>
<td class="nump">88,378<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Balance</a></td>
<td class="nump">45,491<span></span>
</td>
<td class="nump">88,378<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember', window );">Vessels and capitalized dry docking</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">1,294,500<span></span>
</td>
<td class="nump">1,343,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">1,396,600<span></span>
</td>
<td class="nump">1,294,500<span></span>
</td>
<td class="nump">$ 1,343,800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PrepaymentsOnVesselsAbstract', window );"><strong>Prepayments On Vessels [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Balance</a></td>
<td class="nump">88,400<span></span>
</td>
<td class="nump">44,100<span></span>
</td>
<td class="nump">72,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PrepaymentsOnVesselsAdditions', window );">Additions</a></td>
<td class="nump">38,900<span></span>
</td>
<td class="nump">44,300<span></span>
</td>
<td class="nump">76,900<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems', window );">Transferred to/from other items</a></td>
<td class="num">(81,800)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(105,400)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPrepayments', window );">Balance</a></td>
<td class="nump">45,500<span></span>
</td>
<td class="nump">88,400<span></span>
</td>
<td class="nump">44,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember', window );">Vessels and capitalized dry docking | Property, plant and equipment subject to operating leases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">28,600<span></span>
</td>
<td class="nump">12,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">26,500<span></span>
</td>
<td class="nump">28,600<span></span>
</td>
<td class="nump">12,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember', window );">Vessels and capitalized dry docking | Gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">1,726,600<span></span>
</td>
<td class="nump">1,697,400<span></span>
</td>
<td class="nump">1,567,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">162,700<span></span>
</td>
<td class="nump">103,100<span></span>
</td>
<td class="nump">40,800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(30,200)<span></span>
</td>
<td class="num">(14,300)<span></span>
</td>
<td class="num">(16,300)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment', window );">Transferred to/from other items</a></td>
<td class="nump">81,800<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">105,400<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transferred to assets held-for-sale</a></td>
<td class="num">(54,600)<span></span>
</td>
<td class="num">(59,600)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">1,886,300<span></span>
</td>
<td class="nump">1,726,600<span></span>
</td>
<td class="nump">1,697,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember', window );">Vessels and capitalized dry docking | Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">264,800<span></span>
</td>
<td class="nump">180,000<span></span>
</td>
<td class="nump">75,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="num">(30,200)<span></span>
</td>
<td class="num">(14,300)<span></span>
</td>
<td class="num">(15,900)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="nump">113,400<span></span>
</td>
<td class="nump">113,600<span></span>
</td>
<td class="nump">120,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transferred to assets held-for-sale</a></td>
<td class="num">(20,400)<span></span>
</td>
<td class="num">(14,500)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">327,600<span></span>
</td>
<td class="nump">264,800<span></span>
</td>
<td class="nump">180,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember', window );">Vessels and capitalized dry docking | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">167,300<span></span>
</td>
<td class="nump">173,600<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment losses on tangible fixed assets</a></td>
<td class="nump">3,200<span></span>
</td>
<td class="nump">3,600<span></span>
</td>
<td class="nump">173,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transferred to assets held-for-sale</a></td>
<td class="num">(8,500)<span></span>
</td>
<td class="num">(9,900)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">167,300<span></span>
</td>
<td class="nump">167,300<span></span>
</td>
<td class="nump">173,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other property, plant and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">1,900<span></span>
</td>
<td class="nump">1,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">3,000<span></span>
</td>
<td class="nump">1,900<span></span>
</td>
<td class="nump">1,800<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other property, plant and equipment | Property, plant and equipment subject to operating leases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other property, plant and equipment | Gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">3,600<span></span>
</td>
<td class="nump">2,700<span></span>
</td>
<td class="nump">3,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Additions</a></td>
<td class="nump">2,200<span></span>
</td>
<td class="nump">1,000<span></span>
</td>
<td class="nump">1,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(100)<span></span>
</td>
<td class="num">(1,600)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">5,800<span></span>
</td>
<td class="nump">3,600<span></span>
</td>
<td class="nump">2,700<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other property, plant and equipment | Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract', window );"><strong>Reconciliation of changes in property, plant and equipment [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">1,700<span></span>
</td>
<td class="nump">900<span></span>
</td>
<td class="nump">700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(100)<span></span>
</td>
<td class="num">(1,600)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation for the year</a></td>
<td class="nump">1,100<span></span>
</td>
<td class="nump">900<span></span>
</td>
<td class="nump">1,800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Balance</a></td>
<td class="nump">$ 2,800<span></span>
</td>
<td class="nump">$ 1,700<span></span>
</td>
<td class="nump">$ 900<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment through classification as held for sale or inclusion in a disposal group classified as held for sale. [Refer: Disposal groups classified as held for sale [member]; Property, plant and equipment; Disposal groups classified as held for sale [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for property, plant and equipment. [Refer: Impairment loss recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_v&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e_ix&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current prepayments. [Refer: Prepayments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2018-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2018-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PrepaymentsOnVesselsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PrepaymentsOnVesselsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PrepaymentsOnVesselsAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to prepayments on vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PrepaymentsOnVesselsAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PrepaymentsOnVesselsTransferredToFromOtherItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of transferred to from other items to prepayments on vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PrepaymentsOnVesselsTransferredToFromOtherItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis=ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipmentByOperatingLeaseStatusAxis=ifrs-full_PropertyPlantAndEquipmentSubjectToOperatingLeasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedDepreciationAmortisationAndImpairmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808011088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TANGIBLE FIXED ASSETS (Detail Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation expense relates to administrative expense</a></td>
<td class="nump">$ 114,480<span></span>
</td>
<td class="nump">$ 114,451<span></span>
</td>
<td class="nump">$ 122,215<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember', window );">Vessels and capitalized dry docking</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestCostsCapitalised', window );">Capitalized dry-docking costs</a></td>
<td class="nump">67,500<span></span>
</td>
<td class="nump">68,100<span></span>
</td>
<td class="nump">80,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other property, plant and equipment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation expense relates to administrative expense</a></td>
<td class="nump">$ 1,100<span></span>
</td>
<td class="nump">$ 900<span></span>
</td>
<td class="nump">$ 1,800<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=trmd_VesselsAndCapitalizedDryDockingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R69.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820925776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>IMPAIRMENT TESTING (Details textuals) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract', window );"><strong>Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates', window );">Projected cash flows calculation period</a></td>
<td class="text">10 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed', window );">Impairment charge arising in current year</a></td>
<td class="nump">$ 39<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse', window );">Discount rate used in calculation based on a Weighted Average Cost of Capital (WACC)</a></td>
<td class="nump">8.30%<span></span>
</td>
<td class="nump">8.70%<span></span>
</td>
<td class="nump">8.80%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used in the current estimate of the present value of the future cash flows expected to be derived from an asset or cash-generating unit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 130<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_130_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfDiscountRatesUsedInCurrentEstimateOfValueInUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The impairment charge for current year if clarkson's freight rates would have been used.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ImpairmentLossInCaseClarksonFreightRatesWereUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period over which adjusted average rates are considered for estimating future freight rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PeriodOverWhichAdjustedAverageRatesAreConsideredForEstimatingFutureFreightRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>88
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6810598944">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>IMPAIRMENT TESTING (Details textuals 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems', window );"><strong>Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DescriptionOfHistoricalAverageSpotFreightRates', window );">Historical average spot freight rates</a></td>
<td class="text">10-year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VesselClassAxis=trmd_VesselClassLrTwoMember', window );">LR2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems', window );"><strong>Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation', window );">Amended historical average spot rate used in per day freight rate calculation</a></td>
<td class="nump">$ 18,003<span></span>
</td>
<td class="nump">$ 17,216<span></span>
</td>
<td class="nump">$ 20,176<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VesselClassAxis=trmd_VesselClassLrOneMember', window );">LR1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems', window );"><strong>Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation', window );">Amended historical average spot rate used in per day freight rate calculation</a></td>
<td class="nump">16,907<span></span>
</td>
<td class="nump">16,445<span></span>
</td>
<td class="nump">17,124<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VesselClassAxis=trmd_VesselClassMrMember', window );">MR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems', window );"><strong>Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation', window );">Amended historical average spot rate used in per day freight rate calculation</a></td>
<td class="nump">15,349<span></span>
</td>
<td class="nump">15,794<span></span>
</td>
<td class="nump">15,118<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VesselClassAxis=trmd_VesselClassHandysizeMember', window );">Handysize</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems', window );"><strong>Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation', window );">Amended historical average spot rate used in per day freight rate calculation</a></td>
<td class="nump">$ 13,968<span></span>
</td>
<td class="nump">$ 14,416<span></span>
</td>
<td class="nump">$ 15,203<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of amended historical average spot freight rates per day used in the calculation of value-in-use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AmendedHistoricalAverageSpotFreightRatePerDayUsedInValueInUseCalculation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DescriptionOfHistoricalAverageSpotFreightRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of historical information about average spot freight rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DescriptionOfHistoricalAverageSpotFreightRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VesselClassAxis=trmd_VesselClassLrTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VesselClassAxis=trmd_VesselClassLrTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VesselClassAxis=trmd_VesselClassLrOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VesselClassAxis=trmd_VesselClassLrOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VesselClassAxis=trmd_VesselClassMrMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VesselClassAxis=trmd_VesselClassMrMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VesselClassAxis=trmd_VesselClassHandysizeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VesselClassAxis=trmd_VesselClassHandysizeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6821591776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>IMPAIRMENT TESTING (Details textuals 2) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract', window );"><strong>Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation', window );">Adjustment of operating expenses for inflation, percentage</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">3.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation', window );">Adjustment of administrative expenses for inflation, percentage</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod', window );">Expected to generate normal income from delivery from shipyard</a></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AverageRemainingLifeOfTanker', window );">Average remaining life of tanker</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates', window );">Increase/decrease in tanker per day freight rates</a></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates', window );">Increase/decrease in value in use of freight rates</a></td>
<td class="nump">$ 256,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital', window );">Increase/decrease in WACC percentage</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital', window );">Decrease/increase in value in use of WACC</a></td>
<td class="text">USD 108-122m<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses', window );">Increase/decrease in operating expenses percentage</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses', window );">Decrease/increase in value in use of operating expenses</a></td>
<td class="nump">$ 181,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount', window );">Difference of market value and carrying amount</a></td>
<td class="nump">39,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit', window );">Market value based on broker values of vessels</a></td>
<td class="nump">$ 1,664,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount by which a cash-generating unit's (group of units') recoverable amount exceeds its carrying amount. [Refer: Carrying amount [member]; Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 134<br> -Subparagraph f<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_134_f_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 135<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_135_e_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationForEachMaterialImpairmentLossRecognisedOrReversedForIndividualAssetOrCashgeneratingUnitAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The higher of an asset&#8217;s (or cash-generating unit&#8217;s) fair value less costs of disposal and its value in use. [Refer: Cash-generating units [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 130<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_130_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AverageRemainingLifeOfTanker">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents term of average remaining life of tanker.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AverageRemainingLifeOfTanker</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents period expected to generate normal income from delivery from shipyard.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ExpectedToGenerateNormalIncomeFromDeliveryFromShipyardPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of adjustment of administrative expenses for inflation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfAdjustmentOfAdministrativeExpensesForInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of adjustment of operating expenses for inflation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfAdjustmentOfOperatingExpensesForInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents a specified rate variance in a specified key assumption operating expense in the determination of value in use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionOperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents a specified rate variance in a specified key assumption freight rate in the determination of value in use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionPerDayFreightRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents a specified rate variance in a specified key assumption weighted average cost of capital in the determination of value in use.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisOfValueInUseChangeInKeyAssumptionWeightedAverageCostOfCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the impact on value in use due to a specified change in the operating expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionOperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the impact on value in use due to a specified change in the freight rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionPerDayFreightRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the impact on value in use due to a specified change in the weighted average cost of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisOfValueInUseImpactOfChangeInKeyAssumptionWeightedAverageCostOfCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R72.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808114128">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>FINANCIAL ITEMS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FinancialIncomeAbstract', window );"><strong>Financial income</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestIncomeOnCashAndCashEquivalents', window );">Interest income from cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,700<span></span>
</td>
<td class="nump">$ 1,600<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Exchange rate adjustments, including gain from forward exchange rate contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">600<span></span>
</td>
<td class="nump">2,700<span></span>
</td>
<td class="nump">2,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,302<span></span>
</td>
<td class="nump">4,255<span></span>
</td>
<td class="nump">2,814<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FinancialExpensesAbstract', window );"><strong>Financial expenses</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnBorrowings', window );">Interest expenses on mortgage and bank debt</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">35,700<span></span>
</td>
<td class="nump">33,300<span></span>
</td>
<td class="nump">29,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeLoss', window );">Exchange rate adjustments, including loss from forward exchange rate contracts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100<span></span>
</td>
<td class="nump">3,200<span></span>
</td>
<td class="nump">2,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CommitmentFee', window );">Commitment fee</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,600<span></span>
</td>
<td class="nump">2,400<span></span>
</td>
<td class="nump">1,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnOtherFinancialLiabilities', window );">Other financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">900<span></span>
</td>
<td class="nump">1,700<span></span>
</td>
<td class="nump">3,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">39,345<span></span>
</td>
<td class="nump">40,601<span></span>
</td>
<td class="nump">37,333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Total financial items</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (36,000)<span></span>
</td>
<td class="num">$ (36,300)<span></span>
</td>
<td class="num">$ (34,500)<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Interest for financial assets and liabilities not at fair value through profit and loss.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on borrowings. [Refer: Interest expense; Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnOtherFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on other financial liabilities. [Refer: Interest expense; Other financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnOtherFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestIncomeOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest income on cash and cash equivalents. [Refer: Interest income; Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestIncomeOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetForeignExchangeGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2018-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2018-03-01&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetForeignExchangeGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetForeignExchangeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net loss arising from foreign exchange differences. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2018-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2018-03-01&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetForeignExchangeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CommitmentFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents fee charged by a lender to a borrower to compensate the lender for its commitment to lend.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CommitmentFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_FinancialExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_FinancialExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_FinancialIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents financial income abstract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_FinancialIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6811527472">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FREIGHT RECEIVABLES (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total net</a></td>
<td class="nump">$ 86.0<span></span>
</td>
<td class="nump">$ 71.3<span></span>
</td>
<td class="nump">$ 62.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember', window );">Gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total net</a></td>
<td class="nump">87.7<span></span>
</td>
<td class="nump">72.6<span></span>
</td>
<td class="nump">65.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Provision for impairment of freight receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total net</a></td>
<td class="nump">1.7<span></span>
</td>
<td class="nump">1.3<span></span>
</td>
<td class="nump">2.6<span></span>
</td>
<td class="nump">$ 1.7<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember', window );">Financial assets neither past due nor impaired | Gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total net</a></td>
<td class="nump">44.0<span></span>
</td>
<td class="nump">25.5<span></span>
</td>
<td class="nump">28.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsPastDueButNotImpairedMember', window );">Financial assets past due but not impaired | Due before 30 days | Gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total net</a></td>
<td class="nump">18.8<span></span>
</td>
<td class="nump">26.0<span></span>
</td>
<td class="nump">13.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsPastDueButNotImpairedMember', window );">Financial assets past due but not impaired | Due between 30 and 180 days | Gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total net</a></td>
<td class="nump">20.5<span></span>
</td>
<td class="nump">184.0<span></span>
</td>
<td class="nump">18.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentOfFinancialAssetsAxis=trmd_FinancialAssetsPastDueAndImpairedMember', window );">Financial assets past due and impaired | Due after 180 days | Gross</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Total net</a></td>
<td class="nump">$ 4.4<span></span>
</td>
<td class="nump">$ 2.7<span></span>
</td>
<td class="nump">$ 4.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_GrossCarryingAmountMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsPastDueButNotImpairedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsPastDueButNotImpairedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_CurrentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanOneMonthAndNotLaterThanSixMonthsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentOfFinancialAssetsAxis=trmd_FinancialAssetsPastDueAndImpairedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastDueStatusAxis=ifrs-full_LaterThanSixMonthsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6811974880">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>FREIGHT RECEIVABLES (Details 1) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsLineItems', window );"><strong>Disclosure of financial assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Balance at begining of period</a></td>
<td class="nump">$ 71.3<span></span>
</td>
<td class="nump">$ 62.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Balance at end of period</a></td>
<td class="nump">86.0<span></span>
</td>
<td class="nump">71.3<span></span>
</td>
<td class="nump">$ 62.5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsLineItems', window );"><strong>Disclosure of financial assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Balance at begining of period</a></td>
<td class="nump">1.3<span></span>
</td>
<td class="nump">2.6<span></span>
</td>
<td class="nump">1.7<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables', window );">Provisions for the year</a></td>
<td class="nump">1.7<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
<td class="nump">1.9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Provisions reversed during the year</a></td>
<td class="num">(1.0)<span></span>
</td>
<td class="num">(1.9)<span></span>
</td>
<td class="num">(1.0)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables', window );">Provisions utilized during the year</a></td>
<td class="num">(0.3)<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Balance at end of period</a></td>
<td class="nump">$ 1.7<span></span>
</td>
<td class="nump">$ 1.3<span></span>
</td>
<td class="nump">$ 2.6<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of impairment loss recognised in profit or loss for trade receivables. [Refer: Impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reversal of impairment loss recognised in profit or loss for trade receivables. [Refer: Reversal of impairment loss recognised in profit or loss; Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReversalOfImpairmentLossRecognisedInProfitOrLossTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the increase in trade receivables, resulting from acquisitions through business combinations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AcquisitionsThroughBusinessCombinationsTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R75.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6812641248">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>FREIGHT RECEIVABLES (Detail Textual) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Receivables individually determined to be impaired</a></td>
<td class="nump">$ 86.0<span></span>
</td>
<td class="nump">$ 71.3<span></span>
</td>
<td class="nump">$ 62.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember', window );">Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Receivables individually determined to be impaired</a></td>
<td class="nump">1.7<span></span>
</td>
<td class="nump">1.3<span></span>
</td>
<td class="nump">2.6<span></span>
</td>
<td class="nump">$ 1.7<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember', window );">Financial assets individually assessed for credit losses | Accumulated impairment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems', window );"><strong>Disclosure of financial assets that are either past due or impaired [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FreightReceivablesIncludedReceivables', window );">Freight receivables included receivables</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Receivables individually determined to be impaired</a></td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_FreightReceivablesIncludedReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of receivables is incluede in freight receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_FreightReceivablesIncludedReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis=ifrs-full_AccumulatedImpairmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ImpairmentOfFinancialAssetsAxis=ifrs-full_FinancialAssetsIndividuallyAssessedForCreditLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820303168">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>OTHER RECEIVABLES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivablesAbstract', window );"><strong>Trade and other receivables [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Derivative financial instruments</a></td>
<td class="nump">$ 3,700<span></span>
</td>
<td class="nump">$ 7,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax', window );">Tax receivables</a></td>
<td class="nump">1,200<span></span>
</td>
<td class="nump">1,300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MiscelleneousOtherCurrentReceivables', window );">Other</a></td>
<td class="nump">2,600<span></span>
</td>
<td class="nump">2,900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentReceivables', window );">Balance as of 31 December</a></td>
<td class="nump">$ 7,488<span></span>
</td>
<td class="nump">$ 11,787<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current receivables from taxes other than income tax. [Refer: Receivables from taxes other than income tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentReceivablesFromTaxesOtherThanIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current other receivables. [Refer: Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_MiscelleneousOtherCurrentReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to miscelleneous other current receivables of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_MiscelleneousOtherCurrentReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6804313232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TAX (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract', window );"><strong>Tax for the year</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Current tax for the year</a></td>
<td class="nump">$ 1,600<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="nump">$ 1,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod', window );">Adjustments related to previous years</a></td>
<td class="num">(100)<span></span>
</td>
<td class="num">(100)<span></span>
</td>
<td class="num">(300)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods', window );">Adjustment of deferred tax asset</a></td>
<td class="nump">100<span></span>
</td>
<td class="num">(100)<span></span>
</td>
<td class="num">(100)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Total</a></td>
<td class="nump">$ 1,558<span></span>
</td>
<td class="nump">$ 777<span></span>
</td>
<td class="nump">$ 760<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments of tax expense (income) recognised in the period for current tax of prior periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 80<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_80_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments of tax expense (income) recognised in the period for the deferred tax of prior periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 80<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_80&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDeferredTaxOfPriorPeriods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2018-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R78.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808028096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TAX (Details 1) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract', window );"><strong>Deferred tax liability</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Balance as of 1 January</a></td>
<td class="nump">$ 44.9<span></span>
</td>
<td class="nump">$ 45.0<span></span>
</td>
<td class="nump">$ 45.1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset', window );">Addition from business combination</a></td>
<td class="nump">0.1<span></span>
</td>
<td class="num">(0.1)<span></span>
</td>
<td class="num">(0.1)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Deferred tax for the year</a></td>
<td class="num">(0.1)<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Balance as of 31 December</a></td>
<td class="nump">$ 44.9<span></span>
</td>
<td class="nump">$ 44.9<span></span>
</td>
<td class="nump">$ 45.0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInDeferredTaxLiabilityAssetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a deferred tax liability (asset). [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in deferred tax liability (asset) resulting from business combinations. [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>97
<FILENAME>R79.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6667242496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>TAX (Details textuals)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract', window );"><strong>Major components of tax expense (income) [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Effective tax rate</a></td>
<td class="nump">4.70%<span></span>
</td>
<td class="nump">24.40%<span></span>
</td>
<td class="num">(0.60%)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6812775168">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>COMMON SHARES &amp; TREASURY SHARES (Details) - shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="nump">74,218,848<span></span>
</td>
<td class="nump">62,298,848<span></span>
</td>
<td class="nump">62,298,848<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassASharesMember', window );">Common class A shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="nump">74,218,846<span></span>
</td>
<td class="nump">62,298,846<span></span>
</td>
<td class="nump">62,298,846<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassBSharesMember', window );">Common class B shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassCSharesMember', window );">Common class C shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems', window );"><strong>Disclosure of classes of share capital [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesIssued', window );">Number of shares issued</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfClassesOfShareCapitalLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassASharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassASharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassBSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassBSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassCSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=trmd_CommonClassCSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808251696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMON SHARES &amp; TREASURY SHARES (Details 1) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CommonSharesTreasurySharesAbstract', window );"><strong>Common Shares &amp; Treasury Shares [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfTreasurySharesHeld', window );">Balance as of 1 January</a></td>
<td class="nump">312,900<span></span>
</td>
<td class="nump">312,900<span></span>
</td>
<td class="nump">15,300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares', window );">Additions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">312,900<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares', window );">Cancellations</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(15,300)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfTreasurySharesHeld', window );">Balance as of 31 December</a></td>
<td class="nump">312,900<span></span>
</td>
<td class="nump">312,900<span></span>
</td>
<td class="nump">312,900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NominalValueOfTreasurySharesHeld', window );">Balance as of 1 January</a></td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares', window );">Additions</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 3,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CancellationOfTreasuryShares', window );">Cancellations</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(200)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SaleOrIssueOfTreasuryShares', window );">Disposals</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NominalValueOfTreasurySharesHeld', window );">Balance as of 31 December</a></td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfShareCapitalAsTreasurySharesHeld', window );">Balance as of 1 January</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
<td class="nump">0.20%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares', window );">Additions</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares', window );">Cancellations</a></td>
<td class="nump">(0.00%)<span></span>
</td>
<td class="nump">(0.00%)<span></span>
</td>
<td class="num">(0.20%)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares', window );">Disposals</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases', window );">Dilution, due to capital increases</a></td>
<td class="num">(0.10%)<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfShareCapitalAsTreasurySharesHeld', window );">Balance as of 31 December</a></td>
<td class="nump">0.40%<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
<td class="nump">0.50%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CancellationOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of treasury stock cancelled during the period. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CancellationOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SaleOrIssueOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in equity resulting from the sale or issue of treasury shares. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SaleOrIssueOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CommonSharesTreasurySharesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CommonSharesTreasurySharesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents decrease in number of treasury shares due to cancellation of treasury shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DecreaseInNumberOfTreasurySharesDueToCancellationOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents decrease in number of treasury shares due to sale of treasury shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DecreaseInNumberOfTreasurySharesDueToSaleOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents decrease in share capital due to cancellation of treasury shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DecreaseInPercentageOfShareCapitalDueToCancellationOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents decrease in share capital due to dilution due to capital increases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DecreaseInPercentageOfShareCapitalDueToDilutionDueToCapitalIncreases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents decrease in share capital due to sale of treasury shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DecreaseInPercentageOfShareCapitalDueToSaleOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase in number of treasury shares due to repurchase of own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_IncreaseInNumberOfTreasurySharesDueToRepurchaseOfOwnShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase in share capital due to repurchase of own shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_IncreaseInPercentageOfShareCapitalDueToRepurchaseOfOwnShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of additions related to nominal value of treasury shares held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_IncreaseInValueOfShareCapitalDueToRepurchaseOfOwnShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NominalValueOfTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to nominal value of treasury shares held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NominalValueOfTreasurySharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of treasury shares held as of date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfTreasurySharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfShareCapitalAsTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of share capital as treasury shares held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfShareCapitalAsTreasurySharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<FILENAME>R82.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6812288896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMON SHARES &amp; TREASURY SHARES (Detail Textuals)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Share </div>
<div>Board_Member </div>
<div>Per_share </div>
<div>Vote </div>
<div>shares</div>
</th>
<th class="th">
<div>Jan. 26, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Per_share </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>Per_share </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CommonSharesTreasurySharesAbstract', window );"><strong>Common Shares &amp; Treasury Shares [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Share capital</a></td>
<td class="nump">$ 742,000<span></span>
</td>
<td class="nump">$ 100,000,000<span></span>
</td>
<td class="nump">$ 623,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ShareCapitalIssuedFromPrivatePlacement', window );">Share capital issued from private placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 97,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfVotesInShareCapital', window );">Number of votes in share capital | Vote</a></td>
<td class="nump">350,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification', window );">Maximum portion of agreegate issued and outstanding shares for holding rights as per written notification | Share</a></td>
<td class="nump">0.33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt', window );">Number of days elapsed from written notice of Board of Directors receipt</a></td>
<td class="text">5 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice', window );">Minimum number of board members confirming written notice | Board_Member</a></td>
<td class="nump">0.66<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Total consideration for the treasury shares</a></td>
<td class="nump">$ 2,887,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,887,000<span></span>
</td>
<td class="nump">$ 2,900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfTreasurySharesHeld', window );">Number of treasury shares held | shares</a></td>
<td class="nump">312,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">312,900<span></span>
</td>
<td class="nump">312,900<span></span>
</td>
<td class="nump">15,300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ParValuePerTreasuryShares', window );">Nominal value per treasury share | Per_share</a></td>
<td class="nump">0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.01<span></span>
</td>
<td class="nump">0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NominalValueOfTreasurySharesHeld', window );">Nominal value of treasury shares held</a></td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,100<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MarketValueOfTreasurySharesHeld', window );">Market value of treasury shares held</a></td>
<td class="nump">$ 2,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,700,000<span></span>
</td>
<td class="nump">$ 2,800,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2018-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2018-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CommonSharesTreasurySharesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CommonSharesTreasurySharesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_MarketValueOfTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to market value of treasury shares held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_MarketValueOfTreasurySharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents maximum portion of agreegate issued and outstanding shares for holding rights as per written notification.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_MaximumPortionOfAgreegateIssuedAndOutstandingSharesForHoldingRightsAsPerWrittenNotification</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the minimum number of board members confirming written notice.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_MinimumNumberOfBoardMembersConfirmingWrittenNotice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NominalValueOfTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to nominal value of treasury shares held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NominalValueOfTreasurySharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of days elapsed from written notice of Board of Directors receipt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfDaysElapsedFromWrittenNoticeOfBoardOfDirectorsReceipt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfTreasurySharesHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of treasury shares held as of date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfTreasurySharesHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfVotesInShareCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of votes in share capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfVotesInShareCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ParValuePerTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value per treasury shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ParValuePerTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ShareCapitalIssuedFromPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ShareCapitalIssuedFromPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R83.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6696857744">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>OTHER LIABILITIES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureForOtherLiabilitiesAbstract', window );"><strong>Disclosure For Other Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PartnersAndCommercialManagements', window );">Partners and commercial managements</a></td>
<td class="nump">$ 1,200<span></span>
</td>
<td class="nump">$ 1,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccrualsClassifiedAsCurrent', window );">Accrued operating expenses</a></td>
<td class="nump">9,100<span></span>
</td>
<td class="nump">8,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInterestPayable', window );">Accrued interest</a></td>
<td class="nump">4,600<span></span>
</td>
<td class="nump">5,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProvisionsForEmployeeBenefits', window );">Wages and social expenses</a></td>
<td class="nump">16,100<span></span>
</td>
<td class="nump">16,300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Derivative financial instruments</a></td>
<td class="nump">3,400<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CurrentPayablesToJointVentures', window );">Payables to joint ventures</a></td>
<td class="nump">100<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherMiscellneousCurrentLiabilities', window );">Other</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="nump">2,300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Balance as of 31 December</a></td>
<td class="nump">$ 36,503<span></span>
</td>
<td class="nump">$ 33,822<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccrualsClassifiedAsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accruals classified as current. [Refer: Accruals]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccrualsClassifiedAsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentInterestPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current interest payable. [Refer: Interest payable]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentInterestPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProvisionsForEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions for employee benefits. [Refer: Employee benefits expense; Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProvisionsForEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CurrentPayablesToJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of current payables to joint ventures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CurrentPayablesToJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureForOtherLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureForOtherLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_OtherMiscellneousCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to miscelleneous current liabilities that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_OtherMiscellneousCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PartnersAndCommercialManagements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of Partners and commercial managements</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PartnersAndCommercialManagements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>102
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6811399280">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>EFFECTIVE INTEREST RATE, OUTSTANDING MORTGAGE DEBT AND BANK LOANS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5.60%<span></span>
</td>
<td class="nump">5.10%<span></span>
</td>
<td class="nump">4.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 729,500<span></span>
</td>
<td class="nump">$ 719,100<span></span>
</td>
<td class="nump">$ 671,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Hereof non-current</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">633,026<span></span>
</td>
<td class="nump">629,198<span></span>
</td>
<td class="nump">595,700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Hereof current</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 92,200<span></span>
</td>
<td class="nump">$ 86,000<span></span>
</td>
<td class="nump">$ 75,900<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate | DSF Facility 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Fixed/floating</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2021<span></span>
</td>
<td class="text">2021<span></span>
</td>
<td class="text">2019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5.60%<span></span>
</td>
<td class="nump">5.40%<span></span>
</td>
<td class="nump">4.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 64,100<span></span>
</td>
<td class="nump">$ 74,200<span></span>
</td>
<td class="nump">$ 109,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate | TFA Facility 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Fixed/floating</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2021<span></span>
</td>
<td class="text">2021<span></span>
</td>
<td class="text">2021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6.00%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">4.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 331,300<span></span>
</td>
<td class="nump">$ 400,800<span></span>
</td>
<td class="nump">$ 470,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate | DSF Facility 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Fixed/floating</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2021<span></span>
</td>
<td class="text">2021<span></span>
</td>
<td class="text">2021<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5.60%<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">4.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 52,400<span></span>
</td>
<td class="nump">$ 56,500<span></span>
</td>
<td class="nump">$ 62,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate | DSF Facility 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Fixed/floating</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2022<span></span>
</td>
<td class="text">2022<span></span>
</td>
<td class="text">2022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5.60%<span></span>
</td>
<td class="nump">5.10%<span></span>
</td>
<td class="nump">4.80%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 24,300<span></span>
</td>
<td class="nump">$ 26,800<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate | TFA Facility 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Fixed/floating</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2022<span></span>
</td>
<td class="text">2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5.40%<span></span>
</td>
<td class="nump">5.40%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 103,700<span></span>
</td>
<td class="nump">$ 115,000<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate | ING</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Fixed/floating</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2024<span></span>
</td>
<td class="text">2024<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">4.60%<span></span>
</td>
<td class="nump">4.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 42,000<span></span>
</td>
<td class="nump">$ 45,800<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember', window );">Floating interest rate | CEXIM</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Fixed/floating</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
<td class="text">Floating<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2030<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRate', window );">Effective interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">5.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 111,700<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Effective interest rate includes deferred and amortized bank fees.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The carrying value of the Group's mortgage debt and bank loans is, because of floating interest rate, approximate to fair value. The carrying value are excluding amortized bank fees recognized in the balance sheet.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=ifrs-full_FloatingInterestRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_DsfFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_DsfFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_DsfFacilityTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_DsfFacilityTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_DsfFacilityThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_DsfFacilityThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_TermFacilityTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_IngFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_IngFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_CeximFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_CeximFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>103
<FILENAME>R85.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807777904">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>COLLATERAL SECURITY FOR MORTGAGE DEBT AND BANK LOANS (Detail Textuals) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfCollateralAbstract', window );"><strong>Disclosure Of Collateral [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity', window );">Carrying amount for vessels as collateral security</a></td>
<td class="nump">$ 1,314<span></span>
</td>
<td class="nump">$ 1,259<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the carrying amount of vessels for collateral held as security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CarryingAmountOfVesselsForCollateralHeldAsSecurity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfCollateralAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfCollateralAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>104
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808146320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIES (Detail Textuals) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract', window );"><strong>Guarantee Commitments And Contingent Liabilities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions', window );">Guarantee commitments of the Group to Danish Shipowners' Association</a></td>
<td class="nump">$ 0.1<span></span>
</td>
<td class="nump">$ 0.1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of related-party commitments made by the entity to do something if a particular event occurs or does not occur in the future, including executory contracts (recognised and unrecognised). [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 21<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_21_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CommitmentsMadeByEntityRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_GuaranteeCommitmentsAndContingentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6812674816">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONTRACTUAL OBLIGATIONS (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ContractualObligationsLineItems', window );"><strong>Contractual Obligations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MortgageDebtAndBankBorrowings', window );">Mortgage debt and bank loans</a></td>
<td class="nump">$ 729,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPaymentsForScheduledInterestFixing', window );">Interest payments related to scheduled interest fixing</a></td>
<td class="nump">80,900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EstimatedVariableInterestPayments', window );">Estimated variable interest payments</a></td>
<td class="nump">38,800<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceLeaseLiabilities', window );">Finance lease liabilities</a></td>
<td class="nump">25,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPayableOnFinanceLeaseObligation', window );">Interest element regarding finance lease</a></td>
<td class="nump">5,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NewbuildingInstallments', window );">Newbuilding installments</a></td>
<td class="nump">258,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Committed scrubber installations</a></td>
<td class="nump">22,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherOperatingLeaseObligation', window );">Other operating leases</a></td>
<td class="nump">6,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables and other obligations</a></td>
<td class="nump">59,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Total</a></td>
<td class="nump">1,226,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ContractualObligationsLineItems', window );"><strong>Contractual Obligations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MortgageDebtAndBankBorrowings', window );">Mortgage debt and bank loans</a></td>
<td class="nump">92,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPaymentsForScheduledInterestFixing', window );">Interest payments related to scheduled interest fixing</a></td>
<td class="nump">21,900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EstimatedVariableInterestPayments', window );">Estimated variable interest payments</a></td>
<td class="nump">11,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceLeaseLiabilities', window );">Finance lease liabilities</a></td>
<td class="nump">3,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPayableOnFinanceLeaseObligation', window );">Interest element regarding finance lease</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NewbuildingInstallments', window );">Newbuilding installments</a></td>
<td class="nump">232,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Committed scrubber installations</a></td>
<td class="nump">22,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherOperatingLeaseObligation', window );">Other operating leases</a></td>
<td class="nump">2,800<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables and other obligations</a></td>
<td class="nump">59,300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Total</a></td>
<td class="nump">447,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ContractualObligationsLineItems', window );"><strong>Contractual Obligations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MortgageDebtAndBankBorrowings', window );">Mortgage debt and bank loans</a></td>
<td class="nump">87,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPaymentsForScheduledInterestFixing', window );">Interest payments related to scheduled interest fixing</a></td>
<td class="nump">19,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EstimatedVariableInterestPayments', window );">Estimated variable interest payments</a></td>
<td class="nump">10,500<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceLeaseLiabilities', window );">Finance lease liabilities</a></td>
<td class="nump">3,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPayableOnFinanceLeaseObligation', window );">Interest element regarding finance lease</a></td>
<td class="nump">1,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NewbuildingInstallments', window );">Newbuilding installments</a></td>
<td class="nump">25,600<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Committed scrubber installations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherOperatingLeaseObligation', window );">Other operating leases</a></td>
<td class="nump">1,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables and other obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Total</a></td>
<td class="nump">149,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">2021</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ContractualObligationsLineItems', window );"><strong>Contractual Obligations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MortgageDebtAndBankBorrowings', window );">Mortgage debt and bank loans</a></td>
<td class="nump">343,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPaymentsForScheduledInterestFixing', window );">Interest payments related to scheduled interest fixing</a></td>
<td class="nump">16,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EstimatedVariableInterestPayments', window );">Estimated variable interest payments</a></td>
<td class="nump">8,800<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceLeaseLiabilities', window );">Finance lease liabilities</a></td>
<td class="nump">3,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPayableOnFinanceLeaseObligation', window );">Interest element regarding finance lease</a></td>
<td class="nump">1,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NewbuildingInstallments', window );">Newbuilding installments</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Committed scrubber installations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherOperatingLeaseObligation', window );">Other operating leases</a></td>
<td class="nump">900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables and other obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Total</a></td>
<td class="nump">374,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">2022</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ContractualObligationsLineItems', window );"><strong>Contractual Obligations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MortgageDebtAndBankBorrowings', window );">Mortgage debt and bank loans</a></td>
<td class="nump">96,900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPaymentsForScheduledInterestFixing', window );">Interest payments related to scheduled interest fixing</a></td>
<td class="nump">7,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EstimatedVariableInterestPayments', window );">Estimated variable interest payments</a></td>
<td class="nump">200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceLeaseLiabilities', window );">Finance lease liabilities</a></td>
<td class="nump">15,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPayableOnFinanceLeaseObligation', window );">Interest element regarding finance lease</a></td>
<td class="nump">300<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NewbuildingInstallments', window );">Newbuilding installments</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Committed scrubber installations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherOperatingLeaseObligation', window );">Other operating leases</a></td>
<td class="nump">900<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables and other obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Total</a></td>
<td class="nump">121,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">2023</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ContractualObligationsLineItems', window );"><strong>Contractual Obligations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MortgageDebtAndBankBorrowings', window );">Mortgage debt and bank loans</a></td>
<td class="nump">10,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPaymentsForScheduledInterestFixing', window );">Interest payments related to scheduled interest fixing</a></td>
<td class="nump">6,200<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EstimatedVariableInterestPayments', window );">Estimated variable interest payments</a></td>
<td class="num">(600)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceLeaseLiabilities', window );">Finance lease liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPayableOnFinanceLeaseObligation', window );">Interest element regarding finance lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NewbuildingInstallments', window );">Newbuilding installments</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Committed scrubber installations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherOperatingLeaseObligation', window );">Other operating leases</a></td>
<td class="nump">400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables and other obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Total</a></td>
<td class="nump">16,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember', window );">Thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ContractualObligationsLineItems', window );"><strong>Contractual Obligations [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MortgageDebtAndBankBorrowings', window );">Mortgage debt and bank loans</a></td>
<td class="nump">99,400<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPaymentsForScheduledInterestFixing', window );">Interest payments related to scheduled interest fixing</a></td>
<td class="nump">9,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_EstimatedVariableInterestPayments', window );">Estimated variable interest payments</a></td>
<td class="nump">8,700<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceLeaseLiabilities', window );">Finance lease liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestPayableOnFinanceLeaseObligation', window );">Interest element regarding finance lease</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NewbuildingInstallments', window );">Newbuilding installments</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Committed scrubber installations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherOperatingLeaseObligation', window );">Other operating leases</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherPayables', window );">Trade payables and other obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ContractualCapitalCommitments', window );">Total</a></td>
<td class="nump">$ 117,800<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.1m (2017: USD 4.8m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 1.1m (2017: USD 3.5m).</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">As of 31 December 2018, TORM had nine contracted newbuildings (2017: ten) to be delivered during 2019-2020.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Other operating leases primarily consist of contracts regarding office spaces, cars and apartments as well as IT-related contracts. The leasing expense for 2018 amounts to USD 2.5m (2017: USD 2.3m) and is recognized under "Administrative expenses".</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContractualCapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of capital commitments for which the entity has entered into a contract. [Refer: Capital commitments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContractualCapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities related to finance leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-02&amp;anchor=para_55&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade payables and other payables. [Refer: Trade payables; Other payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ContractualObligationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ContractualObligationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_EstimatedVariableInterestPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to estimated variable interest payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_EstimatedVariableInterestPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_InterestPayableOnFinanceLeaseObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to accrued interest on finance lease obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_InterestPayableOnFinanceLeaseObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_InterestPaymentsForScheduledInterestFixing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of interest payments for scheduled interest fixing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_InterestPaymentsForScheduledInterestFixing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_MortgageDebtAndBankBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to mortgage debt and bank borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_MortgageDebtAndBankBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NewbuildingInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to newbuilding installments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NewbuildingInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_OtherOperatingLeaseObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other operating lease payments obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_OtherOperatingLeaseObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R88.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808288912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTRACTUAL OBLIGATIONS (Details 1)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Disclosure of reconciliation of liabilities arising from financing activities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Opening balance as of 1 January 2018</a></td>
<td class="nump">$ 749.1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities', window );">Cash - Borrowings</a></td>
<td class="nump">114.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash - Repayments</a></td>
<td class="num">(113.7)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities', window );">Non-Cash - Changes in fair value</a></td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Non-Cash - Other changes</a></td>
<td class="num">(0.3)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">End balance as of 31 December 2018</a></td>
<td class="nump">749.6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LongtermBorrowingsMember', window );">Mortgage debt</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Disclosure of reconciliation of liabilities arising from financing activities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Opening balance as of 1 January 2018</a></td>
<td class="nump">720.9<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities', window );">Cash - Borrowings</a></td>
<td class="nump">114.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash - Repayments</a></td>
<td class="num">(110.8)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities', window );">Non-Cash - Changes in fair value</a></td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Non-Cash - Other changes</a></td>
<td class="num">(0.3)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">End balance as of 31 December 2018</a></td>
<td class="nump">724.3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LeaseLiabilitiesMember', window );">Financial lease</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems', window );"><strong>Disclosure of reconciliation of liabilities arising from financing activities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">Opening balance as of 1 January 2018</a></td>
<td class="nump">28.2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities', window );">Cash - Borrowings</a></td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities', window );">Cash - Repayments</a></td>
<td class="num">(2.9)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities', window );">Non-Cash - Changes in fair value</a></td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities', window );">Non-Cash - Other changes</a></td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilitiesArisingFromFinancingActivities', window );">End balance as of 31 December 2018</a></td>
<td class="nump">$ 25.3<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from changes in fair values. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 44B<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_44B_d&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangesInFairValuesLiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from financing cash flows. [Refer: Cash flows from (used in) financing activities; Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 44B<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_44B_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughFinancingCashFlowsLiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Liabilities arising from financing activities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 44B<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_44B_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesLiabilitiesArisingFromFinancingActivities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities for which cash flows were, or future cash flows will be, classified in the statement of cash flows as cash flows from financing activities. [Refer: Cash flows from (used in) financing activities; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 44D<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_44D&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesArisingFromFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in liabilities arising from financing activities resulting from borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_IncreaseDecreaseThroughBorrowingsArisingFromFinancingActivities</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LongtermBorrowingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LongtermBorrowingsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesArisingFromFinancingActivitiesAxis=ifrs-full_LeaseLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820948224">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONTRACTUAL OBLIGATIONS (Details 2)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">$ 33.6<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember', window );">2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">21.5<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember', window );">2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">11.3<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember', window );">2021</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">0.8<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember', window );">2022</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember', window );">2023</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember', window );">Thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember', window );">Vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">33.6<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember', window );">Vessel | 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">21.5<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember', window );">Vessel | 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">11.3<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember', window );">Vessel | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">0.8<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember', window );">Vessel | 2022</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember', window );">Vessel | 2023</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember', window );">Vessel | Thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems', window );"><strong>Disclosure of finance lease and operating lease by lessor [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease', window );">Charter hire income for vessels</a></td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Charter hire income for vessels on time charter and bareboat charter is recognized under "Revenue". The average period until redelivery of the vessels for the period ended 31 December 2018 is 0.8 year (2017: 1.1 years).</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinanceLeaseAndOperatingLeaseByLessorLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments receivable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 56<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2018-03-02&amp;anchor=para_56_a&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
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<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
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<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=trmd_VesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6811277872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONTRACTUAL OBLIGATIONS (Detail Textuals)<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Newbuilding</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Newbuilding</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfContractualCommitmentsAbstract', window );"><strong>Disclosure Of Contractual Commitments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DirectIssuanceCostForBorrowings', window );">Direct issuance costs for borrowings</a></td>
<td class="nump">$ 5.1<span></span>
</td>
<td class="nump">$ 4.8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Borrowing costs capitalized</a></td>
<td class="nump">$ 1.1<span></span>
</td>
<td class="nump">$ 3.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ExpectedNumberOfNewbuildingsToBeDelivered', window );">Expected number of newbuildings to be delivered during 2019-2020 | Newbuilding</a></td>
<td class="nump">9<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherOperatingLeaseExpense', window );">Other operating lease expense</a></td>
<td class="nump">$ 2.5<span></span>
</td>
<td class="nump">$ 2.3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor', window );">Average period until redelivery of the vessels</a></td>
<td class="text">9 months 18 days<span></span>
</td>
<td class="text">1 year 1 month 6 days<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2018-01-01<br> -Paragraph 26<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=23&amp;date=2018-03-01&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the average period of redelivery of vessels in operating lease by lessor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AveragePeriodOfRedeliveryOfVesselsInOperatingLeaseByLessor</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DirectIssuanceCostForBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to direct issuance cost for borrowings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DirectIssuanceCostForBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfContractualCommitmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Contractual Commitments [Abstract]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfContractualCommitmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ExpectedNumberOfNewbuildingsToBeDelivered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the expected number of newbuildings to be delivered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ExpectedNumberOfNewbuildingsToBeDelivered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_OtherOperatingLeaseExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to expense for other operating lease payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_OtherOperatingLeaseExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>109
<FILENAME>R91.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807315728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of derivatives as of 31 December</a></td>
<td class="nump">$ 0.3<span></span>
</td>
<td class="nump">$ 7.5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of derivatives as of 31 December</a></td>
<td class="nump">0.5<span></span>
</td>
<td class="num">(0.2)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_SwapContractMember', window );">Bunker swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of derivatives as of 31 December</a></td>
<td class="num">(1.2)<span></span>
</td>
<td class="nump">0.8<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_ForwardContractMember', window );">Forward exchange contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of derivatives as of 31 December</a></td>
<td class="num">(1.8)<span></span>
</td>
<td class="nump">1.8<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of derivatives as of 31 December</a></td>
<td class="nump">$ 2.8<span></span>
</td>
<td class="nump">$ 5.1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial instruments designated as hedging instruments. Hedging instruments are designated derivatives or (for a hedge of the risk of changes in foreign currency exchange rates only) designated non-derivative financial assets or non-derivative financial liabilities whose fair value or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item. [Refer: At fair value [member]; Derivatives [member]; Derivative financial assets; Derivative financial liabilities; Financial instruments, class [member]; Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 22<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_22_b&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_SwapContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_SwapContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_ForwardContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_ForwardContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R92.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6806881392">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DERIVATIVE FINANCIAL INSTRUMENTS (Details 1) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract', window );"><strong>Financial?assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Gross amount</a></td>
<td class="nump">$ 7.1<span></span>
</td>
<td class="nump">$ 8.2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting amount</a></td>
<td class="num">(3.4)<span></span>
</td>
<td class="num">(0.9)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Net amount presented in the statement of financial position</a></td>
<td class="nump">3.7<span></span>
</td>
<td class="nump">7.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract', window );"><strong>Financial liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Gross amount</a></td>
<td class="num">(6.8)<span></span>
</td>
<td class="num">(0.4)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements', window );">Offsetting amount</a></td>
<td class="nump">3.4<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition', window );">Net amount presented in the statement of financial position</a></td>
<td class="num">$ (3.4)<span></span>
</td>
<td class="nump">$ 0.2<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets set off against financial liabilities when an entity: (a) currently has a legally enforceable right to set off the recognised amounts; and (b) intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. [Refer: Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialAssetsSetOffAgainstFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of recognised financial assets that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities set off against financial assets when an entity: (a) currently has a legally enforceable right to set off the recognised amounts; and (b) intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. [Refer: Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialLiabilitiesSetOffAgainstFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross amount of recognised financial liabilities that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreements</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of financial assets that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement, presented in the statement of financial position. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetFinancialAssetsSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of financial liabilities that are subject either to offsetting or to an enforceable master netting arrangement or similar agreement, presented in the statement of financial position. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPosition</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetFinancialLiabilitiesSubjectToOffsettingEnforceableMasterNettingArrangementsOrSimilarAgreementsInStatementOfFinancialPositionAbstract</td>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6821477440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=trmd_HedgingReserveMember', window );">Hedging reserves</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in equity</a></td>
<td class="num">$ (7.1)<span></span>
</td>
<td class="nump">$ 6.8<span></span>
</td>
<td class="num">$ (1.0)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitOrLossLocationAxis=trmd_RevenueMember', window );">Revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="num">(2.1)<span></span>
</td>
<td class="nump">0.5<span></span>
</td>
<td class="num">(0.1)<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitOrLossLocationAxis=trmd_PortExpensesBunkersAndCommissionsMember', window );">Port expenses, bunkers and commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">1.1<span></span>
</td>
<td class="nump">1.2<span></span>
</td>
<td class="nump">0.0<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitOrLossLocationAxis=trmd_FinancialItemMember', window );">Financial items</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">1.0<span></span>
</td>
<td class="num">(3.4)<span></span>
</td>
<td class="num">(2.8)<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitOrLossLocationAxis=trmd_OperatingExpensesMember', window );">Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.1<span></span>
</td>
<td class="nump">0.3<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitOrLossLocationAxis=trmd_AdministrativeExpensesMember', window );">Administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.4<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements | Hedging reserves</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in equity</a></td>
<td class="nump">0.9<span></span>
</td>
<td class="num">(0.3)<span></span>
</td>
<td class="num">(0.2)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements | Revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="num">(2.1)<span></span>
</td>
<td class="nump">0.5<span></span>
</td>
<td class="num">(0.1)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements | Port expenses, bunkers and commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements | Financial items</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements | Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements | Administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_BunkerSwapContractMember', window );">Bunker swaps | Hedging reserves</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in equity</a></td>
<td class="num">(2.0)<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">1.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_BunkerSwapContractMember', window );">Bunker swaps | Revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_BunkerSwapContractMember', window );">Bunker swaps | Port expenses, bunkers and commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">1.1<span></span>
</td>
<td class="nump">1.2<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_BunkerSwapContractMember', window );">Bunker swaps | Financial items</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_BunkerSwapContractMember', window );">Bunker swaps | Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_BunkerSwapContractMember', window );">Bunker swaps | Administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardExchangeContractMember', window );">Forward exchange contracts | Hedging reserves</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in equity</a></td>
<td class="num">(2.4)<span></span>
</td>
<td class="nump">4.4<span></span>
</td>
<td class="num">(3.4)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardExchangeContractMember', window );">Forward exchange contracts | Revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardExchangeContractMember', window );">Forward exchange contracts | Port expenses, bunkers and commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardExchangeContractMember', window );">Forward exchange contracts | Financial items</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardExchangeContractMember', window );">Forward exchange contracts | Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.1<span></span>
</td>
<td class="nump">0.3<span></span>
</td>
<td class="nump">0.6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardExchangeContractMember', window );">Forward exchange contracts | Administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.4<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swaps | Hedging reserves</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInEquity', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in equity</a></td>
<td class="num">(3.6)<span></span>
</td>
<td class="nump">2.7<span></span>
</td>
<td class="nump">1.6<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swaps | Revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swaps | Port expenses, bunkers and commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swaps | Financial items</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">1.0<span></span>
</td>
<td class="num">(3.4)<span></span>
</td>
<td class="num">(2.8)<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swaps | Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swaps | Administrative expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FairValueAdjustmentsOfDerivativeFinancialInstrumentsDesignatedAsHedgeRecognizedInIncomeStatements', window );">Fair value adjustments of derivative financial instruments designated as hedge recognized in income statements</a></td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="nump">$ 0.0<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ProfitOrLossLocationAxis=trmd_AdministrativeExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_BunkerSwapContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_BunkerSwapContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardExchangeContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardExchangeContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>112
<FILENAME>R94.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6808360048">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>DERIVATIVE FINANCIAL INSTRUMENTS (Detail Textuals)<br> kr in Millions, $ in Millions</strong></div></th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>DKK (kr)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>DKK (kr)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>DKK (kr)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets', window );">Cash collateral</a></td>
<td class="nump">$ 3.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge', window );">Fair value of derivatives net gain (loss) of a previously fixed hedge</a></td>
<td class="num">(2.1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (0.1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_SwapContractMember', window );">Bunker swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge', window );">Fair value of derivatives net gain (loss) of a previously fixed hedge</a></td>
<td class="nump">1.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_ForwardContractMember', window );">Forward exchange contracts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge', window );">Fair value of derivatives net gain (loss) of a previously fixed hedge</a></td>
<td class="num">(1.8)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount | kr</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 250.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 257.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">kr 336.4<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember', window );">Interest rate swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge', window );">Fair value of derivatives net gain (loss) of a previously fixed hedge</a></td>
<td class="nump">2.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="nump">$ 512.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 406.4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 373.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash collateral received that is subject to an enforceable master netting arrangement or similar agreement and that is not set off against financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph IG40D<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_IG40D&amp;doctype=Implementation%20Guidance<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 13C<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_13C_d_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashCollateralReceivedSubjectToEnforceableMasterNettingArrangementOrSimilarAgreementNotSetOffAgainstFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the fair value of financial instruments designated as hedging instruments net gain (loss)of previously fixed hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_FinancialInstrumentsDesignatedAsHedgeAtFairValueNetGainLossOfPreviouslyFixedHedge</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=trmd_ForwardFreightAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_SwapContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_SwapContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_ForwardContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_ForwardContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_InterestRateSwapContractMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>113
<FILENAME>R95.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6804306320">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityToChangesInFreightRatesAbstract', window );"><strong>Decrease in freight rates of USD/day 1,000:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax', window );">Changes in profit before tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (24.1)<span></span>
</td>
<td class="num">$ (25.0)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity', window );">Changes in equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (24.1)<span></span>
</td>
<td class="num">$ (25.0)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember', window );">SENSITIVITY TO CHANGES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityToChangesInFreightRatesAbstract', window );"><strong>Decrease in freight rates of USD/day 1,000:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax', window );">Changes in profit before tax</a></td>
<td class="num">$ (25.3)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity', window );">Changes in equity</a></td>
<td class="num">$ (25.3)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to increase (decrease) in equity in sensitivity analysis for changes in freight rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to increase (decrease) in equity in sensitivity analysis for changes in freight rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisForChangesInFreightRatesIncreaseDecreaseInProfitBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityToChangesInFreightRatesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityToChangesInFreightRatesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R96.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744682656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 1) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityToChangesInTheBunkerPricesAbstract', window );"><strong>Increase in the bunker prices of 10% per ton:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax', window );">Changes in profit before tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (18.3)<span></span>
</td>
<td class="num">$ (15.6)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity', window );">Changes in equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (18.3)<span></span>
</td>
<td class="num">$ (15.6)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember', window );">SENSITIVITY TO CHANGES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityToChangesInTheBunkerPricesAbstract', window );"><strong>Increase in the bunker prices of 10% per ton:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax', window );">Changes in profit before tax</a></td>
<td class="num">$ (20.7)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity', window );">Changes in equity</a></td>
<td class="num">$ (20.7)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in equity as impact of increase in the bunker prices of 10% per ton in sensitivity analysis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in profit before tax as impact of increase in the bunker prices of 10% per ton in sensitivity analysis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisImpactOfTenPercentPerTonIncreaseInBunkerPricesChangeInProfitBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityToChangesInTheBunkerPricesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>115
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744696080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 2) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityToChangesInCurrencyExchangeRateAbstract', window );"><strong>Effect of a 10% increase of DKK and EUR:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax', window );">Changes in profit before tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (2.5)<span></span>
</td>
<td class="num">$ (1.7)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity', window );">Changes in equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (2.5)<span></span>
</td>
<td class="num">$ (1.7)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember', window );">SENSITIVITY TO CHANGES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityToChangesInCurrencyExchangeRateAbstract', window );"><strong>Effect of a 10% increase of DKK and EUR:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax', window );">Changes in profit before tax</a></td>
<td class="num">$ (2.1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity', window );">Changes in equity</a></td>
<td class="num">$ (2.1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in equity as impact of 10% change in exchange rate in sensitivity analysis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInEquity</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in profit before tax as impact of 10% change in exchange rate in sensitivity analysis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisImpactOfTenPercentChangeInExchangeRateChangeInProfitBeforeTax</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityToChangesInCurrencyExchangeRateAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember</td>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6744749152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Details 3) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityToChangesInInterestRatesAbstract', window );"><strong>Effect of a 1%-point increase in interest rates:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax', window );">Changes in profit before tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (3.2)<span></span>
</td>
<td class="num">$ (2.5)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity', window );">Changes in equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3.6<span></span>
</td>
<td class="nump">$ 6.8<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember', window );">SENSITIVITY TO CHANGES</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityToChangesInInterestRatesAbstract', window );"><strong>Effect of a 1%-point increase in interest rates:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax', window );">Changes in profit before tax</a></td>
<td class="num">$ (2.4)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity', window );">Changes in equity</a></td>
<td class="nump">$ 8.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in equity as impact of 1% point increase in exchange rate in sensitivity analysis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInEquity</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of changes in profit before tax as impact of 1% point increase in exchange rate in sensitivity analysis.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityAnalysisImpactOfOnePercentPointIncreaseInInterestRateChangeInProfitBeforeTax</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_SensitivityToChangesInInterestRatesAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NonadjustingEventsAfterReportingPeriodAxis=trmd_ChangesInFreightRatesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>117
<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6819605120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Detail Textual)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>metric_tons</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>metric_tons</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($) </div>
<div>metric_tons</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements', window );">Percentage of freight earnings derived from tankers secured by agreements</a></td>
<td class="nump">13.10%<span></span>
</td>
<td class="nump">11.60%<span></span>
</td>
<td class="nump">10.40%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging', window );">Percentage of physical time charter contracts accounted for overall hedging</a></td>
<td class="nump">62.80%<span></span>
</td>
<td class="nump">65.80%<span></span>
</td>
<td class="nump">82.90%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfCoverage', window );">Percentage of coverage</a></td>
<td class="nump">9.90%<span></span>
</td>
<td class="nump">13.30%<span></span>
</td>
<td class="nump">11.60%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PositionTypeAxis=trmd_LongPositionMember', window );">Long Position</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DerivativeNotionalContractValue', window );">Notional contract value of derivative | $</a></td>
<td class="nump">$ 18.8<span></span>
</td>
<td class="nump">$ 12.2<span></span>
</td>
<td class="nump">$ 2.9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DerivativesNonmonetaryNotionalAmountVolume', window );">Notional contract volume | metric_tons</a></td>
<td class="nump">1,447,000<span></span>
</td>
<td class="nump">530,000<span></span>
</td>
<td class="nump">190,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PositionTypeAxis=trmd_ShortPositionMember', window );">Short Position</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DerivativeNotionalContractValue', window );">Notional contract value of derivative | $</a></td>
<td class="nump">$ 39.6<span></span>
</td>
<td class="nump">$ 44.2<span></span>
</td>
<td class="nump">$ 11.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DerivativesNonmonetaryNotionalAmountVolume', window );">Notional contract volume | metric_tons</a></td>
<td class="nump">2,683,000<span></span>
</td>
<td class="nump">1,754,000<span></span>
</td>
<td class="nump">781,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AgreementAxis=trmd_CargoContractsAndTimeCharteRagreementsMember', window );">Cargo contracts and time charte ragreements | Bottom of range</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CoveragePeriodUnderAgreement', window );">Coverage period under agreement</a></td>
<td class="text">6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AgreementAxis=trmd_CargoContractsAndTimeCharteRagreementsMember', window );">Cargo contracts and time charte ragreements | Top of range</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CoveragePeriodUnderAgreement', window );">Coverage period under agreement</a></td>
<td class="text">36 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AgreementAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements | Bottom of range</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CoveragePeriodUnderAgreement', window );">Coverage period under agreement</a></td>
<td class="text">0 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AgreementAxis=trmd_ForwardFreightAgreementsMember', window );">Forward freight agreements | Top of range</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CoveragePeriodUnderAgreement', window );">Coverage period under agreement</a></td>
<td class="text">24 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CoveragePeriodUnderAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the coverage period under the agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CoveragePeriodUnderAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DerivativeNotionalContractValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of physical time charter contracts accounted for overall hedging.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DerivativeNotionalContractValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DerivativesNonmonetaryNotionalAmountVolume">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents nominal volume used to calculate payments on a derivative instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DerivativesNonmonetaryNotionalAmountVolume</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfCoverage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of coverage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfCoverage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of freight earnings derived from tankers which were secured by physcial and forward agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfFreightEarningsDerivedFromTankersSecuredByAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of physical time charter contracts accounted for overall hedging.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfPhysicalTimeCharterContractsAccountedForOverallHedging</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PositionTypeAxis=trmd_LongPositionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PositionTypeAxis=trmd_LongPositionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PositionTypeAxis=trmd_ShortPositionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PositionTypeAxis=trmd_ShortPositionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AgreementAxis=trmd_CargoContractsAndTimeCharteRagreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AgreementAxis=trmd_CargoContractsAndTimeCharteRagreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AgreementAxis=trmd_ForwardFreightAgreementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AgreementAxis=trmd_ForwardFreightAgreementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>118
<FILENAME>R100.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6813989392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RISKS ASSOCIATED WITH TORM'S ACTIVITIES (Detail Textual 1)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Company </div>
<div>Club </div>
<div>Tanker</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_CarryingValueOfFleet', window );">Carrying value of fleet</a></td>
<td class="nump">$ 1,396.5<span></span>
</td>
<td class="nump">$ 1,294.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings', window );">Market value of fleet (excluding undelivered newbuildings)</a></td>
<td class="nump">$ 1,322.1<span></span>
</td>
<td class="nump">$ 1,259.6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears', window );">Number of vessels on order for delivery in 2019-2020 | Tanker</a></td>
<td class="nump">9<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels', window );">Threshold percentage of total voyage costs as cost of fuel oil consumed by vessels</a></td>
<td class="nump">60.80%<span></span>
</td>
<td class="nump">55.30%<span></span>
</td>
<td class="nump">49.60%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfBunkerConsumptionHedged', window );">Percentage of bunker consumption hedged</a></td>
<td class="nump">4.80%<span></span>
</td>
<td class="nump">3.30%<span></span>
</td>
<td class="nump">0.90%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfBunkerRequirementsForHedgingInstruments', window );">Percentage of bunker requirements for hedging instruments</a></td>
<td class="nump">2.00%<span></span>
</td>
<td class="nump">2.10%<span></span>
</td>
<td class="nump">1.60%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk', window );">Number of Protection and Indemnity club | Club</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels', window );">Aggregate insured value of hull and machinery and interest for TORM's owned vessels</a></td>
<td class="nump">$ 1,500.0<span></span>
</td>
<td class="nump">$ 1,400.0<span></span>
</td>
<td class="nump">$ 1,600.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfConcerntrationRisk', window );">Percentage of frieght revenues</a></td>
<td class="nump">17.00%<span></span>
</td>
<td class="nump">8.20%<span></span>
</td>
<td class="nump">12.60%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AveragePercentageOfDemurrageRevenueCollection', window );">Average percentage of demurrage</a></td>
<td class="nump">98.10%<span></span>
</td>
<td class="nump">97.00%<span></span>
</td>
<td class="nump">96.80%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfTotalFreightRevenuesAsDemurrage', window );">Percentage of total freight revenues as demurrage</a></td>
<td class="nump">14.60%<span></span>
</td>
<td class="nump">16.80%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk', window );">Percentage of forward freight agreements (FFAs) and fuel swaps</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency', window );">Percentage of administrative expenses denominated in currencies other than USD</a></td>
<td class="nump">98.30%<span></span>
</td>
<td class="nump">97.90%<span></span>
</td>
<td class="nump">98.90%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency', window );">Percentage of operating expenses denominated in currencies other than USD</a></td>
<td class="nump">23.40%<span></span>
</td>
<td class="nump">24.50%<span></span>
</td>
<td class="nump">26.70%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged', window );">Percentage of administrative and operating expenses denominated in currencies in DKK and EUR</a></td>
<td class="nump">64.10%<span></span>
</td>
<td class="nump">62.00%<span></span>
</td>
<td class="nump">73.80%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_PercentageOfExposureToInterestRateRisk', window );">Percentage of exposure to interest rate risk</a></td>
<td class="nump">66.20%<span></span>
</td>
<td class="nump">63.20%<span></span>
</td>
<td class="nump">67.90%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_InterestExpenseExposure', window );">Total interest expense exposure</a></td>
<td class="nump">$ 33.1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_FloatingRateLoansDescriptionOfVariableRateBasis', window );">Floating rate loans description of variable rate basis</a></td>
<td class="text">3 months LIBOR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NotionalValueInterestRateHedgesCovering', window );">Notional value of interest rate hedges covering</a></td>
<td class="nump">$ 512.8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember', window );">Bottom of range</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfCompaniesToDiversifyRisk', window );">Number of companies to diversify risk | Company</a></td>
<td class="nump">14<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember', window );">Top of range</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfCompaniesToDiversifyRisk', window );">Number of companies to diversify risk | Company</a></td>
<td class="nump">16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=trmd_InterestBearingDebtMember', window );">Interest bearing debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_IncreaseDecreaseInInterestBearingDebt', window );">Increase (decrease) in interest-bearing debt</a></td>
<td class="nump">$ 10.3<span></span>
</td>
<td class="nump">$ 47.5<span></span>
</td>
<td class="nump">$ 95.3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VesselClassAxis=trmd_VesselClassHandysizeMember', window );">Handysize Tanker</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfTankerSold', window );">Number of tanker sold | Tanker</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VesselClassAxis=trmd_VesselClassMrMember', window );">MR Tanker</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfTankerSold', window );">Number of tanker sold | Tanker</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_VesselClassAxis=trmd_VesselClassLrTwoMember', window );">LR2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems', window );"><strong>Disclosure of nature and extent of risks arising from financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfTankerPurchased', window );">Number of tanker purchased | Tanker</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the aggregate insured value of hull and machinery and interest for owned vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AggregateInsuredValueOfHulLandMachineryAndInterestForOwnedVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AveragePercentageOfDemurrageRevenueCollection">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the average percentage of demurrage revenue collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AveragePercentageOfDemurrageRevenueCollection</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_CarryingValueOfFleet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the carrying value of fleet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_CarryingValueOfFleet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_FloatingRateLoansDescriptionOfVariableRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the description of basis of variable rate of floating rate loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_FloatingRateLoansDescriptionOfVariableRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_IncreaseDecreaseInInterestBearingDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to increase (decrease) in the carrying amount of the debt instrument for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_IncreaseDecreaseInInterestBearingDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_InterestExpenseExposure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest Expense Exposure</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_InterestExpenseExposure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the market value of fleet excluding undeliverd newbuildings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_MarketValueOfFleetExcludingUndeLiveredNewBuildings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NotionalValueInterestRateHedgesCovering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Notional value of interest rate hedges covering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NotionalValueInterestRateHedgesCovering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfCompaniesToDiversifyRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of companies to diversify risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfCompaniesToDiversifyRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of Protection and Indemnity club to diversify risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfProtectionAndIndemnityClubToDiversifyRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfTankerPurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of tanker purchased during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfTankerPurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfTankerSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of tanker sold during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfTankerSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of vessels on order for delivery in next two fiscal years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfVesselsOnOrderForDeliveryInNextTwoFiscalYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of administrative and operating expenses denominated in other than functional currency hedged.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfAdministrativeAndOperatingExpensesDenominatedInOtherThanFunctionalCurrencyHedged</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of administrative expenses denominated in other than functional currency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfAdministrativeExpensesDenominatedInOtherThanFunctionalCurrency</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfBunkerConsumptionHedged">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of bunker consumption hedged through bunker hedging contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfBunkerConsumptionHedged</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfBunkerRequirementsForHedgingInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of bunker requirements for hedging instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfBunkerRequirementsForHedgingInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfConcerntrationRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfConcerntrationRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of derivative instruments cleared through stock exchange reducing counterparty risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfDerivativeInstrumentsClearedThroughStockExchangeReducingCounterpartyRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfExposureToInterestRateRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of exposure to interest rate risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfExposureToInterestRateRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of operating expenses denominated in other than functional currency.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfOperatingExpensesDenominatedInOtherThanFunctionalCurrency</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfTotalFreightRevenuesAsDemurrage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of total freight revenues as demurrage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfTotalFreightRevenuesAsDemurrage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of total voyage costs as cost of fuel oil consumed by vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_PercentageOfTotalVoyageCostsAsCostOfFuelOilConsumedByVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_BottomOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_TopOfRangeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=trmd_InterestBearingDebtMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=trmd_InterestBearingDebtMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VesselClassAxis=trmd_VesselClassHandysizeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VesselClassAxis=trmd_VesselClassHandysizeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VesselClassAxis=trmd_VesselClassMrMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VesselClassAxis=trmd_VesselClassMrMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_VesselClassAxis=trmd_VesselClassLrTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_VesselClassAxis=trmd_VesselClassLrTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>119
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6813719296">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 3,700<span></span>
</td>
<td class="nump">$ 7,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">217,200<span></span>
</td>
<td class="nump">209,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">220,900<span></span>
</td>
<td class="nump">217,300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,400<span></span>
</td>
<td class="num">(200)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">817,800<span></span>
</td>
<td class="nump">809,300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">821,200<span></span>
</td>
<td class="nump">809,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=trmd_MortgageDebtAndBankLoansMember', window );">Mortgage debt and bank loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">724,300<span></span>
</td>
<td class="nump">720,900<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">724,300<span></span>
</td>
<td class="nump">720,900<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_LeaseLiabilitiesMember', window );">Finance lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">25,300<span></span>
</td>
<td class="nump">28,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">25,300<span></span>
</td>
<td class="nump">28,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=trmd_TradePayablesMember', window );">Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">35,100<span></span>
</td>
<td class="nump">26,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">35,100<span></span>
</td>
<td class="nump">26,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=trmd_OtherLiabilityMember', window );">Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,400<span></span>
</td>
<td class="num">(200)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Financial liabilities at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">33,100<span></span>
</td>
<td class="nump">34,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Financial liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">36,500<span></span>
</td>
<td class="nump">33,800<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_FreightReceivablesMember', window );">Freight receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">86,000<span></span>
</td>
<td class="nump">71,300<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">86,000<span></span>
</td>
<td class="nump">71,300<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,700<span></span>
</td>
<td class="nump">7,600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,800<span></span>
</td>
<td class="nump">4,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">7,500<span></span>
</td>
<td class="nump">11,800<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_CashAndCashEquivalentMember', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Financial assets at amortised cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">127,400<span></span>
</td>
<td class="nump">134,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">127,400<span></span>
</td>
<td class="nump">134,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 | Mortgage debt and bank loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 | Finance lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 | Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 | Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 | Freight receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 | Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember', window );">Level 1 | Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,700<span></span>
</td>
<td class="nump">7,600<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,400<span></span>
</td>
<td class="num">(200)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 | Mortgage debt and bank loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 | Finance lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 | Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 | Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,400<span></span>
</td>
<td class="num">(200)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 | Freight receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 | Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,700<span></span>
</td>
<td class="nump">7,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember', window );">Level 2 | Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 | Mortgage debt and bank loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 | Finance lease liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 | Trade payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 | Other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Financial liabilities, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 | Freight receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 | Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember', window );">Level 3 | Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValue', window );">Financial assets, at fair value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">See note 14.</td>
</tr>
</table></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets at amortised cost. The amortised cost is the amount at which financial assets are measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, and adjusted for any impairment. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_f&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial assets. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities at amortised cost. The amortised cost is the amount at which financial liabilities are measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_8_g&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2021-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_f&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_LeaseLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=ifrs-full_LeaseLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=trmd_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=trmd_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialLiabilitiesAxis=trmd_OtherLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialLiabilitiesAxis=trmd_OtherLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_FreightReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_FreightReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_CashAndCashEquivalentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfFinancialAssetsAxis=trmd_CashAndCashEquivalentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level3OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6820373168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Jan. 26, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract', window );"><strong>Disclosure of transactions between related parties [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfUltimateParentOfGroup', window );">Name of ultimate parent of group</a></td>
<td class="text">Oaktree Capital Group, LLC,<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued capital</a></td>
<td class="nump">$ 742<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="nump">$ 623<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ReceivedFeesOnBackstoppingTransaction', window );">Received fees on backstopping transaction</a></td>
<td class="nump">$ 1,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfUltimateParentOfGroup">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of the ultimate controlling party of the group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 13<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_13&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 138<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_138_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfUltimateParentOfGroup</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ReceivedFeesOnBackstoppingTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents received fees on backstopping transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ReceivedFeesOnBackstoppingTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R103.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6812151936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEAR (Details) - Non-current assets held for sale<br> $ in Millions</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($) </div>
<div>Vessel</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>USD ($) </div>
<div>Vessel</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems', window );"><strong>Disclosure Of Information About Non Current Assets Held For Sale [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfVesselsSold', window );">Number of vessels sold</a></td>
<td class="nump">4<span></span>
</td>
<td class="nump">8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfVesselsDeliveredToNewOwner', window );">Number of vessels delivered to new owner</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfVesselsExpectedToBeDelivered', window );">Number of vessels expected to be delivered in Q1</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfRemainingVesselsSold', window );">Number of remaining vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ProfitLossFromSaleOfVessels', window );">Profit from sale of vessels | $</a></td>
<td class="nump">$ 752.0<span></span>
</td>
<td class="nump">$ 2.8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets', window );">Impairment on sold or held-for-sale vessels | $</a></td>
<td class="nump">$ 3.2<span></span>
</td>
<td class="nump">$ 3.6<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfInformationAboutNonCurrentAssetsHeldForSaleLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of impairment loss recognised in profit or loss for tangible and intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ImpairmentLossRecognisedInProfitOrLossTangibleAndIntangibleAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfRemainingVesselsSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of remaining vessels sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfRemainingVesselsSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfVesselsDeliveredToNewOwner">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels delivered to new owner.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfVesselsDeliveredToNewOwner</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfVesselsExpectedToBeDelivered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels expected to be delivered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfVesselsExpectedToBeDelivered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfVesselsSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of vessels sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfVesselsSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ProfitLossFromSaleOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of profit (loss) from the sale of vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ProfitLossFromSaleOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_NoncurrentAssetsHeldForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_NoncurrentAssetsHeldForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>122
<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6812567376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CASH FLOWS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_ReversalOfOtherNonCashMovementsAbstract', window );"><strong>Reversal of other non-cash movements:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForAmortisationExpense', window );">Amortization of acquired assets and liabilities</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="num">$ (100)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains', window );">Exchange rate adjustments</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="nump">1,800<span></span>
</td>
<td class="num">(2,400)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForSharebasedPayments', window );">Share-based payments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1,900<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization', window );">Equity transactions expensed in relation to the Corporate Reorganization</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(6,400)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AdjustmentsForOtherNoncashItems', window );">Other adjustments</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(200)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAdjustmentsForNoncashItems', window );">Total</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="nump">3,700<span></span>
</td>
<td class="num">(7,100)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract', window );"><strong>Change in bunkers, receivables and payables:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AdjustmentsForIncreaseDecreaseInBunkers', window );">Change in bunkers</a></td>
<td class="num">(6,200)<span></span>
</td>
<td class="num">(1,600)<span></span>
</td>
<td class="num">(6,100)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables', window );">Change in receivables</a></td>
<td class="num">(10,400)<span></span>
</td>
<td class="num">(12,400)<span></span>
</td>
<td class="nump">18,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AdjustmentsForIncreaseDecreaseInPrepayments', window );">Change in prepayments</a></td>
<td class="nump">1,500<span></span>
</td>
<td class="num">(1,400)<span></span>
</td>
<td class="nump">2,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables', window );">Change in trade payables and other liabilities</a></td>
<td class="nump">11,700<span></span>
</td>
<td class="num">(1,600)<span></span>
</td>
<td class="num">(2,600)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_OtherChanges', window );">Other changes</a></td>
<td class="num">(2,200)<span></span>
</td>
<td class="num">(2,900)<span></span>
</td>
<td class="num">(2,900)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments', window );">Adjusted for fair value changes of derivative financial instruments</a></td>
<td class="num">(7,100)<span></span>
</td>
<td class="nump">6,900<span></span>
</td>
<td class="num">(1,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInWorkingCapital', window );">Total</a></td>
<td class="nump">$ 12,668<span></span>
</td>
<td class="nump">$ 12,996<span></span>
</td>
<td class="num">$ (8,322)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss); Depreciation and amortisation expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForSharebasedPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForSharebasedPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInWorkingCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in working capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInWorkingCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAdjustmentsForNoncashItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for non-cash items to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAdjustmentsForNoncashItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AdjustmentsForDecreaseIncreaseInTradeAccountsReceivablesAndPayablesForBunkersAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents adjustments for equity transactions expensed related to corporate reorganization to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AdjustmentsForEquityTransactionsExpensedRelatedToCorporateReorganization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in fair value changes of derivative financial instruments to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AdjustmentsForFairValueChangesOfDerivativeFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AdjustmentsForIncreaseDecreaseInBunkers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents adjustments for increase (decrease) in bunkers to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AdjustmentsForIncreaseDecreaseInBunkers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AdjustmentsForIncreaseDecreaseInPrepayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in prepayments to reconcile profit (loss) to net cash flow from (used in) operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AdjustmentsForIncreaseDecreaseInPrepayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_AdjustmentsForOtherNoncashItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of adjustments for non-cash items.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_AdjustmentsForOtherNoncashItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_OtherChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of other changes for receivables and payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_OtherChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_ReversalOfOtherNonCashMovementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_ReversalOfOtherNonCashMovementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6823787504">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ENTITIES IN THE GROUP (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfParentEntity', window );">Name of parent entity</a></td>
<td class="text">TORM plc<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporation', window );">Country of incorporation</a></td>
<td class="text">United Kingdom<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormAsMember', window );">TORM A/S</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">TORM A/S<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_DkVesselHoldcoGpApsMember', window );">DK Vessel HoldCo GP ApS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">DK Vessel HoldCo GP ApS<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_DkVesselHoldcoKSMember', window );">DK Vessel HoldCo K/S</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">DK Vessel HoldCo K/S<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmGibraltarNjordMidcoLtdMember', window );">OCM (Gibraltar) Njord Midco Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM (Gibraltar) Njord Midco Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Gibraltar<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordCharteringIncMember', window );">OCM Njord Chartering Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Chartering Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsAgnesPte.LtdMember', window );">OCM Singapore Njord Holdings Agnes, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Agnes, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsAlicePte.LtdMember', window );">OCM Singapore Njord Holdings Alice, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Alice, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsAlmenaPte.LtdMember', window );">OCM Singapore Njord Holdings Almena, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Almena, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsAmaliePte.LtdMember', window );">OCM Singapore Njord Holdings Amalie, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Amalie, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsAslaugPte.LtdMember', window );">OCM Singapore Njord Holdings Aslaug, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Aslaug, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsHardradaPte.LtdMember', window );">OCM Singapore Njord Holdings Hardrada, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Hardrada, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsSt.MichaelisPte.LtdMember', window );">OCM Singapore Njord Holdings St.Michaelis Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings St.Michaelis Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsSt.GabrielPte.LtdMember', window );">OCM Singapore Njord Holdings St. Gabriel Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings St. Gabriel Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsHaraldPte.LtdMember', window );">OCM Singapore Njord Holdings Harald Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Harald Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsGormPte.LtdMember', window );">OCM Singapore Njord Holdings Gorm Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Gorm Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsKnutPte.LtdMember', window );">OCM Singapore Njord Holdings Knut Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Knut Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsValdemarPte.LtdMember', window );">OCM Singapore Njord Holdings Valdemar Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Valdemar Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsAgnetePte.LtdMember', window );">OCM Singapore Njord Holdings Agnete, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Agnete, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsAlexandraPte.LtdMember', window );">OCM Singapore Njord Holdings Alexandra, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Alexandra, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsAnabelPte.LtdMember', window );">OCM Singapore Njord Holdings Anabel, Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Anabel, Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsArawaPte.LtdMember', window );">OCM Singapore Njord Holdings Arawa Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Arawa Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsLeifPte.LtdMember', window );">OCM Singapore Njord Holdings Leif Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Leif Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmSingaporeNjordHoldingsRolfPte.LtdMember', window );">OCM Singapore Njord Holdings Rolf Pte. Ltd</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Singapore Njord Holdings Rolf Pte. Ltd<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[4]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmHoldingsMrsInc.Member', window );">OCM Holdings Mrs Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Holdings Mrs Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordAnneInc.Member', window );">OCM Njord Anne Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Anne Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordFreyaInc.Member', window );">OCM Njord Freya Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Freya Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordGerdInc.Member', window );">OCM Njord Gerd Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Gerd Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordGertrudInc.Member', window );">OCM Njord Gertrud Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Gertrud Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordGunhildInc.Member', window );">OCM Njord Gunhild Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Gunhild Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordHeleneInc.Member', window );">OCM Njord Helene Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Helene Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordHelvigInc.Member', window );">OCM Njord Helvig Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Helvig Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordIngeborgInc.Member', window );">OCM Njord Ingeborg Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Ingeborg Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordMaryInc.Member', window );">OCM Njord Mary Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Mary Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordRagnhildInc.Member', window );">OCM Njord Ragnhild Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Ragnhild Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordThyraInc.Member', window );">OCM Njord Thyra Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Thyra Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordValborgInc.Member', window );">OCM Njord Valborg Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Valborg Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OcmNjordVitaInc.Member', window );">OCM Njord Vita Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OCM Njord Vita Inc.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[5]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Marshall Islands<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_OmiHoldingLtd.Member', window );">OMI Holding Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">OMI Holding Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[3]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Mauritius<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TorghattenTormShipowningApsMember', window );">Torghatten &amp; TORM Shipowning ApS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">Torghatten &amp; TORM Shipowning ApS<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[4]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormCrewingServiceLtd.Member', window );">TORM Crewing Service Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">TORM Crewing Service Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Bermuda<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormShippingIndiaPrivateLimitedMember', window );">TORM Shipping India Private Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">TORM Shipping India Private Limited<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">India<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormSingaporePte.Ltd.Member', window );">TORM Singapore Pte. Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">TORM Singapore Pte. Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormUsaLlcMember', window );">TORM USA LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">TORM USA LLC<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">USA<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TtShipowningKSMember', window );">TT Shipowning K/S</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">TT Shipowning K/S<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[4]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco1KSMember', window );">VesselCo 1 K/S</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 1 K/S<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco3KSMember', window );">VesselCo 3 K/S</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 3 K/S<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[6]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco5KSMember', window );">VesselCo 5 K/S</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 5 K/S<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[7]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco6KSMember', window );">Vesselco 6 K/S</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 6 K/S<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco6Pte.Ltd.Member', window );">VesselCo 6 Pte. Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 6 Pte. Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco7Pte.Ltd.Member', window );">VesselCo 7 Pte. Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 7 Pte. Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco8Pte.Ltd.Member', window );">VesselCo 8 Pte. Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 8 Pte. Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco9Pte.Ltd.Member', window );">VesselCo 9 Pte. Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 9 Pte. Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[8]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco10Pte.Ltd.Member', window );">VesselCo 10 Pte. Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 10 Pte. Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[8]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco11Pte.Ltd.Member', window );">VesselCo 11 Pte. Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 11 Pte. Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[8]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco12Pte.Ltd.Member', window );">VesselCo 12 Pte. Ltd.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo 12 Pte. Ltd.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[7]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Singapore<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormShippingPhils.Inc.Member', window );">TORM Shipping (Phils.), Inc.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">TORM SHIPPING (PHILS.), INC.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Philippines<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_VesselcoAApsMember', window );">VesselCo A ApS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo A ApS<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_VesselcoCApsMember', window );">VesselCo C ApS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo C ApS<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_VesselcoEApsMember', window );">VesselCo E ApS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo E ApS<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[7]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_VesselcoFApsMember', window );">Vesselco F ApS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Name of subsidiary</a></td>
<td class="text">VesselCo F ApS<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1],[6]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary', window );">Country of incorporation of subsidiary</a></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Proportion of ownership interest in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">All subsidiaries are consolidated in full.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">For all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Entities dissolved in the financial year ended 31 December 2017.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Entities dissolved in the financial year ended 31 December 2016.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Entities dissolved in the financial year ended 31 December 2018.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">Entities added in the financial year ended 31 December 2018.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">Entities added in the financial year ended 31 December 2017.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">Entities added in the financial year ended 31 December 2016.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CountryOfIncorporation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The country in which the entity is incorporated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 138<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_138_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CountryOfIncorporation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The country in which a subsidiary of the entity is incorporated. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 19B<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_19B_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CountryOfIncorporationOrResidenceOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfParentEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of the entity's parent. [Refer: Parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2018-01-01<br> -Paragraph 13<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2018-03-01&amp;anchor=para_13&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 138<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_138_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfParentEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of a subsidiary. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 12<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_12_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 19B<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_19B_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td>na</td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_TormShippingIndiaPrivateLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco3KSMember">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco5KSMember">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco6KSMember">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco6Pte.Ltd.Member">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco7Pte.Ltd.Member">
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<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco7Pte.Ltd.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco8Pte.Ltd.Member">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco9Pte.Ltd.Member">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco10Pte.Ltd.Member">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco11Pte.Ltd.Member">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_Vesselco12Pte.Ltd.Member">
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</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
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<td><strong> Period Type:</strong></td>
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</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=trmd_VesselcoFApsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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<DOCUMENT>
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<SEQUENCE>124
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6810243408">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>ENTITIES IN THE GROUP (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
</tr>
<tr>
<th class="th" colspan="2"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEntitiesLineItems', window );"><strong>Disclosure Of Entities [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Profit and loss from continuing operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (34,779)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 2,407<span></span>
</td>
<td class="num">$ (142,491)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(7,419)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">7,279<span></span>
</td>
<td class="num">(1,250)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (42,198)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="nump">$ 9,686<span></span>
</td>
<td class="num">$ (143,741)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=trmd_LongRange2ASMember', window );">Long Range 2 A/S</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEntitiesLineItems', window );"><strong>Disclosure Of Entities [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOfJointVenture', window );">Country</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">% Control</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Profit and loss from continuing operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=trmd_Lr2ManagementKSMember', window );">LR2 Management K/S</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEntitiesLineItems', window );"><strong>Disclosure Of Entities [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOfJointVenture', window );">Country</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Denmark<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">% Control</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Profit and loss from continuing operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=trmd_MarineExhaustTechnologyLtd.Member', window );">Marine Exhaust Technology Ltd.</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEntitiesLineItems', window );"><strong>Disclosure Of Entities [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CountryOfIncorporationOfJointVenture', window );">Country</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Hong Kong<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">% Control</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28.00%<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Profit and loss from continuing operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">No income tax was incurred relating to other comprehensive income/(loss) items.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Please refer to "Consolidated Statement of Comprehensive Income".</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CountryOfIncorporationOfJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The country in which a joint venture of the entity is incorporated. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_21_a_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CountryOfIncorporationOfJointVenture</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfEntitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfEntitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=trmd_LongRange2ASMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=trmd_LongRange2ASMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=trmd_Lr2ManagementKSMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=trmd_Lr2ManagementKSMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=trmd_MarineExhaustTechnologyLtd.Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=trmd_MarineExhaustTechnologyLtd.Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>125
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6593773008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ENTITIES IN THE GROUP (Detail Textuals)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract', window );"><strong>Disclosure of information about consolidated structured entities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary', window );">Percentage of voting rights held in subsidiaries</a></td>
<td class="nump">100.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInformationAboutConsolidatedStructuredEntitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of the voting rights in a subsidiary held by the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfVotingPowerHeldInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6807959616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE AND DIVIDEND PER SHARE (Details) - USD ($)<br> $ / shares in Units, shares in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract', window );"><strong>Disclosure Of Earnings Per Share And Dividend Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net profit/(loss) for the year</a></td>
<td class="num">$ (34.8)<span></span>
</td>
<td class="nump">$ 2.4<span></span>
</td>
<td class="num">$ (142.5)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_WeightedAverageNumberOfSharesIssued', window );">Weighted average number of shares</a></td>
<td class="nump">73.4<span></span>
</td>
<td class="nump">62.3<span></span>
</td>
<td class="nump">63.1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_WeightedAverageNumberOfSharesTreasuryShares', window );">Weighted average number of treasury shares</a></td>
<td class="num">(0.3)<span></span>
</td>
<td class="num">(0.3)<span></span>
</td>
<td class="num">(0.2)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of shares outstanding</a></td>
<td class="nump">73.1<span></span>
</td>
<td class="nump">62.0<span></span>
</td>
<td class="nump">62.9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares', window );">Dilutive effect of outstanding share options</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustedWeightedAverageShares', window );">Weighted average number of shares outstanding incl. dilutive effect of share options</a></td>
<td class="nump">73.1<span></span>
</td>
<td class="nump">62.0<span></span>
</td>
<td class="nump">62.9<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic earnings/(loss) per share (USD)</a></td>
<td class="num">$ (0.48)<span></span>
</td>
<td class="nump">$ 0.04<span></span>
</td>
<td class="num">$ (2.27)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Diluted earnings/(loss) per share (USD)</a></td>
<td class="num">$ (0.48)<span></span>
</td>
<td class="nump">$ 0.04<span></span>
</td>
<td class="num">$ (2.27)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustedWeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average number of ordinary shares outstanding plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustedWeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of dilutive potential ordinary shares that relate to the assumed exercise of the entity's share options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2018-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2018-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2018-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2018-03-02&amp;anchor=para_39L_e&amp;doctype=Standard&amp;book=b<br> -URIDate 2018-03-16<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2018-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2018-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2021-01-01<br> -Name IFRS<br> -Number 17<br> -IssueDate 2018-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=17&amp;date=2018-03-01&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2018-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2018-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DisclosureOfEarningsPerShareAndDividendPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_WeightedAverageNumberOfSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_WeightedAverageNumberOfSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_WeightedAverageNumberOfSharesTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of treasury shares determined by relating the portion of time within a reporting period that treasury shares have been outstanding to the total time in that period. Treasury stock is stock that the Entity has issued but subsequently reacquired.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_WeightedAverageNumberOfSharesTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<html>
<head>
<title></title>
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<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6814761744">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE AND DIVIDEND PER SHARE (Details 1) - USD ($)<br> $ / shares in Units, shares in Millions, $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DividendPerShareAbstract', window );"><strong>DIVIDEND PER SHARE</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DividendPaidOnShares', window );">Dividend for the year</a></td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="nump">$ 1.2<span></span>
</td>
<td class="nump">$ 25.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_NumberOfSharesOnWhichDividendPaid', window );">Number of shares, end of period</a></td>
<td class="nump">74.2<span></span>
</td>
<td class="nump">62.3<span></span>
</td>
<td class="nump">62.3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_trmd_DividendPerShare', window );">Dividend per share</a></td>
<td class="nump">$ 0.00<span></span>
</td>
<td class="nump">$ 0.02<span></span>
</td>
<td class="nump">$ 0.40<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DividendPaidOnShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to dividend paid on shares during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DividendPaidOnShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DividendPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the per share amount of dividend.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DividendPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_DividendPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_DividendPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_trmd_NumberOfSharesOnWhichDividendPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of shares on which dividend paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">trmd_NumberOfSharesOnWhichDividendPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>trmd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6815872320">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>BUSINESS COMBINATIONS IN 2015 (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsAbstract', window );"><strong>Disclosure of detailed information about business combination [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2018-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2018-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2018-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2018-03-01&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2018-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2018-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.19.1</span><table class="report" border="0" cellspacing="2" id="idp6806121664">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>BUSINESS COMBINATIONS IN 2015 (Detail Textuals)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2018</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationLineItems', window );"><strong>Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary', window );">Percentage of voting rights held in subsidiaries</a></td>
<td class="nump">100.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombinationLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfVotingPowerHeldInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of the voting rights in a subsidiary held by the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2018-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2018-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2018-03-16<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2018-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2018-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2018-03-16<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfVotingPowerHeldInSubsidiary</td>
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<td>ifrs-full_</td>
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<td>num:percentItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
